Manufacturing Analytics Global Market Report 2024

Manufacturing analytics is a statistical tool that facilitates rule-based analysis of manufacturing data, providing users with valuable insights to improve business operations and product quality. It plays a crucial role in identifying potential issues before they impact products, yield, or costs, thereby enhancing overall process efficiency and streamlining production monitoring.

The main components of manufacturing analytics are software and services. The software includes business intelligence (BI) tools designed to capture, aggregate, and analyze manufacturing data, offering insights into processes and functions for organizational improvement. These solutions are deployed through cloud or on-premise models and find applications in predictive maintenance, inventory management, supply chain optimization, and more. Manufacturing analytics is applied across various industry verticals, including semiconductor and electronics, energy and power, pharmaceuticals, automotive, heavy metal and machine manufacturing, among others.

The manufacturing analytics market research report is one of a series of new reports that provides manufacturing analytics market statistics, including manufacturing analytics industry global market size, regional shares, competitors with a manufacturing analytics market share, detailed manufacturing analytics market segments, market trends and opportunities, and any further data you may need to thrive in the manufacturing analytics industry. This manufacturing analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The manufacturing analytics market size has grown exponentially in recent years. It will grow from $11.75 billion in 2023 to $14.26 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to an increased demand for operational efficiency and cost reduction, initiatives focused on quality improvement, optimization of supply chain processes, advancements in data processing and storage technologies, the emergence of cloud-based solutions, and a growing emphasis on real-time analytics.

The manufacturing analytics market size is expected to see exponential growth in the next few years. It will grow to $32.39 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to the augmentation of robotics data through analytics, increasing demand for flexibility and scalability in analytics solutions, enhanced cybersecurity measures for manufacturing data, optimization of energy efficiency through analytics, and advancements in data visualization and reporting tools. Major trends in the forecast period include a focus on regulatory compliance and reporting, an emphasis on employee training and data literacy, the integration of Industry 4.0 and smart manufacturing practices, the incorporation of IoT and sensor technology, and the adoption of predictive maintenance strategies.

The growth of the manufacturing analytics market is anticipated to be propelled by an increasing demand for process optimization. Process optimization involves the reduction or elimination of time and resource wastage, unnecessary costs, bottlenecks, and errors while achieving process objectives. This approach in manufacturing analytics yields various benefits, including quicker responses to issues at the machine level and enhanced maintenance. A study by Bain & Company, a US-based management consulting firm, revealed that 21% of companies achieve savings of 10% or more through business process optimization strategies. Consequently, the surge in the need for process optimization is a driving force behind the growth of the manufacturing analytics market.

The adoption of the Internet of Things (IoT) is poised to drive the growth of the manufacturing analytics market. IoT involves the interconnected network of physical devices and objects that can collect and exchange data over the internet. Integrating IoT into manufacturing processes enables the collection of extensive real-time data, providing manufacturers with deeper insights into their operations. As the adoption of IoT continues to rise, with an anticipated reach of 24.1 billion IoT devices by 2030, according to a report by CRO Forum, and an estimated 25.4 billion IoT devices by 2030, as per Exploding Topics, the demand for advanced manufacturing analytics solutions is expected to experience significant growth.

In the manufacturing analytics market, a notable trend is the emphasis on new product innovation. Key companies operating in this market are dedicating efforts to developing technologically advanced software to fortify their market positions. For instance, Google Cloud Platform, offered by the US-based technology company Google, launched Manufacturing Data Engine and Manufacturing Connect. These solutions enable manufacturers to connect previously segregated assets, standardize data processing, and enhance visibility from the factory floor to the cloud. By focusing on three essential AI and analytics-based use cases - manufacturing analytics and insights, predictive maintenance, and machine-level anomaly detection - these solutions empower manufacturers through simplified analytics and AI solutions built on cloud infrastructure.

Major companies in the manufacturing analytics market are increasingly adopting a strategic partnership approach. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits and success. An example is the partnership between ToolsGroup, a Netherlands-based retail and supply chain planning and optimization software provider, and River Logic, Inc., a US-based provider of business analytics and modeling software. This collaboration offers a comprehensive supply chain planning solution, seamlessly integrating production scheduling, probabilistic planning and execution, and supply chain design.

In November 2021, IDBS, a UK-based life sciences software company, announced the acquisition of biopharmaceutical manufacturing data management (BPLM) for an undisclosed amount. This acquisition enhances IDBS's offerings, providing a comprehensive BPLM solution that surfaces the data and insights needed to accelerate drugs to market.

Major companies operating in the in the manufacturing analytics market report are SAP SE, Oracle Corporation, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., International Business Machines Corporation, Alteryx Inc., Sisense Inc., Wipro Limited, Bridgei2i Analytics Solutions, Cisco Systems Inc., FICO, Domo Inc., Neubrain Solutions Private Limited, Aegis Software, MachineMetrics Inc., Lantek, General Electric Company, Dell Technologies Inc., Computer Science Corporation, Zensar Technologies Ltd, Northwest Analytics Inc., DXC Technology Company, QlikTech Inc., Microsoft Corporation, Emergen Research, Siemens AG, Hitachi Ltd, Rockwell Automation Inc., Honeywell International Inc., Schneider Electric SE, PTC Inc., Sight Machine Inc., InfinityQS International Inc., Intelligent Quality Management Software, Epicor Software Corporation

North America was the largest region in the manufacturing analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the manufacturing analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the manufacturing analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The manufacturing analytics market includes revenues earned by entities by tools and services transform real-time data into just-in-time insights and enable improved customer service. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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