Adoption of Manufacturing Predictive Analytics Market to Surge During the Forecast Period Owing to Increased Consumer Demand
Predictive analytics used in the manufacturing industry are software and services that provides functionalities such as demand forecasting, machinery inspection & maintenance, and others. The manufacturing industry benefits by deploying predictive analytics solutions on production and manufacturing data. The data is gathered from real-time production facilities and is analyzed to gain insights such as efficiency of operations depending upon speed and time.
Furthermore, predictive analytics is widely used in the manufacturing industry for predictive maintenance functionality. As predictive maintenance anticipates real-time data with maintenance parameters such as warranty time to avoid unscheduled downtime. These are the major factors that are expected to fuel the growth of the global manufacturing predictive analytics market in the coming years.
Rise in digitalization in the manufacturing industry has proliferated the Industry 4.0 revolution and advent of smart factory development activities has propelled the deployment of IIoT devices among various manufacturing industry verticals across the globe; which is further expected to drive the market growth. In addition, ongoing modernization of production facilities and increase in demand for technological advancements in smart manufacturing fuel the market growth.
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However, dearth of technical personnel associated with manufacturing predictive analytics integration and consulting is expected to hinder the growth of the global manufacturing predictive analytics market to a certain extent. On the contrary, favorable government initiatives for big data projects and availability of huge data repository among manufacturing enterprises is propelling the growth of smart data-driven manufacturing organizations, which is anticipated to provide significant opportunities for the market growth during the forecast period.
The manufacturing predictive analytics market is segmented on the basis of component, deployment, application, end user, and region. Based on component, the market is bifurcated into software and services. By deployment, it is divided into cloud and on-premise. Depending on application, it is categorized into demand forecasting, machinery inspection & maintenance, product development, supply chain management, and others. Based on end user, the market is divided into semiconductor & electronics, energy & power, pharmaceutical, automobile, heavy metal & machine manufacturing, and others. Based on region, the global manufacturing predictive analytics market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the manufacturing predictive analytics market include Alteryx, Inc., Bridgei2i Analytics Solutions, Cisco Systems, Inc., Fair Isaac Corporation, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute, Inc., and Tibco Software, Inc. These players have played a significant role to boost the growth of the global manufacturing predictive analytics market by adopting various development strategies such as business expansion, new product launches, and others.
KEY BENEFITS FOR STAKEHOLDERS
• The study provides an in-depth analysis of the manufacturing predictive analytics market current & future trends to elucidate the imminent investment pockets.
• Information about the key drivers, restraints, and opportunities and their impact analyses on the global manufacturing predictive analytics market size is provided.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the global manufacturing predictive analytics industry.
• The quantitative analysis of the market from 2018 to 2026 is provided to determine the global manufacturing predictive analytics market potential.
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KEY MARKET SEGMENTS
BY COMPONENT
• Software
• Services
BY DEPLOYMENT
• Cloud
• On-premise
BY APPLICATION
• Demand Forecasting
• Machinery Inspection and Maintenance
• Product Development
• Supply Chain Management
• Others
BY END USER
• Semiconductor and Electronics
• Energy and Power
• Pharmaceutical
• Automobile
• Heavy Metal and Machine Manufacturing
• Others
BY REGION
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o UK
o Rest of Europe
• Asia-Pacific
o Japan
o China
o India
o Rest of Asia-Pacific
• LAMEA
o Latin America
o Middle East
o Africa
KEY MARKET PLAYERS
• Alteryx, Inc.
• Bridgei2i Analytics Solutions
• Cisco Systems, Inc.
• Fair Isaac Corporation
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• SAS Institute, Inc.
• Tibco Software, Inc.
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