Usage of advanced technologies such as AR and VR is anticipated to usher in a plethora of opportunities in the near future. An increase in investments in big data for manufacturing, rise in industrial IoT (IIoT) adoption, and a surge in need for process optimization fuel the growth of the global manufacturing analytics market.
Key industry players such as – SAP SE, Oracle Corp., SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., IBM Corp., Alteryx, Inc., Sisense, Inc., Wipro Limited, and General Electric Company.
The global manufacturing analytics market 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.
The global manufacturing analytics market is segmented into component, deployment, application, industry vertical, and region. Based on component, the market is bifurcated into software and service. The software segment held the highest market share in 2018, contributing to more than four-fifths of the global manufacturing analytics market. On the other hand, the service segment is expected to register the fastest CAGR of 19.3% from 2019 to 2026.
Based on application, the market is divided into predictive maintenance, inventory management, supply chain optimization, and others. 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. At the same time, the predictive maintenance segment is expected to grow at the fastest CAGR of 21.4% during the forecast period.
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- The manufacturing analytics has played significant role in assisting the manufacturers to with remote monitoring solutions.
- In addition, manufacturing analytics has aided the manufacturers to overcome challenges such as reduced workforce, social distancing, declined sales, and pressure to decrease operational costs.
- Moreover, the market has witnessed an increase in demand for manufacturing during covid-19.
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