In Bold: Manufacturing Analytics Market to Reach $35.57 Billion by 2029, Driven by Growing Demand for Operational Efficiency
Market Overview: The global manufacturing analytics market is booming, with a value of $10.17 billion in 2022 and a projected CAGR of 19.58% from 2023 to 2029. This steady growth signifies the increasing adoption of data-driven insights to optimize manufacturing processes, reduce costs, and gain a competitive edge. By 2029, the market is expected to reach a staggering $35.57 billion, highlighting the transformative potential of manufacturing analytics across various industries.
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Report Scope: This press release summarizes the key findings of a comprehensive report on the manufacturing analytics market. It sheds light on the market's current size, growth trajectory, key drivers, leading players, and regional trends.
Research Methodology: The report utilized a combination of primary and secondary research methods. Primary research involved in-depth interviews with industry experts, key stakeholders, and end-users. Secondary research included a thorough analysis of reports, publications, and data from reputable sources.
Segmentation: The market is segmented by:
The market is further divided into on-premise and cloud segments based on deployment. The cloud segment held a commanding dominance of more than 69.44% in 2022. The numerous advantages provided by cloud-based manufacturing analytics solutions, such as direct IT control, quicker data processing, internal data transmission and handling, cost-effectiveness, and effective resource utilisation, are what are fueling this rise.
According to Industry Vertical, throughout the course of the forecast period, the semiconductor & electronics segment is anticipated to develop at the highest CAGR of over 20.34%. Manufacturing of electronics equipment will account for the greatest portion of the global manufacturing analytics market in 2022. People's increasing urge to reduce their workload and their increasing reliance on electronic devices are the main causes of the development.
Regional Insights: North America and Europe are expected to remain the dominant markets due to their early adoption of advanced technologies and high focus on industrial automation. However, Asia Pacific is predicted to witness the fastest growth rate owing to its expanding manufacturing sector and rising investments in digital transformation initiatives.
Key Players: The report identifies prominent players in the market, including IBM, Tableau Software, Oracle, SAP, Zensar Technologies, SAS Institute, CSC, Tibco Software, Statsoft, Alteryx, 1010data, General Electric, Sisense, and Wipro Limited.
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