he manufacturing analytics market size is expected 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% during the forecast period.
The report "Manufacturing Analytics Market by Type (Solution & Services), Applications (Asset Management, Inventory Management, Emergency Management, Supply Chain Planning, Sales & Marketing Management, & Others), Industry Vertical, Regions - Global Forecast to 2021", The manufacturing analytics market 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%.
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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. The manufacturing analytics market is growing rapidly because of the transformation from traditional BI techniques to advanced analytics techniques and massive surge of structured and unstructured manufacturing data.
Energy management application to grow at the highest CAGR
Manufacturing analytics solutions are used for various applications such as energy management, asset management and predictive maintenance, emergency management, inventory management, and supply chain, and procurement.
Energy management is expected to witness the highest CAGR during the period 2016-2021 among all applications because of the increasing adoption of smart grid and smart energy technologies across manufacturing organizations.
Electronics equipment manufacturing vertical to have the largest market size in 2016
The manufacturing analytics market is also segmented by various industry verticals, out of which the adoption of manufacturing analytics is expected to be the largest in the electronics equipment manufacturing verticals as the demand for electronics devices, including smartphones, and computer systems, is increasing day by day.
North America is expected to dominate the manufacturing analytics market during the forecast period
North America is expected to hold the largest share of the manufacturing analytics market in 2016 due to the technological advancements and early adoption of analytics in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021.
The primary driving forces for this growth are increasing technological adoption and huge opportunities across manufacturing industry in APAC countries, especially India, China, and Japan.
The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market. Some of the major technology vendors include SAS Institute (U.S.), Tableau Software (U.S.), Tibco Software (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Computer Science Corporation (U.S.), Dell Statsoft (U.S.), SAP SE (Germany), Zensar Technologies Ltd.
(India), 1010Data (U.S.), and Alteryx (U.S.).
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