Press release
Manufacturing Analytics Market: Pin-Point Analysis For Changing Competitive Dynamics
However, increasing pressures to reduce manufacturing cost, meet federal norms, supply-chain requirements, global competition, and improve operating income has seen high adoption of data analytics in manufacturing sector in recent past. Additionally, with manufacturing companies adopting process improvement programs which includes Lean Manufacturing, supervisory control and data acquisition system (SCADA), and Six Sigma has improved the adoption of manufacturing analytics.
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Manufacturing analytics market is segmented on the basis of deployment of manufacturing analytics software, service type and end-use industry. On the basis of software deployment type, manufacturing analytics market is further categorized as on-premise and hosted. On-premise manufacturing analytics tool allow installation and service of these software suite at client side. Mostly, on-premise manufacturing analytic tool require high cost of operation in comparison to the hosted model.
In terms of service type, manufacturer analytics market is further categorized into managed services and professional services. Professional services include installation, maintenance and consulting. As stated earlier that, data analytics was initially developed for specific industries; data analytics in various manufacturing verticals has started adopting these manufacturing analytics tools to boost their business growth.
Thus, based on end-use industry, manufacturing analytics market is further segmented into automotive, electronic equipment and appliance manufacturing, heavy industries, food and beverage, and others (pharmaceutical and retail).
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Present methods to analyze manufacturing process data are fading out due to increasing multiple industry data sources such as in-factory databases, images, sensor, among others have increased the demand for big data analytics in manufacturing. This factor is among the strongest growth drivers of manufacturing analytics market. Moreover, uprising demand to optimize business process and make them more agile and scalable is further paving the growth of manufacturing analytic software in manufacturing sector. However, complex operation and low return on investment from manufacturing analytics tools is hindering its market growth.
North America is likely to dominate the manufacturing analytics market. The early adoption of these tools among manufacturing sector is the prime factor behind the growth of this market in the region. However, with significant presence of manufacturing sector especially heavy industries, Asia Pacific region is expected to be the front-runners in the growth of manufacturing analytics market.
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Some of the major vendors operating in manufacturing analytics market are tableau software, Inc., StatSoft, Inc., QlikTech International AB, Tata Consulting Services Ltd., SAS Institue, Inc., Sisense Inc., Predixion Software, Inc., SAP SE, IBM Corporation, General Electric Company, Wipro Ltd., Aegis Industrial Software Corporation, GEMINI Software Solutions Pvt. Ltd., and TIBCO Software, Inc.
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