USD 10.6 billion
Manufacturing Analytics Market Size, Share, Growth Analysis, By Component(Software, and Services), By Application(Predictive Maintenance, Inventory Management) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2118 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
63 |
Figures:
75
Manufacturing Analytics Market Insights
Global Manufacturing Analytics Market size was valued at USD 10.6 billion in 2022 and is poised to grow from USD 12.8 billion in 2023 to USD 58.06 billion by 2031, at a CAGR of 20.8% during the forecast period (2024-2031).
The primary purpose of the manufacturing analytics market is to help manufacturers gain actionable insights from their data and make data-driven decisions to improve operational performance, reduce costs, and enhance overall productivity. By leveraging analytics, manufacturers can identify areas of inefficiency, detect patterns and trends, forecast demand, optimize inventory levels, enhance quality control, and streamline their production processes. The key driving factors behind the growth of the manufacturing analytics market is the increasing adoption of automation and digitization in the manufacturing sector. The proliferation of IoT devices, sensor technology, and connected machines has generated massive amounts of data, providing manufacturers with an opportunity to leverage analytics to gain valuable insights and improve their operations. There are also restraining factors that pose challenges to the market. One such factor is the complexity of implementing analytics solutions in existing manufacturing environments. Integrating analytics tools with legacy systems, ensuring data accuracy and quality, and overcoming data silos can be challenging for manufacturers. The manufacturing analytics market presents significant opportunities for growth. The emergence of technologies such as artificial intelligence, machine learning, and big data analytics opens up new possibilities for manufacturers to extract valuable insights from their data and optimize their operations. Furthermore, the increasing focus on Industry 4.0 and the digital transformation of the manufacturing industry provide a fertile ground for the adoption of manufacturing analytics solutions. The global manufacturing analytics market plays a vital role in helping manufacturers leverage data analytics to drive operational excellence, improve efficiency, and stay competitive in a rapidly evolving industry. While there are challenges and restraining factors, the market presents immense opportunities for manufacturers to harness the power of data and analytics to transform their operations and achieve sustainable growth.
US Manufacturing Analytics Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Services
Growth Rate
20.8% CAGR
Global Manufacturing Analytics Market ($ Bn)
Country Share for North America Region (%)
Global Manufacturing Analytics Market By Component ($ Bn)
Global Manufacturing Analytics Market By Component (%)
To get more reports on the above market click here to Buy The Report
Manufacturing Analytics Market Segmental Analysis
The global manufacturing analytics market is segmented on the basis of component, application, and region. Based on component, the market is segmented into software, and services. In terms of product, the market is segmented into predictive maintenance, inventory management, supply chain optimization, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Manufacturing Analytics Market Analysis by Component
The largest segment in the global manufacturing analytics market is the software segment. Manufacturing analytics software enables manufacturers to collect, analyze, and visualize data from various sources within their operations, allowing them to gain valuable insights and make informed decisions to optimize their processes and improve overall efficiency. With the increasing adoption of advanced technologies such as IoT, AI, and machine learning in the manufacturing sector, the demand for manufacturing analytics software has witnessed significant growth. This software segment offers robust features and functionalities, including real-time monitoring, predictive analytics, inventory management, quality control, and supply chain optimization, which are essential for manufacturers to streamline their operations and enhance productivity.
The fastest-growing segment in the global manufacturing analytics market is the services segment. Manufacturing analytics services encompass a range of offerings, including consulting, implementation, support, and training. These services assist manufacturers in effectively deploying and utilizing analytics software within their organizations. The services segment has experienced rapid growth due to the increasing recognition among manufacturers of the need for specialized expertise to extract maximum value from their data. Service providers offer tailored solutions and insights to address specific manufacturing challenges, helping companies optimize their processes, reduce costs, and achieve operational excellence. The services segment is expected to grow at a significant rate as manufacturers increasingly seek external assistance to leverage the power of data analytics and drive digital transformation in their operations.,
Manufacturing Analytics Market Analysis by Application
The largest segment in the global manufacturing analytics market is predictive maintenance. Predictive maintenance utilizes advanced analytics techniques to monitor equipment and machinery in real-time, detect potential failures or anomalies, and schedule maintenance activities proactively. By leveraging data from sensors, IoT devices, and historical maintenance records, manufacturers can predict and prevent equipment failures, optimize maintenance schedules, and minimize downtime. Predictive maintenance enables manufacturers to enhance operational efficiency, reduce maintenance costs, and improve overall equipment effectiveness. With the increasing focus on predictive maintenance strategies and the growing adoption of IoT technologies in the manufacturing sector, the demand for analytics solutions in this segment has witnessed significant growth.
The fastest-growing segment in the global manufacturing analytics market is supply chain optimization. Supply chain optimization involves the analysis and optimization of various supply chain processes, including demand forecasting, inventory management, logistics planning, and supplier management. By applying advanced analytics techniques to supply chain data, manufacturers can optimize inventory levels, streamline logistics operations, improve delivery performance, and enhance overall supply chain efficiency. The increasing complexity and global nature of supply chains, along with the need for real-time visibility and agility, have driven the demand for analytics solutions in supply chain optimization. With the advent of technologies such as AI and machine learning, manufacturers can leverage sophisticated analytics models to make data-driven decisions, optimize their supply chain networks, and achieve cost savings and competitive advantages.
Global Manufacturing Analytics Market By Component , 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Manufacturing Analytics Market Regional Insights
North America dominated the market in 2022 with its well-established manufacturing sector and advanced technological infrastructure. North America has been at the forefront of adopting manufacturing analytics solutions. The region is home to several key players in the manufacturing analytics market, and it has witnessed a high demand for analytics solutions to optimize manufacturing processes, improve productivity, and gain a competitive edge. The presence of major manufacturing industries such as automotive, aerospace, electronics, and pharmaceuticals has further contributed to the dominance of North America in the market.
The fastest-growing region in the global manufacturing analytics market is the Asia Pacific. This region has been experiencing rapid industrialization and is witnessing significant growth in the manufacturing sector. Countries such as China, India, Japan, and South Korea have emerged as major manufacturing hubs, attracting investments from multinational companies. The adoption of advanced technologies, including analytics, is on the rise in the region as manufacturers seek to improve efficiency, reduce costs, and enhance product quality. The increasing focus on digital transformation and the implementation of Industry 4.0 initiatives are driving the demand for manufacturing analytics solutions in the Asia Pacific region.
Global Manufacturing Analytics Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Manufacturing Analytics Market Dynamics
Manufacturing Analytics Market Drivers
Increasing Adoption of Industrial IoT (IIoT) and Big Data Analytics
- The growing implementation of IIoT devices and sensors in manufacturing processes generates a massive volume of data. Manufacturing analytics solutions play a crucial role in processing and analyzing this data to derive meaningful insights. In 2022, manufacturers are increasingly adopting IIoT and big data analytics to optimize their operations, improve quality control, reduce downtime, and enhance overall efficiency.
Focus on Predictive Maintenance
- Predictive maintenance is gaining significant traction in the manufacturing industry as it enables proactive identification and resolution of potential equipment failures. By leveraging manufacturing analytics, manufacturers can monitor equipment health, predict maintenance requirements, and schedule maintenance activities accordingly. This approach helps in minimizing downtime, optimizing maintenance costs, and improving overall equipment effectiveness. In 2022, the emphasis on predictive maintenance as a driver of operational efficiency and cost savings is expected to fuel the demand for manufacturing analytics solutions.
Manufacturing Analytics Market Restraints
Data Security and Privacy Concerns
- As manufacturing analytics involves the collection, processing, and analysis of large volumes of sensitive data, data security and privacy concerns pose a significant restraint in the market. Manufacturers need to ensure the confidentiality and integrity of their data to prevent unauthorized access and potential breaches. In 2022, the need for robust data security measures and compliance with data protection regulations will continue to be a challenge for the widespread adoption of manufacturing analytics solutions.
Lack of Skilled Workforce and Data Analytics Expertise
- The successful implementation and utilization of manufacturing analytics require a skilled workforce with expertise in data analytics, machine learning, and statistical modeling. However, the shortage of such skilled professionals poses a restraint in the market. Organizations need to invest in training and upskilling their workforce to effectively leverage manufacturing analytics capabilities. In 2022, the scarcity of skilled personnel in the field of data analytics could limit the adoption and utilization of manufacturing analytics solutions.
Request Free Customization of this report to help us to meet your business objectives.
Manufacturing Analytics Market Competitive Landscape
The global manufacturing analytics market is highly competitive, with several key players striving to gain a significant market share. These players focus on developing innovative analytics solutions and expanding their customer base through strategic partnerships, acquisitions, and product launches. These are just a few examples of the companies competing in the global manufacturing analytics market. The competitive landscape is dynamic, with ongoing innovations and advancements in analytics technologies driving the market's growth. As manufacturers increasingly recognize the importance of data-driven decision-making and operational optimization, competition among the key players is expected to intensify, leading to further advancements and developments in the manufacturing analytics space.
Manufacturing Analytics Market Top Player’s Company Profiles
- Siemens AG (Germany)
- IBM Corporation (US)
- SAS Institute Inc. (US)
- Oracle Corporation (US)
- SAP SE (Germany)
- Microsoft Corporation (US)
- Cisco Systems, Inc. (US)
- Intel Corporation (US)
- Rockwell Automation, Inc. (US)
- Teradata Corporation (US)
- Hitachi, Ltd. (Japan)
- PTC Inc. (US)
- TIBCO Software Inc. (US)
- Software AG (Germany)
- Alteryx, Inc. (US)
- Tableau Software (US)
- QlikTech International AB (Sweden)
- Splunk Inc. (US)
- Honeywell International Inc. (US)
Manufacturing Analytics Market Recent Developments
- In October 2023, NVIDIA revealed a collaboration with Hon Hai Technology Group (Foxconn) aimed at advancing the AI industrial revolution. Foxconn will incorporate NVIDIA technology to create innovative data centers capable of supporting various applications, such as digitizing manufacturing and inspection processes, developing AI-driven electric vehicle and robotics systems, and expanding language-based generative AI services.
- In May 2023, Diageo, known for brands like Guinness, Smirnoff, and Johnnie Walker, revealed a five-year business transformation program in collaboration with SAP and IBM. This significant investment in technology and services aims to overhaul and enhance Diageo's operations across the 180 countries where it conducts business.
- In April 2023, Siemens Digital Industries Software and IBM revealed an expansion of their longstanding partnership. They are working together to create a unified software solution that combines their individual offerings for systems engineering, service lifecycle management, and asset management.
Manufacturing Analytics Key Market Trends
- Integration of Artificial Intelligence and Machine Learning: The integration of artificial intelligence (AI) and machine learning (ML) technologies with manufacturing analytics is a significant trend in 2022. AI and ML algorithms can help uncover hidden patterns and correlations in manufacturing data, enabling predictive and prescriptive analytics. By leveraging AI and ML capabilities, manufacturers can make data-driven decisions, optimize processes, and improve overall operational efficiency.
- Adoption of Cloud-based Manufacturing Analytics Solutions: The adoption of cloud-based manufacturing analytics solutions is on the rise in 2022. Cloud-based solutions offer scalability, flexibility, and cost-effectiveness, allowing manufacturers to access and analyze their data from anywhere and at any time. Cloud-based manufacturing analytics platforms also facilitate real-time monitoring, collaboration, and predictive analytics capabilities. The trend towards cloud-based solutions enables manufacturers to overcome infrastructure limitations and leverage the benefits of advanced analytics without significant upfront investments.
Manufacturing Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global manufacturing analytics market report, manufacturing analytics helps businesses gain valuable insights into their production processes, identify bottlenecks, optimize resource utilization, and enhance overall productivity. In recent years, the market has witnessed significant growth due to the increasing adoption of automation and digitalization in the manufacturing sector. The availability of a large volume of data from sensors, machines, and other sources has provided manufacturers with valuable opportunities to leverage analytics for process optimization and cost reduction. Manufacturers are increasingly investing in analytics solutions to gain real-time visibility into their operations, identify patterns and anomalies, and make data-driven decisions. The global manufacturing analytics market is poised for significant growth as manufacturers recognize the value of leveraging data to optimize their operations and drive competitive advantage. With advancements in technology and the increasing availability of data, analytics solutions are expected to play a crucial role in transforming the manufacturing sector and enabling businesses to achieve higher productivity, efficiency, and profitability.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.6 billion |
| Market size value in 2031 | USD 58.06 billion |
| Growth Rate | 20.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Manufacturing Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Manufacturing Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Manufacturing Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Manufacturing Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Manufacturing Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Manufacturing Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
