Emerging Trends in Manufacturing Analytics to Propel Market to US$ 22.3 Bn by 2031
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The Global Manufacturing Analytics Market (製造業分析市場) is
poised for remarkable growth over the next decade, with its valuation projected
to soar from $5.5 billion in 2022 to an impressive $22.3 billion by 2031. This
growth trajectory, representing a compound annual growth rate (CAGR) of 16.8%,
underscores the increasing importance of analytics in driving operational
efficiency, quality improvement, and predictive maintenance across the
manufacturing sector.
Industry experts attribute this robust market expansion to
the rising demand for advanced analytics techniques, such as machine learning
and artificial intelligence, which are being leveraged by manufacturers to
optimize production plans, reduce costs, and enhance product quality. The surge
in adoption of Industry 4.0—an industrial revolution that integrates digital
technologies and data-driven solutions into the manufacturing process—is also
playing a pivotal role in propelling the market forward.
With an increasing focus on sustainability, environmental
compliance, and the need for data-driven insights to develop effective
products, the manufacturing analytics market is set to experience significant
advancements in the coming years.
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Market Introduction: Manufacturing analytics refers
to the application of data and advanced technologies in the manufacturing
industry to enhance operations, ensure high-quality products, boost
productivity, reduce costs, and optimize supply chains. By analyzing
operational data, manufacturers can gain critical insights into their
processes, enabling them to identify areas for improvement and achieve better
business outcomes.
Demand for Process Optimization and Operational
Efficiency Drives Market Growth
In today’s highly competitive environment, manufacturers are
under constant pressure to enhance operations and boost efficiency.
Manufacturing analytics solutions offer a powerful toolset that enables
manufacturers to collect and analyze vast amounts of data generated during
production. This data-driven approach allows manufacturers to pinpoint
inefficiencies, identify areas for improvement, and make informed decisions
that optimize their processes and reduce costs.
One of the key benefits of manufacturing data analytics is
its ability to improve Overall Equipment Effectiveness (OEE), a critical metric
in the industry. According to a study conducted by Rainmaker Associates, Inc.,
the adoption of manufacturing analytics solutions has been shown to improve OEE
by an impressive 88%. This capability to optimize both production and back-end
processes is expected to drive substantial growth in the manufacturing
analytics market in the near future.
Moreover, these solutions provide real-time visibility into
the production process, enabling manufacturers to proactively identify and
address potential issues. This proactive approach not only helps in preventing
safety hazards but also ensures zero defects in the manufacturing process,
ultimately leading to higher product quality.
Industry 4.0 Revolutionizes Manufacturing Analytics
Industry 4.0, often referred to as the fourth industrial
revolution, is characterized by the integration of digital technologies, such
as the Internet of Things (IoT), big data analytics, cloud computing,
Artificial Intelligence (AI), and Machine Learning (ML), into the manufacturing
process. This integration has given rise to smart factories that are not only
efficient and productive but also highly responsive to customer demands.
As companies undergo rapid industrialization and automation,
they are generating vast amounts of data that need to be analyzed in real-time
to enhance productivity. Manufacturing analytics solutions play a crucial role
in collecting, analyzing, and visualizing this data, enabling manufacturers to
make informed decisions that drive efficiency and growth.
The adoption of Industry 4.0 technologies, including AI and
Radio Frequency Identification (RFID), is further accelerating the development
of the manufacturing analytics market. Companies are increasingly recognizing the
value of these solutions in gaining actionable insights into their operations,
leading to improved efficiency and output.
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Regional Outlook
North America is expected to dominate the global
manufacturing analytics market (Markt für Fertigungsanalysen) from 2023 to
2031, driven by the widespread adoption of analytics tools in manufacturing and
significant investment in research and development of advanced technologies. In
2022, North America held the largest share of the market, a trend that is
likely to continue in the coming years.
Meanwhile, Asia Pacific is projected to be the
fastest-growing region for manufacturing analytics, fueled by the increasing
demand for big data analytics in the manufacturing sector. The region’s rapid
industrialization and technological advancements are expected to contribute
significantly to the market’s growth.
Key Players and Recent Developments
The global manufacturing analytics market is highly
competitive, with several key players actively contributing to its growth. Some
of the leading companies in the market include TIBCO (Cloud Software Group,
Inc.), SAS Institute Inc., Sisense Inc., SAP SE, Alteryx, Inc., Tableau
Software, Inc., Oracle Corporation, KNIME, GE Digital, QlikTech International
AB, IBM Corporation, Infragistics, Northwest Analytics, Inc., Aegis Software,
and Keysight Technologies, Inc.
Recent developments
in the market include:
- Rootstock
Software launched Enterprise Insights in May 2023, a new analytics
solution designed to provide manufacturers with a comprehensive view of
their business, enabling them to make informed decisions.
- Databricks
introduced Lakehouse in April 2023, a platform specifically designed for
manufacturing companies. The platform features advanced capabilities such
as predictive maintenance and digital twin technology, allowing engineers
to monitor and model systems in real-time.
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