Advent of Industry 4.0, evolution of IIoT, and rise in operational efficiencies from big data initiatives fuel the growth of the global Manufacturing Predictive Analytics Market. On the other hand, dearth of skilled workforce and threat of cyber-attack restrain the growth to some extent. Nevertheless, development of smart data-driven organizations and interference of artificial intelligence (AI) into manufacturing are expected to create multiple opportunities in the near future.
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Based on deployment, the on-premise segment accounted for nearly two-thirds of the global manufacturing predictive analytics market revenue in 2018 and is anticipated to retain its dominance by 2026. This is due to its high-performance capability offered via on-premise services. Simultaneously, the cloud segment would grow at the fastest CAGR of 24.4% throughout the estimated period.
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Based on geography, North America held the lion’s share in 2018, generating nearly two-fifths of the global manufacturing predictive analytics market. North American countries are expected to implement manufacturing predictive analytics solutions at a high rate to perk up the production factories operational efficiency in IT infrastructure. Simultaneously, the Asia-Pacific region would showcase the fastest CAGR of 24.6% till 2026. This is owing to the strong penetration of software-based services and rise in industrialization such as advent of Industry 4.0 in emerging economies such as China and India.
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Key finding of the Manufacturing Predictive Analytics Market:
- By component, the software segment dominated the manufacturing predictive analytics market. However, the services segment is expected to exhibit significant growth during the forecast period.
- Based on deployment, the on-premise segment accounted for the highest revenue in 2018. The manufacturing predictive analytics industry anticipates highest growth in terms of deploying on-premises solutions due to its high-performance benefit.
- Based on applications, machinery inspection and maintenance segment has exhibited highest revenue in 2018 and is further expected to propel the market growth during the forecast period.
- Depending on end user, the automobile industry generated the highest revenue in 2018. However, pharmaceutical sector is expected to witness substantial growth in the near future, owing to growth in demand for predictive solutions in R&D and product development activities.
- Region wise, Asia-Pacific is expected to witness significant growth in terms of CAGR in the comping years.
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