Market Research Report
Global Manufacturing Analytics Market - Technologies, Market share and Industry Forecast to 2024
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||633722|
|Published||Content info||190 Pages
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|Global Manufacturing Analytics Market - Technologies, Market share and Industry Forecast to 2024|
|Published: May 4, 2018||Content info: 190 Pages||
Global manufacturing analytics market is expected to rise with a CAGR of 22% during forecast period 2017-2024. The key factors driving the market growth are emergence of industrial internet of things (IIoT), increased business agility and scalability, adoption of advanced data management strategies and surging demand for process optimization. Complex system structure and lack of integration with legacy systems are expected to restrain the market growth. However, rising cloud adoption trends and increasing demand for real-time streaming analytics are expected to provide lucrative market opportunities. Data security and privacy and lack of appropriate analytical skills are expected to challenge the market growth.
Geographically, North America is the leading market region in terms of market revenue share. This is due to increasing focus on innovations, research and development in manufacturing analytics technology, stable economic growth in US and Canada, etc. However, Asia Pacific is the fastest growing region during forecast period 2017-2024 due to huge penetration of manufacturing sector especially heavy industries in Asia Pacific countries such as India, China, Japan, etc. which has led to increased adoption of manufacturing analytics in Asia Pacific.
Global manufacturing analytics market is influenced by presence of leading companies such as IBM Corporation (U.S), Aegis Industrial Software Corporation (U.S), Oracle Corporation (U.S), TIBCO Software, Inc. (U.S.), Sisense Inc. (Israel), etc. Product launch, joint venture, merger and acquisition are some of the crucial strategies adopted by key market players to gain competitive advantage.
The report on global manufacturing analytics market includes type, deployment model, applications and industry verticals. On the basis of types of manufacturing analytics, market is segmented into software and services. Services is both dominating and fastest growing type segment due to surging demand for managed and professional manufacturing analytics services by enterprises to comply with various regulations and labor laws globally. On the basis of deployment model, market is segmented into on-premises and on-demand. On-demand/cloud deployment is the leading deployment model segment due to enhanced cloud security and low total cost of ownership of cloud has led to promotion in the growth of cloud based manufacturing analytics tools. On the basis of applications, market is bifurcated into emergency management, energy management, inventory management, predictive maintenance and asset management, sales and customer management, supply chain planning and procurement and others. Energy management is exhibit to grow with highest CAGR during forecast period 2017-2024 due to the high adoption of smart energy technologies and smart grid across various manufacturing organizations worldwide. Report further covers segments of industry verticals of manufacturing analytics which includes automotive and aerospace manufacturing, chemicals and materials manufacturing, electronics equipment manufacturing, food and beverages manufacturing, machinery and industrial equipment manufacturing, paper, pulp, plastic, and rubber manufacturing, pharma and life sciences and others. Electronics equipment manufacturing is the leading industry vertical segment owing to huge requirement by consumers to simplify their workload and their increasing dependence on electronic equipment. "