Published on: May 2022
_1653535940.jpg "Big Data Analytics In Manufacturing - Key Factors Disrupting The Billion Dollar Market")
Uncovering the market secrets of Big Data Analytics in Manufacturing
The global market for big data analytics in manufacturing was worth USD 1.11 billion in 2020, and it is predicted to grow at a CAGR of 33.1 percent over the next five years. Due to the rising use of big data analytics in the manufacturing industry for demand forecasting, the worldwide big data analytics in manufacturing market revenue is predicted to expand significantly over the forecast period. Increasing need for asset optimization solutions is expected to drive global big data analytics in manufacturing market growth over the forecast period. In addition, the growing need for solutions to reduce downtime is likely to boost the global big data analytics in manufacturing market's growth in the near future. Furthermore, throughout the forecast period, rising demand for speedier automation integration is expected to drive global big data analytics in manufacturing market growth.
During the forecast period, the high implementation cost of big data analytics solutions and worries about data breaches of big data analytics solutions are projected to hinder global big data analytics in manufacturing market growth to some level.
Components Insights
The solution segment is expected to generate USD 6.79 billion in sales by 2028.
The worldwide big data analytics in manufacturing market is divided into services and solutions based on components. Due to increased usage of big data analytics software for production forecasting and business performance assessment, the solution sector is predicted to account for the greatest revenue share throughout the projection period. Increasing demand for consulting to identify the best analytics platform, architecture evaluation, and prototyping is likely to drive revenue growth in the service category over the forecast period.
Deployment Insights:
In the big data analytics in manufacturing market in 2020, the cloud-based segment had the greatest market share of 61.3 percent among the deployment segments. The worldwide big data analytics in manufacturing market is divided into on-premises and cloud-based deployments. Due to the increasing adoption of cloud technology in the manufacturing industry, the cloud-based category is likely to dominate in terms of revenue contribution to the worldwide big data analytics in manufacturing market during the forecast period. Furthermore, increased usage of cloud-based big data analytics software for easy data sharing is likely to boost the segment's growth throughout the forecast period.
Application Insights:
The revenue from the predictive maintenance segment is expected to grow at a fast 33.4 percent CAGR during the projection period. Predictive quality, predictive maintenance, anomaly detection, tool life-cycle optimization, computer vision, supply chain management, production forecasting, work cell optimization, product lifecycle management (PLM), and others are among the applications that make up the global big data analytics in manufacturing market. Due to the rising need to reduce the number of failures that occur during production, any malfunction of system or machinery can lead to supply chain disruptions, the predictive maintenance segment is expected to dominate other application segments in terms of revenue share contribution to the global big data analytics in manufacturing market over the forecast period. Due to the growing requirement to optimize supply chains in the manufacturing industry, the supply chain management market is expected to have considerable revenue growth throughout the forecast period.
Regional Insights:
In 2020, North America held the greatest market share in the worldwide big data analytics in manufacturing industry, with 36.3 percent. Due to the high presence of domestic and international market players such as Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, and SAS Institute Inc. in countries across the region, the North America market is expected to account for a higher market share among other regional markets during the forecast period.
Major Companies and Market Share Analysis
Big data analytics in the manufacturing market is fragmented, with a substantial number of large- and medium-sized players accounting for a significant share in the global market revenue.
Some of the top players are:
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