Manufacturing Analytics Market
According to the report, the global manufacturing analytics industry generated $5.95 billion in 2018, and is estimated to reach $28.44 billion by 2026, registering a CAGR of 16.5% from 2019 to 2026.
Manufacturing analytics software helps companies analyze machine data by acquiring, filtering, and contextualizing it to calculate KPIs and create role-based dashboards. It centralizes production monitoring, enhances process efficiency, and transforms real-time data into actionable insights. This software supports cost-effective production, improves customer experiences, and optimizes operations by providing full-cycle visibility across business data and hardware.
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Rise in investments in big data for manufacturing, surge in industrial IoT (IIoT) adoption, and increase in need for process optimization drive the growth of the global manufacturing analytics market. However, scarcity of skilled professionals and lack of integration with legacy systems hinder the market growth. On the other hand, usage of advanced technologies including AR and VR creates new opportunities in the market.
Manufacturing analytics software and services are being adopted due to growing demand for demand forecasting, supply chain visibility, pricing optimization, predictive maintenance, and asset management. Vendors are introducing innovative solutions aligned with Industry 4.0 and IIoT trends. Emerging technologies like AI, AR/VR, and machine learning are enhancing manufacturing analytics, creating lucrative market opportunities. Companies are employing strategic initiatives to expand their market presence.
For instance, in September 2019, Hitachi Vantara launched Lumada Manufacturing Insights, an IIoT suite that leverages AI, machine learning, and DataOps to optimize production, quality, and machine performance, laying the foundation for Manufacturing 4.0.
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The on-premise segment led the market in 2018, but the cloud segment is expected to grow at the highest CAGR of 19.5%, driven by benefits like cost-effectiveness, accessibility, and easy maintenance. Companies are integrating machine learning, predictive analytics, and AR/VR into their solutions, further boosting market growth.
Based on components, the software segment held the largest market share in 2018, accounting for more than four-fifths of the global manufacturing analytics market, and is estimated to maintain its leadership position throughout the forecast period. This is due to benefits such as reduction in downtime and operating costs along with improvement in productivity, performance, efficiency, and equipment lifetime. However, the service segment is expected to register the fastest CAGR of 19.3% from 2019 to 2026. This is attributed to surge in demand for cloud-based manufacturing analytics services.
Based on application, the supply chain optimization segment contributed to the highest market share in 2018, contributing nearly half of the global manufacturing analytics market, and is estimated to maintain its highest share in terms of revenue by 2026. This is attributed to reduction in the risks related to management of supply chain such as prediction of possible delays in stocks and suppliers’ delivery along with formation of backup plans.
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However, the predictive maintenance segment is expected to grow at the fastest CAGR of 21.4% during the forecast period. This is due to adoption of predictive analytics for detection of the catastrophes that may arise in heavy equipment along with need to reduce the costs regarding unpanned outages.
Based on region, North America held the major market share, contributing to nearly two-fifths of the total share of the global manufacturing analytics market in 2018, and is estimated to maintain its dominant position during the forecast period. This is attributed to presence of number of key market players in North America that utilize big data analytics in their manufacturing plants and adoption of Industry 4.0 and IIoT. However, the Asia-Pacific region is estimated to grow at a CAGR of 19.6% from 2019 to 2026. This is due to rapidly growing manufacturing industry in countries including China and India along with rise in investment in the manufacturing sector for digitalization.
Market players grabbing the highest share
SAP SE
Oracle Corp.
SAS Institute Inc.
Tableau Software Inc.
TIBCO Software Inc.
IBM Corp.
Alteryx Inc.
Sisense Inc.
Wipro Limited
General Electric Company
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