Manufacturing Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 08/09/2016 -- Manufacturing Analytics Market: Overview
Manufacturing analytics is a statistical tool which performs rule-based analysis to improve business processes and production quality. Data analytics is used in various other industrial domains which include banking, financial services and insurance (BFSI), e-commerce, among others. However, increasing pressures to reduce manufacturing cost, meet federal norms, supply-chain requirements, global competition, and improve operating income has seen high adoption of data analytics in manufacturing sector in recent past.
Additionally, with manufacturing companies adopting process improvement programs which includes Lean Manufacturing, supervisory control and data acquisition system (SCADA), and Six Sigma has improved the adoption of manufacturing analytics. Moreover, with huge data being generated from the networked industry equipment and automation systems i.e. industry internet of things (IIoT) has resulted in strong demand of analytics in manufacturing sector. Manufacturing analytics gathers data from geographically distributed resources, programmable logic controllers (PLC's), historians and provide organized and modeled analysis.
Manufacturing Analytics Market: Segmentation
Manufacturing analytics market is segmented on the basis of deployment of manufacturing analytics software, service type and end-use industry. On the basis of software deployment type, manufacturing analytics market is further categorized as on-premise and hosted. On-premise manufacturing analytics tool allow installation and service of these software suite at client side.
Mostly, on-premise manufacturing analytic tool require high cost of operation in comparison to the hosted model. Hosted model provide all the necessary services and hardware installments at provider's end and stores data in cloud storage. This reduces overall total cost of operation (TCO) and improves bottom line of any manufacturing company. In terms of service type, manufacturer analytics market is further categorized into managed services and professional services. Professional services include installation, maintenance and consulting. As stated earlier, data analytics was initially developed for specific industries; data analytics in various manufacturing verticals has started adopting these manufacturing analytics tools to boost their business growth. Thus, based on end-use industry, the manufacturing analytics market is further segmented into automotive, electronic equipment and appliance manufacturing, heavy industries, food and beverage, and others (pharmaceutical and retail).
Manufacturing Analytics Market: Drivers and Restraints
Present methods to analyze manufacturing process data are fading out due to increasing multiple industry data sources such as in-factory databases, images, sensor, among others have increased the demand for big data analytics in manufacturing. This factor is among the strongest growth drivers of the manufacturing analytics market.
Moreover, uprising demand to optimize business process and make them more agile and scalable is further paving the growth of manufacturing analytic software in manufacturing sector. However, complex operation and low return on investment from manufacturing analytics tools is hindering its market growth. Furthermore, technical constraints related with cloud deployment such as data security and privacy is likely to curb its market growth. With large pool of manufacturing industries still remain unaware with need of big data analytics to improve the operational profit especially in nascent economies such as China, India and Brazil; this provide strong business opportunity for the software tool manufacturers. Alongside this, development of low cost manufacturing analytics tools which can meet the demand of small and medium enterprises, showcases a huge market opportunity for the vendors.
On the basis of deployment model, cloud-based manufacturing analytics tools is likely to witness a strong growth in coming years. The low TCO and improving cloud security are expected to the key factors complementing the growth of cloud based manufacturing analytics tools. Presently, North America is likely to dominate the manufacturing analytics market. The early adoption of these tools in the manufacturing sector is the prime factor behind the growth of this market in the region. However, with a significant presence of the manufacturing sector, especially heavy industries, Asia Pacific is expected to be the frontrunner in the growth of the manufacturing analytics market.
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Manufacturing Analytics Market: Key Players
Some of the major vendors operating in manufacturing analytics market are tableau software, Inc., StatSoft, Inc., QlikTech International AB, Tata Consulting Services Ltd., SAS Institue, Inc., Sisense Inc., Predixion Software, Inc., SAP SE, IBM Corporation, General Electric Company, Wipro Ltd., Aegis Industrial Software Corporation, GEMINI Software Solutions Pvt. Ltd., and TIBCO Software, Inc.
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