New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Manufacturing Analytics Global Market Report 2023" - https://www.reportlinker.com/p06319510/?utm_source=GNW
, Sisense Inc., Wipro Limited, Bridgei2i Analytics Solutions, Cisco Systems Inc., FICO (Fair, Isaac and Company), Domo Inc., Neubrain, Aegis Software, MachineMetrics, and Lantek.
The global manufacturing analytics market grew from $9.92 billion in 2022 to $11.98 billion in 2023 at a compound annual growth rate (CAGR) of 20.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The manufacturing analytics market is expected to grow to $27.27 billion in 2027 at a CAGR of 22.8%.
The manufacturing analytics market includes revenues earned by entities by tools and services transform real-time data into just-in-time insights and enable improved customer service.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Manufacturing analytics refer to a statistical tool that aids in the rule-based analysis of manufacturing data and information, allowing users to better understand the process and hence enhance business operations and product quality.Manufacturing analytics enables to spot an issue before it occurs, which could have an impact on the product, yield, or cost.
Manufacturing analytics is used to improve process efficiency and centralize production monitoring.
North America was the largest region in the manufacturing analytics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the manufacturing analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of components in manufacturing analytics are software and service.The software refers to business intelligence (BI) tools for capturing, aggregating, and analyzing manufacturing data analytics.
Manufacturing analytics software reveals insights about processes and functions that can lead to improvements at all levels of an organization.The different deployment modes include cloud, and on-premise and are used in several applications such as predictive maintenance, inventory management, supply chain optimization, and others.
It is employed in semiconductor and electronics, energy and power, pharmaceutical, automobile, heavy metal and machine manufacturing, and other industry verticals.
An increase in the need for process optimization is expected to propel the growth of the manufacturing analytics market going forward.Process optimization refers to reducing or eliminating time and resource wastage, unnecessary costs, bottlenecks, and mistakes while achieving the process objective.
Process optimization in manufacturing analytics adds to various benefits such as providing faster response to issues at the machine level, and improved maintenance and so leading to its growth and increasing the need for this technique.For instance, according to Camunda, a Germany-based open-source workflow, and decision automation platform, in 2020, 51% of automation initiatives are aimed at boosting efficiency and optimization.
Also, according to a survey conducted by Camunda in 2020 on how process automation is a business driver for growth, half (49%) of an organization’s process automation initiatives are focused on driving business growth.The other half of the process automation initiatives highlighted ways of business optimization (27%).
Therefore, an increase in the need for process optimization is driving the growth of the manufacturing analytics market.
New product innovation is a key trend gaining popularity in the manufacturing analytics market.Major companies operating in the manufacturing analytics market are focused on developing technologically advanced software to strengthen their market position.
For instance, in May 2022, Google Cloud Platform, offered by Google, a US-based technology company launched Manufacturing Data Engine and Manufacturing Connect that enable manufacturers to connect previously segregated assets, process and standardize data, and improve visibility from the factory floor to the cloud.The solutions enable three essential AI and analytics-based use cases–manufacturing analytics and insights, predictive maintenance, and machine-level anomaly detection–once data has been harmonized.
Manufacturing Data Engine and Manufacturing Connect, both of which are now accessible, assist manufacturers in unifying their data and empowering their employees through simple analytics and AI solutions built on cloud infrastructure.
In October 2020, TIBCO Software Inc., a US-based business intelligence software company, acquired Information Builders Inc for an undisclosed amount. Through this acquisition, TIBCO gained the access to a broader range of analytics and technologies, considerably boosting its capacity to assist the world’s most prestigious enterprises in solving the most difficult data challenges and further unlock the potential of real-time data for making faster, better decisions. Information Builders Inc is a US-based privately held software company that offers business analytics services.
The countries covered in the manufacturing analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The manufacturing analytics market research report is one of a series of new reports that provides manufacturing analytics market statistics, including manufacturing analytics industry global market size, regional shares, competitors with a manufacturing analytics market share, detailed manufacturing analytics market segments, market trends and opportunities, and any further data you may need to thrive in the manufacturing analytics industry. This manufacturing analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06319510/?utm_source=GNW
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