Manufacturing Analytics: an emerging market in Data Analytics
Manufacturing analytics is software used in the field of manufacturing industry that performs the functions of acquiring, aggregating and analyzing data, computing the manufacturing KPIs and developing role-based visualizations and analytic dashboards. In a competitive world where manufacturing industries are required to be constantly evolving and be geared with up-to-date technologies, manufacturing analytics comes as a savior.
By bringing big data, predictive-analytics, Internet of Things (IoT) manufacturing companies are provided with real-time contextual awareness, enhanced and scalable factory solutions. The big data are converted to real-time insights enabling companies to optimize their operation and have cost-effective production. Manufacturing analytics has proved extremely beneficial for manufacturing companies to maximize their productivity and profitability.
Manufacturing Analytics Market
The global manufacturing analytics market is recorded to have a value of whopping $5,950 million in 2018 endeavoring to reach $28,443.7 million by 2026 growing at CAGR of 16.5% from 2019 to 2026. Let us briefly get into the global market scenario to learn the growth momentum of manufacturing analytics market and how it is a major element in the economy. The United States is recorded to maintain 23% growth momentum and is considered to be the largest and leading manufacturing analytics market in the world followed by Europe with Germany contributing over US$405.2 Million and the rest of Europe markets to add over US$561.5 million. Japan is projected to reach a market size value of US$344.7 Million. China has the potential to grow at 19.7% CAGR thereby adding US$2.1 Billion approximately.
While that’s about the global market dynamics, let us note that the global market for manufacturing analytics is segmented on the following basis
- Component: Software and service
- Application: Supply chain management, Customer and sales management, asset and inventory management
- Deployment: Cloud deployment/ Hybrid Deployment
- Industry Vertical: Industrial equipment manufacturing, automotive manufacturing, electrical and electronics equipment manufacturing, medical and pharma manufacturing etc.
With the top market players taking their strides we see that the world manufacturing analytics market is projected to see massive growth over the years; it has become a key element in the economic growth. The growth by and large can be attributed to factors like proliferated adoption of Industrial Internet of Things (IIoT), spike in the need for process optimization, upsurge in investment of big data and also the use of advanced technologies such as AR and VR and advanced data management strategies across varied manufacturing sectors.
There has been an increased use of big data analytics in varied sectors like healthcare, automotive industry, aerospace and mining to acquire real time insights and enhance their decision making. In a world where competition is at high manufacturing industries are faced with the pressure of high profit margin, rivalry amongst the parallel industry globally and to create efficient design systems thus prompts manufacturers the need to have quick data-driven decisions.
With the world becoming more digitized the massive data accumulated by the use of systems and equipment calls for efficient analysis and precision. The process of gaining actionable insights from the big data through data visualization not only provides manufacturing productivity and efficiency but also is boosting the growth of the manufacturing data analytics market. Scarcity of skilled labor and expertise is a challenge often faced by manufacturers and organizations who are on the lookout for professional service providers with technical and analytical proficiencies. And we see a surge of industries opting for Software as a service. All these factors constantly keep the market for manufacturing analytics growing and is projected to boom even more in the near future.
Visualr is a state of the art visualization and analytics platform where huge data is converted into actionable insights enabling manufacturers to handle their business data efficiently and intelligently and make business decisions based on real-time facts.
Manufacturers are given access to extensively flexible connectivity from multiple data sources and not only gain insights but also share across board. A robust platform Visualr provides manufacturers a Row-level data security preventing any form of data theft and leakage leaving it entirely up to the control of the manufacturers. Visualr is a scalable, secured and cost-effective value driven tool to help optimize processes and achieve profitability and productivity for any organization for their manufacturing sector which proves to be an ideal tool.
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