Manufacturing Analytics Market Development History, Current Market Analysis and Estimated Forecast to 2027
VALLEY COTTAGE, N.Y. – Statistical tool that performs rule-based analysis to enhance business process and production quality is termed to be manufacturing analytics. The application of analytics in various industries such as in banking, retail and other are popularly known but recently there is an increase in demand for application of analytics in manufacturing sector in order to minimize operational cost, simplify supply-chain requirements and more. Additionally, the manufacturing companies which adopt process improvement programs including SCADA, lean manufacturing, and six sigma has enhanced the adoption of manufacturing analytics.
Manufacturing analytics gathers data from geographically distributed resources, using PLCs, historians and offer organized and modeled analysis. On premise manufacturing analytical tools enable installation and service of these software suite at client side and are expensive.
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Manufacturing Analytics Market: Drivers and Challenges
The analysis of manufacturing process data are fading out due to increasing multiple industry data sources such as in-factory databases, sensor, images and among others have led to the increasing demand for big data analytics in manufacturing. This is the prime factor contributing to the growth of manufacturing analytics market globally. Additionally, growing demand to optimize business process and make them more agile and scalable is further encouraging the growth of manufacturing analytics software in manufacturing sector.
Complex operation and low returns on investment from manufacturing analytics tools is hindering the market growth of manufacturing analytics solutions. Technical constraints including data breaching in cloud deployment and privacy are among other factors that negatively impact the growth of manufacturing analytics market.
Manufacturing Analytics Market: Segmentation
Manufacturing analytics market can be segmented on the basis of solution, type of deployment, industry and regions
On the basis of solution, manufacturing analytics market can be segmented into software and services. Services segment can further be sub-segmented into managed service and professional service.
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On the basis of type of deployment, manufacturing analytics market can be segmented into on-premise and cloud-based.
On the basis of industry, manufacturing analytics market can be segmented into banking, financial services and insurance (BFSI), IT and telecommunication, energy and utility, public sector manufacturing, healthcare, retail, hospitality and others.
Manufacturing Analytics Market: Regional Overview
Regionally, manufacturing analytics market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa
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North America and Western Europe regions are expected to contribute majorly to the revenue of global manufacturing analytics market. Asia Pacific excluding Japan and Japan are expected to have the maximum growth opportunities in the forecast period from 2017 to 2027.
Manufacturing Analytics Market: Competition Landscape
Few prominent players in the manufacturing analytics market include:SAP SE,IBM Corporation, Wipro Limited, General Electric Company, TIBCO Software, Inc., Zensar Technologies Ltd., Sisense, Inc., Oracle Corporation and Gemini Software solutions Pvt. Ltd.
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