Manufacturing Analytics Market Outlook
The Business Research Company recently released a comprehensive report on the Global Manufacturing Analytics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The manufacturing analytics market size has grown exponentially in recent years. It will grow from $11.75 billion in 2023 to $14.26 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to increased demand for operational efficiency and cost reduction, quality improvement initiatives, supply chain optimization, advancements in data processing and storage, emergence of cloud-based solutions, emphasis on real-time analytics..
The manufacturing analytics market size is expected to see exponential growth in the next few years. It will grow to $32.39 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to augmentation of robotics data through analytics, flexibility and scalability requirements in analytics solutions, enhanced cybersecurity measures for manufacturing data, energy efficiency optimization through analytics, advancements in data visualization and reporting tools.. Major trends in the forecast period include regulatory compliance and reporting, focus on employee training and data literacy, industry 4.0 and smart manufacturing, iot and sensor integration, predictive maintenance..
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Market Drivers and Trends:
An increase in the need for process optimization is expected to propel the growth of the manufacturing analytics market going forward. Process optimization refers to reducing or eliminating time and resource wastage, unnecessary costs, bottlenecks, and mistakes while achieving the process objective. Process optimization in manufacturing analytics adds to various benefits such as providing faster response to issues at the machine level, and improved maintenance and so leading to its growth and increasing the need for this technique. For instance, according to a study by Bain & Company, a US based management consulting firm, 21% of companies save 10% or more using business process optimization strategies. Therefore, an increase in the need for process optimization is driving the manufacturing analytics market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
SAP SE, Oracle Corporation, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., International Business Machines Corporation, Alteryx Inc., Sisense Inc., Wipro Limited, Bridgei2i Analytics Solutions, Cisco Systems Inc., FICO, Domo Inc., Neubrain Solutions Private Limited, Aegis Software, MachineMetrics Inc., Lantek, General Electric Company, Dell Technologies Inc., Computer Science Corporation, Zensar Technologies Ltd, Northwest Analytics Inc., DXC Technology Company, QlikTech Inc., Microsoft Corporation, Emergen Research, Siemens AG, Hitachi Ltd, Rockwell Automation Inc., Honeywell International Inc., Schneider Electric SE, PTC Inc., Sight Machine Inc., InfinityQS International Inc., Intelligent Quality Management Software, Epicor Software Corporation
Manufacturing Analytics Market 2024 Key Insights:
• The manufacturing analytics market size is expected to see exponential growth in the next few years. It will grow to $32.39 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%.
• Increase In The Need For Process Optimization Driving Growth In The Manufacturing Analytics Market
• Innovation In Manufacturing Analytics Transforming The Industry With Advanced Solution
• North America was the largest region in the manufacturing analytics market in 2023
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