January 22, 2020 by Market-NewsFlash
The manufacturing sector has developed at a dramatic rate over the past few years. It has been introduced to countless new changes and these have worked in the favor of this market. Owing to the development in the manufacturing sector, the global market for manufacturing analytics too has started gaining impetus. According to the research report published by MRFR (Market Research Future), this market will come across many growth opportunities during the forecast period of 2017–2027.
Manufacturing analytics can help in undertaking rule-based analysis to improve business process and production quality. By its employment users can thoroughly understand the entire manufacturing process. Ultimately this technology aids in enhancing, evaluating and employing the best practices for any manufacturing company.
At present, the manufacturing sector across the globe is under pressure to cut down on production costs and manufacturing analytics can help in doing that. Therefore, it is being speculated that the worldwide market for manufacturing analytics will witness unprecedented growth during the projection period. Figuratively too, the future looks good for the market and the encouraging CAGR further confirms this fact.
The usage of data-management strategies for several manufacturing applications has become commonplace these days. This is one of the many factors that contributes towards the growth of the market.
Additional factors that further positively influence market expansion can be listed as higher need for process optimization, sudden increase in structured and unstructured manufacturing data, rising business agility and scalability, adoption of Industrial internet of Things (IIoT) and lastly the switch from conventional BI methodologies to advanced analytics methods.
The worldwide market for manufacturing analytics has been segmented into four equal divisions. Each of these divisions has a sub-segment of its own and they are listed as below:
By deployment model — On premise and on demand.
By type — Services and Software. The services segment is further branched out into professional and managed.
End users — Automotive and aerospace industries, pharma and life science industry, rubber manufacturing industries, electronics equipment industry, food and beverages, chemicals and materials, paper, pulp & plastic industry and machinery and industrial equipment manufacturing industries. Amongst these, electronics equipment industry leads the market with largest number of shares.
Applications — Inventory management, sales & customer support, predictive asset management, supply chain analysis, emergency and power & energy management. Out of these energy management sub-division is anticipated to grow at the fastest pace with a promising CAGR.
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