Increase in investments in big data for manufacturing, rise in industrial IoT (IIoT) adoption, and surge in need for process optimization fuel the growth of the global Manufacturing Analytics Market. On the other hand, lack of skilled professionals and scarcity of integration with legacy systems impede the market growth to certain extent. Nevertheless, usage of advanced technologies such as AR and VR is anticipated to usher a plethora of opportunities in the near future.
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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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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 expected to maintain its dominant position during the forecast period.
The global manufacturing analytics market analysis includes some of the key market 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.
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Key Findings of the Manufacturing Analytics Market :
- Depending on component, the software segment led the manufacturing analytics market size in terms of revenue in 2018.
- By deployment, the on-premise segment accounted for the highest market share in 2018.
- Region wise, North America generated the highest revenue in 2018; however, Asia-Pacific is anticipated to exhibit substantial growth during the manufacturing analytics market forecast period.
- Depending on application, the predictive maintenance segment is anticipated to exhibit highest growth during the forecast period.
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