Market Overview:
The global manufacturing analytics market is expected to grow at a CAGR of 17.16% during the forecast period from 2022 to 2030. The key market drivers include increasing demand for data-driven decisions, emergence of automated technologies, and the need for enhanced product quality. The manufacturing analytics market is segmented into component, application, end-user, and region. By component, the market is segmented into software and services. By application, the market is segmented into process optimization, product optimization, supply chain optimization, and predictive maintenance. By end-user, the market is segmented into process industry and discrete industry.
Key Companies:
The key players operating in the manufacturing analytics market include General Electric Company (GE), IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute, Inc., Tableau Software, Inc., TIBCO Software, Inc., and Teradata Corporation.
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Industry Latest News:
Recently, IBM Corporation announced the launch of its new IBM Watson Analytics for Manufacturing. The solution is designed to help manufacturers improve operational efficiency, reduce risk, and improve customer experience. Additionally, IBM has announced the launch of Watson Supply Chain Insights, which is a cloud-based analytics solution designed to help manufacturers manage supply chain operations.
Market Opportunities:
The manufacturing analytics market is expected to experience significant growth in the near future due to the increasing need for data-driven decisions and the emergence of automated technologies. Additionally, the need for enhanced product quality, faster delivery times, and increased cost efficiency are expected to drive the growth of the manufacturing analytics market.
Market Segmentation:
The manufacturing analytics market is segmented into component, application, end-user, and region. By component, the market is segmented into software and services. By application, the market is segmented into process optimization, product optimization, supply chain optimization, and predictive maintenance. By end-user, the market is segmented into process industry and discrete industry.
Regional Insights:
The manufacturing analytics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the manufacturing analytics market in terms of market share owing to the presence of major vendors such as General Electric Company (GE), IBM Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE. Additionally, the presence of well-developed industrial and manufacturing sectors in the region is expected to fuel the growth of the manufacturing analytics market in North America. Asia Pacific is expected to witness significant growth in the near future due to the increasing adoption of automated technologies and the presence of a large number of manufacturing companies in the region.
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