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The Manufacturing Analytics Market is a dynamic landscape driven by the continuous evolution of technology and the increasing demand for data-driven insights in the manufacturing sector. Companies operating in this market employ various market share positioning strategies to gain a competitive edge and capitalize on the growing opportunities.
One prevalent strategy is differentiation, where companies focus on offering unique and innovative solutions that set them apart from competitors. This could involve developing advanced analytics tools with specialized features tailored to specific manufacturing processes or industries. By providing distinct advantages, such as improved efficiency or cost savings, companies can carve out a niche for themselves and attract a dedicated customer base.
Another key strategy is cost leadership, where companies aim to become the most cost-efficient option in the market. This involves streamlining operations, optimizing resources, and offering competitive pricing to attract budget-conscious customers. Cost leadership can be particularly effective in price-sensitive markets, where customers prioritize affordability without compromising on quality.
Market segmentation is a strategy that involves targeting specific customer segments with tailored solutions. Companies analyze the diverse needs of the manufacturing sector and create specialized analytics tools for different industries or production processes. This allows them to address unique challenges and provide targeted value propositions, enhancing their appeal to specific customer groups.
Strategic partnerships and collaborations are increasingly common in the Manufacturing Analytics Market. Companies form alliances with technology providers, system integrators, or industry players to complement their offerings and expand their reach. Collaborative efforts can result in integrated solutions that combine analytics capabilities with other technologies, creating comprehensive solutions that appeal to a broader customer base.
Geographical expansion is another strategy employed by companies to increase their market share. As the manufacturing industry is global, companies seek to establish a presence in key regions to tap into local markets and leverage regional expertise. This may involve setting up subsidiaries, forming distribution agreements, or acquiring local companies to strengthen their position in specific geographic areas.
Continuous innovation is crucial in the Manufacturing Analytics Market, given the rapid advancements in technology. Companies invest in research and development to stay at the forefront of analytics capabilities. By consistently introducing new features, functionalities, or even entirely new products, companies can attract early adopters and position themselves as leaders in the market.
Customer-centric strategies focus on building strong relationships with clients. This involves understanding customer needs, providing excellent customer support, and actively incorporating customer feedback into product development. Satisfied customers are more likely to become loyal advocates, positively influencing the company's reputation and attracting new business through word of mouth.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | Â USD 4.5 Billion |
| Growth Rate | Â Â 15.70% (2032) |
Manufacturing Analytics Market Highlights:
Manufacturing Analytics Market Overview
Manufacturing Analytics Market is accounted to register a CAGR of 15.70% during the forecast period and is estimated to reach USD 19.1 Billion by 2032. Manufacturing analytics can be termed as a statistical tool that extends its help in the analysis of manufacturing data as well as information. This will help in enabling the users for better understanding as well as in the improvement, reinforcing, and identifying the best practices. With the global manufacturing analytics market trends, the workforce can identify issues as well as have an idea about the cause and effect relationship, producing, yielding, and cost. Market Research Future (MRFR) projects substantial gains for the manufacturing analytics market 2024 at a high rate between 2024 and 2032 (assessment period).
Figure 1: Manufacturing Analytics Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Covid 19 Analysis
Before the lockdown and pandemic hit the manufacturing industries, the global manufacturing industries were gaining a lot of momentum. After the first lockdown wave, there were uneven recoveries for the different manufacturers in the market. The outbreak of the COVID 19 global pandemic is also negatively influencing the global FDI inflows overall. The most vulnerable areas of service owing to the adverse effects of coronavirus are chemicals, aircraft, automobiles, and the field of electronics.
Businesses on a global scale are attempting to take up necessary solutions and measures that are very cost-effective. The aim behind them is to generate a demand slump so that there is a boost in the market for the manufacturers to offer the best insights in the market. The manufacturing market research aims for a predicted boost for the manufacturers by the end of the first and commencement of the second quarter of 2021. Artificial intelligence (AI), augmented reality (AU), as well as, virtual reality (VR) is the sought solutions.
Global Manufacturing Market Dynamics
Drivers
Opportunities
The small manufacturing industries are showing major interest as well as investment in the infrastructure of the managers who are continuous as well as discrete. The expected industrial IoT connections are expected to reach approximately 29.41 billion by 2027. This is expected to foster both connectivities as well as digitization amongst the manufacturing enterprises.
Opportunities
The global manufacturing analytics market has been exposed to different kinds of competitions and uncertainties related to raw material and energy. The operational costs are counted as well. The result of this is that they are looking for opportunities to reduce the cost and mold the enterprises that are efficient as well as accelerated in providing the desired quality of the product to the consumers. The use of smart industrial solutions is being adapted on a large scale along with developments and enhancements in the areas of automation and connectivity.
Restraints
To keep and maintain the international standards, there is a need for up-gradation and modernization concerning the systems for legacy control. The continuous need for investment and capital, new skills, along effective data security are some of the major restraints. These transitory restraints and challenges can be challenged with the help of improvised technology and significant investments.
Technology Analysis
Enabling technology like conditioning monitory, making use of artificial intelligence, internet of things (IoT), industrial 3D printing as well as digital twinning are going to fetch benefits. Another major emergency is information technology like MES, PAM, HMI as well as WMS. The marketing analytics marketing research is estimated to grow at a high CAGR of 16% in the year 2027. Many factors in the market will help in boosting the growth and automation of the manufacturing processes on a global level. Also, it has been witnessed that the government is supporting industries in regulating their compliances, increase and changes in supply chain management, steps for a reduction in time and cost, and much more.
Market Segmentation
For the marketing market research, the global manufacturing analytics market is bifurcated in many ways owing to the difference in demand, supply, and operations. This segmentation is done based on the application and types, industries of the end-user as well as deployment model.
In May 2023, TEKsystems Global Services launches TEKsystems AMPGSTM Modern Manufacturing Analytics, a pre-built solution for the Manufacturing Data Cloud by Snowflake. This collaboration empowers manufacturers in various sectors to unlock and leverage critical industrial data for digital transformation. The Snowflake Manufacturing Data Cloud facilitates secure collaboration across the value chain, enhancing agility and visibility. TEKsystems, a Snowflake Elite Partner, contributes to industry 4.0 initiatives with AI-driven insights, addressing manufacturing challenges through improved data utilization and digitization. The solution enables faster innovation, better visibility, and cost reduction in manufacturing processes, emphasizing TEKsystems' commitment to embracing industry advancements.
In May 2023, Rootstock Software's Spring '23 Release introduces Enterprise Insights, a purpose-built analytics solution for manufacturing. It offers five modules, including sales, spend, inventory, manufacturing, and financial analytics, enhancing operational and financial decision-making.
In January 2023, Datanomix partners with Hexagon to provide its Automated Production Intelligence software to global manufacturing customers. Datanomix's No Operator Input approach simplifies production monitoring, offering automated benchmarks and real-time insights for enhanced efficiency, utilization, and continuous improvement. Hexagon's customers gain easier access to Datanomix's solution, with plans for joint development and integration of new data sources. The partnership aligns with Hexagon's vision for autonomous manufacturing and Datanomix's commitment to automated production insights. Hexagon will offer Datanomix's solution as part of its Production Software portfolio, catering to North American and European customers.
In January 2021, Quantzig launches an enhanced portfolio of industrial manufacturing analytics solutions to address sector challenges. Leveraging data-driven insights, the solutions optimize production, foster digital transformation, and achieve operational excellence for clients.
Competitive Landscape
The prominent and emerging leaders in the manufacturing analytics market research are stated as follows:
- Oracle Corporation (Redwoods, Silicon Valley, California)
- SAP SE
- Emerson Electric (US)
- SAS Institute
- IBM (NYC)
- Tableau Software
- ABB (Switzerland)
- Rockwell (US)
- Zensar Technologies Limited (Pune, India)
Many global manufacturing companies along with dealing with the adverse effects of the global pandemic are gearing up and opting for strategies for a better comeback.
IBM is one of the most competitive and promising companies in the market that is taking into consideration the qualitative and quantitative aspects of the experts and leaders. They are aiming to get an insight into the market and thus are improving on the industry performance.
Recent Developments in the Global Manufacturing Analytics Market Research
In May 2023, TEKsystems Global Services launches TEKsystems AMPGSTM Modern Manufacturing Analytics, a pre-built solution for the Manufacturing Data Cloud by Snowflake. This collaboration empowers manufacturers in various sectors to unlock and leverage critical industrial data for digital transformation. The Snowflake Manufacturing Data Cloud facilitates secure collaboration across the value chain, enhancing agility and visibility. TEKsystems, a Snowflake Elite Partner, contributes to industry 4.0 initiatives with AI-driven insights, addressing manufacturing challenges through improved data utilization and digitization. The solution enables faster innovation, better visibility, and cost reduction in manufacturing processes, emphasizing TEKsystems' commitment to embracing industry advancements.
In May 2023, Rootstock Software's Spring '23 Release introduces Enterprise Insights, a purpose-built analytics solution for manufacturing. It offers five modules, including sales, spend, inventory, manufacturing, and financial analytics, enhancing operational and financial decision-making.
In January 2023, Datanomix partners with Hexagon to provide its Automated Production Intelligence software to global manufacturing customers. Datanomix's No Operator Input approach simplifies production monitoring, offering automated benchmarks and real-time insights for enhanced efficiency, utilization, and continuous improvement. Hexagon's customers gain easier access to Datanomix's solution, with plans for joint development and integration of new data sources. The partnership aligns with Hexagon's vision for autonomous manufacturing and Datanomix's commitment to automated production insights. Hexagon will offer Datanomix's solution as part of its Production Software portfolio, catering to North American and European customers.
In January 2021, Quantzig launches an enhanced portfolio of industrial manufacturing analytics solutions to address sector challenges. Leveraging data-driven insights, the solutions optimize production, foster digital transformation, and achieve operational excellence for clients.
Global Manufacturing Analytics Market Research Report Overview
The full report is inclusive of the following:
- Market Overview
- Covid 19 analysis
- Market dynamics
- Technology analysis
- Segmentation Overview
- Regional analysis
- Competitive landscape
- Recent developments
Segmentation Table
The research has resulted in a segmentation of the global manufacturing analytics market report based on components, use, technology as well as region.
Europe Components
Hardware, software, services
Technology
3D printing, machine execution systems, plant asset management, product lifestyle management, human-machine interference, and much more
Use
Automotive, defense, oil and gas, healthcare, aerospace, industrial equipment, food, chemicals, agriculture, materials, etc
Region
North America, Europe, Asia Pacific, Latin America
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