Big Data Analytics in Manufacturing Market to Witness Extensive Development Throughout 2021 – 2028 By Emergen Research
According to the most recent report by Emergen Research, the worldwide big data analytics in manufacturing market is anticipated to reach a market size of USD 11.03 billion by 2028 and exhibit a high revenue CAGR. Big data analytics are increasingly being used in the industrial sector for demand forecasting, which is a major motivating element. During the projected period, rising demand for asset optimization solutions is anticipated to further fuel growth of the global big data analytics in manufacturing market. Global big data analytics in manufacturing market growth is also anticipated to be fueled by rising automation use in the manufacturing sector.
The global market for big data analytics in manufacturing is anticipated to grow slowly over the projected period due to the high cost of big data analytics solutions.
Increases the manufacturing process operational effectiveness:
In the manufacturing sector, operational efficiency is everything. Despite having a substantial amount of data accumulated over many years, process manufacturing rarely uses it. Manufacturing businesses can reduce costs, raise productivity, and increase margins by streamlining their operations. Although automated production lines are now commonplace in many factories, big data analytics has the potential to significantly increase the speed and effectiveness of these lines. Machine logs contain information on asset performance, and manufacturers may find this information to be very valuable. Manufacturers can swiftly collect, clean up, and analyse machine data with the use of big data analytics in the manufacturing sector, revealing insights that can aid in performance improvement.
Makes the entire supply chain transparent:
Big data analytics are used to promote transparency throughout the supply chain in the industrial sector. Manufacturers may significantly improve the supply chain by gathering and analysing the massive amounts of data generated from numerous sources, ranging from ERP systems within the firm to supplier’s business, orders, and shipment information for customer shopping habits logistics. For instance, manufacturing businesses might look for possibilities to optimise anything from demand forecasting and inventory management to price optimization by looking at various processes and their interdependencies. Big data analytics also makes it feasible to optimise supply chains to increase gains and decrease risk, as well as to anticipate with greater certainty whether or not a supplier will deliver products as agreed.
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Key Highlights of Report:
- The solution segment’s revenue growth is currently being driven by growing usage of big data analytics software for production forecasting and business performance assessment, which is anticipated to post a relatively high CAGR of 33.2% over the course of the projection year.
- Due to the growing adoption of cloud technology in the manufacturing sector, the cloud-based segment is anticipated to hold the largest market share among the other deployment types in the global big data analytics in manufacturing market during the forecast period.
- The predictive maintenance market for big data analytics in manufacturing is anticipated to expand in revenue over the course of the forecast period due to the rising requirement to reduce the number of production failures.
- The market in the region generates a comparatively higher revenue share than other regional markets due to factors like the substantial presence of domestic and international market players in North American nations, including Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, and SAS Institute Inc.
Key market participants include Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., TIBCO Software Inc., Alteryx Inc., Fair Isaac Corporation, MicroStrategy Incorporated, and Angoss Software Corporation.
Emergen Research has segmented the global big data analytics in manufacturing market on the basis of component, deployment, application, and region.
Component Outlook (Revenue, USD Billion; 2021–2028)
Deployment Outlook (Revenue, USD Billion; 2021–2028)
Application Outlook (Revenue, USD Billion; 2021–2028)
- Predictive Quality
- Predictive Maintenance
- Anomaly Detection
- Tool Life-cycle Optimization
- Computer Vision
- Supply Chain Management
- Production Forecasting
- Work Cell Optimization
- Product Lifecycle Management (PLM)
Regional Outlook (Revenue, USD Billion; 2021–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
Browse Detailed Research report @ https://www.emergenresearch.com/industry-report/big-data-analytics-in-manufacturing-market
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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