Manufacturing Analytics Market Size to Exceed US$ 22.3 Billion by 2031, Fueled by Increasing Demand for Process Optimization and Operational Efficiency, States Transparency Market Research

Wilmington, Delaware, United States, June 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global manufacturing analytics market size stood at US$ 5.5 Bn in 2022 and is expected to reach US$ 22.3 Bn by 2031. The global industry is predicted to advance at a CAGR of 16.8% between 2023 and 2031.

Companies leverage manufacturing analytics to achieve higher efficiency, lower downtime, and improve quality, which is anticipated to boost the global market. Advanced analytics using artificial intelligence and machine learning enables companies to optimize production plans, improve quality, and reduce costs.

Surge in adoption of Industry 4.0, which attempts to incorporate data-driven solutions and digital technology into the manufacturing sector is expected to drive market development. By using data-driven insights, manufacturers create efficient products, and respond better to customer needs and preferences.

Data-driven insights also help manufacturers reduce their environmental impact by monitoring and controlling their energy consumption, emission, and resource use.

Manufacturing analytics is the use of data and cutting-edge technology in the manufacturing sector to improve supply chain, boost productivity, assure high-quality products, lower costs, and enhance operations.

Manufacturers can obtain information about their processes and find opportunities for development by evaluating events and operations data, which can eventually result in improved business outcomes.

Emergence of Industrial Internet of Things (IIoT), which enables the collection and integration of data from multiple sources and devices, adoption of cloud deployment to gain scalability and flexibility for data storage and processing, and growth in demand for predictive maintenance are fueling the market.

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Market Snapshot:

Key Findings of Market Report

• The integration of digital technologies and data-driven solutions into the manufacturing sector within the purview of Industry 4.0 has enabled real-time monitoring, analysis, and optimization of processes.
• The growing adoption of Industry 4.0 is fueling the demand for manufacturing analytics solutions, as companies recognize the need to leverage data-driven insights for effective decision-making.
• Manufacturers are increasingly turning to manufacturing analytics solutions to enhance operational efficiency and reduce cost. The analytics solutions support companies in identifying bottlenecks, optimizing production processes, and eliminating inefficiencies.
• The focus on optimizing operations allows manufacturers to improve productivity and achieve cost savings, leading to improved profitability.

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Global Manufacturing Analytics Market: Growth Drivers

• The drive to optimize operations and cost by manufacturers is one of the prime drivers of the manufacturing data analytics market. Manufacturing data analytics systems give firms real-time insight into the manufacturing process, enabling them to spot problems early and take swift action.
• It provides the tools and techniques to analyze vast amounts of data generated during the production process and identify areas for improvement.
  

Global Manufacturing Analytics Market: Regional Landscape

• North America is anticipated to garner the largest market share between 2023 and 2031. The market dynamics in North America are being driven by an increase in the usage of analytics tools in the manufacturing sector.
  
• Automation of the manufacturing industry in the region is considerably high with the adoption of big data analytics and industrial Internet of Things (IIoT), which enable manufacturers to leverage real-time data and insights for optimizing their operations.
  

Global Manufacturing Analytics Market: Key Players

Some of the key players in the global manufacturing analytics market are as follows:

• TIBCO (Cloud Software Group, Inc.)
• QlikTech International AB
• Keysight Technologies, Inc.
• Tableau Software, Inc.
• Northwest Analytics, Inc.
• SAP SE

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Global Manufacturing Analytics Market: Segmentation

Component

• Software
• Services
• Professional Services
  • Consulting & Training
  • Deployment & Integration
  • Support & Maintenance
• Managed Services
  

Deployment

• Cloud
• On-premise

Application

• Predictive Maintenance
• Inventory Management
• Supply Chain Optimization
• Others

Enterprise Size

• SMEs
• Large Enterprises

Industry Vertical

• Industrial Manufacturing
• Automotive
• Food & Beverage
• Chemical
• Pharmaceutical
• Oil & Gas
• Electronics & Semiconductor
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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