Global Manufacturing Analytics Market to Surpass 58.06 Billion by 2031 Driven by Increasing Desire for Accessories
SkyQuest projects that the global manufacturing analytics market will attain a value of USD 58.06 billion by 2031, with a CAGR of 20.8% during the forecast period (2023-2030). The global manufacturing analytics market is fundamentally driven by the core objective of empowering manufacturers to extract actionable insights from their data. This critical function enables manufacturers to shift towards data-driven decision-making processes, ultimately leading to substantial improvements in their operational performance.
Westford, USA, Feb. 16, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the growing integration of Industrial Internet of Things (IIoT) devices and sensors within manufacturing processes has led to the generation of vast data in the global manufacturing analytics market. In response to this data deluge, manufacturing analytics solutions have assumed a pivotal role in processing and analyzing this information to extract meaningful insights.
Browse in-depth TOC on the “Manufacturing Analytics Market”
- Pages – 157
- Tables – 63
- Figures – 75
The growing emphasis on Industry 4.0 and the broader digital transformation of the manufacturing sector creates a fertile landscape for the widespread adoption of manufacturing analytics solutions. The global manufacturing analytics market assumes a crucial role, serving as the linchpin in enabling manufacturers to harness the power of data analytics.
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Prominent Players in Global Manufacturing Analytics Market
- Siemens AG
- IBM Corporation
- SAS Institute Inc.
- Oracle Corporation
- SAP SE
- Microsoft Corporation
- General Electric Company
- Cisco Systems, Inc.
- Intel Corporation
- Rockwell Automation, Inc.
- Teradata Corporation
- Hitachi, Ltd.
- PTC Inc.
- TIBCO Software Inc.
- Software AG
- Alteryx, Inc.
Software Segment to Dominate Market due to Facilitating the Collection and Visualization of Data Sourced
The software category is the most substantial segment within the global manufacturing analytics market. Manufacturing analytics software is a foundational tool for manufacturers by facilitating the collection, analysis, and visualization of data sourced from various aspects of their operations. This robust analytical software empowers manufacturers to extract meaningful insights from this data, thus enabling them to make informed, data-driven decisions.
North America emerged as the dominant global manufacturing analytics market due to its well-established manufacturing sector and advanced technological infrastructure. With a robust and mature manufacturing industry, North America has been at the forefront of embracing manufacturing analytics solutions to enhance operational efficiency and competitiveness.
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Services Segment to Witness Significant Growth due to a Diverse Range of Offerings
The fastest-growing segment within the global manufacturing analytics market is the services category. Manufacturing analytics services encompass a diverse range of offerings integral to successfully implementing analytics solutions. These services include consulting, implementation, support, and training, all aimed at assisting manufacturers in effectively deploying and utilizing analytics software within their organizations.
Asia Pacific has emerged as the fastest-growing area in the global manufacturing analytics market. The primary driver of this rapid growth is the region’s ongoing industrialization, coupled with a substantial expansion in its manufacturing sector. Countries such as China, India, Japan, and South Korea have evolved into major manufacturing hubs, attracting considerable investments from multinational corporations.
A comprehensive analysis of the major players in the global manufacturing analytics market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Global Manufacturing Analytics Market
- In 2023, Microsoft unveiled its latest innovation, the Azure Industrial IoT Suite. This comprehensive suite of services is designed to empower manufacturers by facilitating the development, deployment, and efficient management of Internet of Things (IoT) solutions. By harnessing the power of Azure, Microsoft’s cloud computing platform, manufacturers can leverage the Azure Industrial IoT Suite to seamlessly integrate IoT devices, collect real-time data, and derive valuable insights, ultimately enhancing operational efficiency and productivity.
- In 2023, IBM made a significant stride in the IoT landscape by introducing the Watson IoT Platform for Manufacturing. This advanced platform is tailored to meet the specific needs of manufacturers, enabling them to gather, securely store, and meticulously analyze data originating from their IoT devices.
Key Questions Answered in the Global Manufacturing Analytics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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