The global big data analytics in manufacturing industry market size was valued USD 904.5 million in 2020 and is estimated to expand at a sustainable CAGR of during the forecast period, 2021–2028. The growth of the market is attributed growing demand for big data analytics solutions.
Big data refers to a large amount of structured and unstructured data that is saved on a daily basis. Companies also utilize the big data analytics approach to study market trends, hidden patterns, and other important information that aids in making efficient business decisions. In the manufacturing industry, big data analytics aids in supply chain planning, operational defect tracking, and product defect tracking. One of the most common uses of big data analytics is predictive analytics, which is used to extract information from data and forecast trends and patterns of behavior.
The COVID-19 pandemic has impacted practically every country and industry on the planet, with manufacturing industries taking the burden of the effects. Many countries were compelled to lockdown and restrict mobility due to supply chain disruption during the early months of the spread in March, April, and May, affecting numerous industries including automotive and aerospace.
Market Trends, Drivers, Restraints, and Opportunities
- Expansion in demand for big data in industry verticals is anticipated to boost the big data analytics in manufacturing industry.
- Increase in demand for big data in manufacturing industry in order to minimize production faults and improve supply chain management is expected to drive the market growth.
- Integration of big data is a complex process, which can create challenges for the growth of the market.
- Adoption of manufacturing analytics by numerous automobile manufacturers is expected to create ample opportunities for the key players in the market.
Scope of the Report
The report on the global big data analytics in manufacturing industry market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Big Data Analytics in Manufacturing Industry Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018–2019
|
|
Forecast Period
|
2021–2028
|
|
Segmentation
|
End-users (Semiconductor, Automotive, Aerospace,) and Applications (Quality Management, Condition Monitoring, and Inventory Management)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Microsoft Corporation; Oracle Corporation; Alteryx Inc.; IBM Corporation; and SAP SE
|
Big Data Analytics in Manufacturing Industry Market Segment Insights
Aerospace segment is projected to expand at a considerable CAGR
On the basis of end-users, the market is segregated into semiconductor, automotive, and aerospace. The aerospace segment is projected to expand at a considerable CAGR during the forecast period due to rising implementation of machine to machine services and telematics solutions in production establishments.
Condition monitoring segment is anticipated to account for a significant market share.
Based on applications, the market is divided into quality management, condition monitoring, and inventory management. The condition monitoring segment is estimated to account for a significant market share during the forecast period. Machine maintenance is being transformed by the development of numerous ways to assess the condition of equipment and bearings. Maintenance professionals turn to condition monitoring to meet the challenge of low-cost mass production to excel in this highly competitive market.
Europe is anticipated to constitute a key market share
In terms of regions, the global big data analytics in manufacturing industry market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to constitute a key share of the market during the projected period owing to the degree of technological innovation among industrial facilities, technical expertise, and research and development (R&D) spending. However, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Smart manufacturing is gaining influence in regional corporate operations in the region, especially in countries such China, India, South Korea, and Japan, which are the region's prime manufacturing centers.
Segments
Segments Covered in the Report
The global big data analytics in manufacturing industry market has been segmented on the basis of
End-users
- Semiconductor
- Automotive
- Aerospace
Applications
- Quality Management
- Condition Monitoring
- Inventory Management
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Microsoft Corporation
- Oracle Corporation
- Alteryx Inc.
- IBM Corporation
- SAP SE
Competitive Landscape
The global big data analytics in manufacturing industry market is moderately competitive, with numerous major competitors are Microsoft Corporation; Oracle Corporation; Alteryx Inc.; IBM Corporation; and SAP SE. The market's leading players are concentrating their efforts on increasing their consumer base to include other regions. They are increasing their market share and profitability through smart collaborative initiatives.
Request For Customization
Enquiry Before Buying
Speak With Analyst
