Manufacturers are opting for investment big data technology as they see it as a means to maximize their revenue. This data can be analyzed to gain useful insights about the productivity and efficiency of manufacturing processed and performance & build business strategies accordingly which is driving the growth of the manufacturing analytics market. The extensive amount of data generated from the connected equipment in manufacturing processes are needed to be systematically stored, operated, and extracted. The increase in digitization of manufacturing value chains is primarily driving the need to adopt big data technologies. Manufacturers are investing heavily on big data technologies owing to the advent of Industry 4.0. Increase in investment on big data for manufacturing This is attributed to various advantages offered by cloud-based manufacturing analytics solutions such as direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness. However, cloud deployment is projected to grow at highest rate during the forecast period. On the contrary, use of advanced technologies such as AR & VR with manufacturing analytics is expected to offer lucrative opportunities for market expansion.ĭepending on deployment model, the on-premise segment dominated the overall manufacturing analytics market in 2018. However, lack of integration with legacy systems and scarcity of skilled workforce are anticipated to hinder the market growth. Increase in adoption of Industrial IoT (IIoT), rise in need for process optimization, and surge in investment on big data for manufacturing are expected to positively impact the growth of the global manufacturing analytics market. It also enables optimized business operations by better complete-cycle visibility across business data & hardware. It enables companies to have more cost-effective production through monitoring and analysis as well as better client experiences. It is used to centralize production monitoring, increase process efficiency, turn real time data into just-in-time insights, and better serve the customers. It performs functions including acquisition of data, filter & contextualizes this data, calculate the manufacturing KPIs, and then generate role-based visualizations & dashboards. Manufacturing analytics software is an application that helps the manufacturing companies to understand machine data. The global manufacturing analytics market size was valued at $5,950 million in 2018, and is projected to reach $28,443.7 million by 2026, growing at a CAGR of 16.5% from 2019 to 2026. Manufacturing Analytics Market Statistics - 2026
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