The major forces driving the manufacturing analytics market are the adoption of advanced data-management strategies across varied manufacturing applications, increasing need for process optimization, emergence of Industrial Internet of Things (IIoT), increased business agility and scalability, and self-service access to centrally managed data.
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Manufacturing analytics is a set of advanced analytical tools that help in generating insights from historical and present process data and identifying relationships and patterns from various manufacturing processes. The manufacturing analytics market size is estimated to grow from USD 3.14 Billion in 2016 to USD 8.45 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 21.9% from 2016 to 2021.
2015 is considered to be the base year while the forecast period is 2016 to 2021.
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The objective of the report is to define, describe, and forecast the manufacturing analytics market on the basis of types, services, applications, deployment models, industry verticals, and regions and also to provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).
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The research methodology used to estimate and forecast the manufacturing analytics market begins with capturing data on key vendor’s revenues through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation.
The bottom-up procedure was employed to arrive at the overall market size of the global market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and sub-segments, which were then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, directors, and executives.
The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and sub-segments.
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