Big Data in Manufacturing Industry Market to Cross USD 509.3 Billion by 2028 with CAGR of 12.45% from 2022-2028; Rising Integration of Big Data Analytics Tools for Production Forecasting to Propel Market Growth
SkyQuest’s latest research report on big data in manufacturing industry market provides an in-depth analysis of the current market scenario, including market size, demand, growth pattern, trends, and forecast. The report is aimed at providing manufacturers, investors, and other stakeholders with a comprehensive understanding of the market. Additionally, the examination of the competitive landscape provides an in-depth analysis of the key players in the market, their strategies, and their strengths and weaknesses.
Westford, USA, Feb. 14, 2023 (GLOBE NEWSWIRE) — Asia Pacific emerged as the global leader in big data in manufacturing industry market owing to the increasing necessity for smart manufacturing to reduce the rising labor costs, the need for greater efficiency, and the growing demand for high-quality products. In addition, the global market is being driven by the growing demand for data-driven decision-making in the manufacturing sector. Big data analytics enables manufacturers to gain valuable insights into their operations, identify inefficiencies, and optimize their production processes. By analyzing large datasets, manufacturers can identify patterns and trends, enabling them to make data-driven decisions that improve their efficiency, reduce costs, and enhance their competitiveness in the global marketplace.
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Browse in-depth TOC on the “Big Data in Manufacturing Industry Market”
- Pages – 264
- Tables – 90
- Figures – 65
Big data analytics is a powerful framework that enables the collection and analysis of large amounts of data for trend analysis. The industrialization of the global economy has advanced rapidly over the years, with manufacturing output steadily increasing. As a result, the manufacturing sector has always been a major data source, with a vast amount of information generated at every stage of the production process. This is where the real role of big data analytics comes in, providing a powerful framework for collecting, storing, and analyzing large datasets.
Prominent Players in Big Data in Manufacturing Industry Market
- Oracle Corporation
- Emerson Electric
- SAP SE
- SAS Institute
- ABB
- Angoss Software Corporation
- Tibco Software, Inc. (Alpine Data)
- Tableau Software
- Zensar Technologies Limited
- Rockwell
- IBM
- Alteryx, Inc.
- Fair Isaac Corporation
Software Segment to Dominate the Market Thanks to Growing Adoption of Analytics Tools for Data-Driven Management Processes
In 2022, the software segment accounted for the largest share of the big data in manufacturing industry market. This can be attributed to the increasing integration of big data analytics tools for measuring business success. With the help of these software solutions, manufacturers can gain valuable insights into their operations, identify inefficiencies, and make data-driven decisions to optimize their production processes. Furthermore, as the volume of data generated in the manufacturing industry continues to grow, there is an increasing need for software solutions that can handle and analyze large datasets efficiently.
The manufacturing industry in the Asia-Pacific region has emerged as a leader in the global market, as evidenced by its significant market share in 2022. Moreover, with the adoption of smart manufacturing, local corporate operations are undergoing a transformational shift. This trend is particularly pronounced in nations such as China, India, South Korea, and Japan, which are the primary manufacturing centers in the region and have embraced big data analytics to improve their operations.
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Cloud-Based Segment to Drive Higher Sales due to Increasing Preference among Manufacturers to Analyze Real-Time Data
The adoption of cloud technology in the manufacturing industry is on the rise, and this is anticipated to drive the growth of the cloud-based category in the big data in manufacturing market. As a result, the cloud-based category is anticipated to lead the market in terms of revenue contribution from 2023 to 2028. With the help of cloud-based big data analytics software, manufacturers can easily share and analyze their data in real time, enabling them to make quick and informed decisions.
The big data in manufacturing industry is predicted to exhibit significant growth over the next few years, with North America projected to account for the highest market share from 2023 to 2028. The rapid advancements in the manufacturing industry in the U.S. and Canada will be a key factor driving the market growth in this region. North America is home to numerous leading players in the market, with companies constantly working on developing innovative solutions to improve manufacturing processes and enhance production efficiency.
The big data in manufacturing industry market has been growing at a rapid pace, with various key players competing to capture a significant share of the market. The latest report on this market includes several key strategic developments made by these players to enhance their offerings and expand their reach. These strategic developments include initiatives such as research and development, new product launches, mergers and acquisitions, partnerships, agreements, collaborations, joint ventures, and regional growth.
Key Developments in Big Data in Manufacturing Industry Market
- Renault Group, in partnership with digital leader Atos, has announced the launch of ID@scale (Industrial Data @ Scale), a new service aimed at industrial data collection to help manufacturing companies during their journey towards Industry 4.0. This new service is designed to help manufacturers improve their operational excellence and product quality by collecting and structuring data from industrial equipment at scale. With ID@scale, manufacturers can leverage the power of Industry 4.0 by utilizing cutting-edge technologies.
- Fractal AI, a Mumbai and New York-based company, has launched a new end-to-end AI platform named Asper AI, which can facilitate interconnected and automated decision-making between demand and supply. The platform has been designed to enable organizations to transform into adaptive intelligent enterprises by transforming the way decisions are made. The platform can optimize workflows and provide bottom-line results that allow organizations to scale and unlock growth. By leveraging AI, Asper AI can help businesses make smarter, faster, and more efficient decisions.
- SoftServe, a digital consulting company, has recently been named as a services partner for two of Google Cloud’s new manufacturing solutions. The two solutions, Manufacturing Data Engine and Manufacturing Connect, were introduced at the Google Cloud Manufacturing Spotlight Event held virtually earlier. The primary goal of these solutions is to speed up and expand digital transformation initiatives in the manufacturing industry.
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Key Questions Answered in Big Data in Manufacturing Industry Market Report
- How much is the global market projected to be worth in the coming years, and what is the estimated growth rate?
- What are the global market’s major challenges and risks, and how can they be addressed?
- What strategies can market players implement to leverage the growth opportunities in the market?
- Which geographical regions or countries are expected to be the major contributors to the growth of the global market?
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