Big Data Analytics In Manufacturing Market Size
| Study Period: | 2018 - 2028 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | North America |
| CAGR: | 30.9 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Big Data Analytics In Manufacturing Market Analysis
The big data analytics in manufacturing industry market is expected to register a CAGR of 30.9% over the forecast period.
- The manufacturing industry is increasingly adopting artificial intelligence (AI) technologies to handle complex workflows efficiently. With the global IoT manufacturing market projected to reach USD 1.5 trillion by 2030, informed decision-making is critical for manufacturers as it impacts the entire product life cycle and timely delivery and prevents unplanned outages, defects, or safety issues. AI solutions such as intelligent document processing (IDP) help manufacturers minimize time spent processing documents by turning unstructured and semi-structured information into usable data in real time.
- According to a McKinsey report, data-driven businesses are 23 times more likely to attract clients and 19 times more likely to be profitable. Manufacturing companies can leverage data analytics by collecting and visualizing data from various areas of their operations in real time. Schneider Electric, for example, switched to Oracle Analytics Cloud, which helped collect 90% of its sell-out data and analyze and process it automatically. With the use of this technology, data collection errors were reduced, manual data consolidation was eliminated, and timeliness and accuracy improved.
- Manufacturing organizations must predict staffing, scheduling, training, and productivity challenges to tackle workforce management obstacles. Big data companies provide Predictive Analytics Solutions that help manufacturing organizations schedule maintenance and repairs, reduce downtime, and increase productivity. BMW, for instance, uses a data analytics solution to monitor the quality of its products during the production of cars. The sensors installed in BMW's manufacturing unit provide data that can help recognize quality issues early before they become a major problem.
- The COVID-19 pandemic disrupted the manufacturing industry, making it challenging to keep track of the supply chain and inventory. These hurdles in the production sector compelled organizations to collaborate with big data analytic providers for technologies like RFID and barcode scanning, which help track goods in dispatch and location of warehouses by sitting in the manufacturer's premises.
- The major hurdle in adopting big data analytics in the manufacturing industry is the availability of a large amount of data with a lack of quality filtering processes. Data from different departments should integrate with each other and work as one entity so that problems can be identified and resolved immediately. By adopting AI technologies and data analytics, the manufacturing industry can optimize operations, increase productivity, and stay competitive in the global market.
Big Data Analytics In Manufacturing Industry Segmentation
Big data analytics analyzes large data sets utilizing software and hardware technologies to produce meaningful insights for business growth. These processes use statistical analysis techniques such as clustering and regression and apply them to more extensive datasets with the help of newer tools. Data Analytics is helpful in the manufacturing industry for real-time insights, process improvements, predictive maintenance, and much more. The evolution of high-speed networks and the Industrial Internet of Things (IIoT) has paved the way for developing intelligent sensors and devices interconnected with machine software and applications. These developments have brought a trend of connected factories that drive Big data analytics.
The big data analytics in the manufacturing industry market is segmented by end-user industry (semiconductor, aerospace, automotive), application (condition monitoring, quality management, inventory management), and geography (North America, Europe, Asia-Pacific, and Latin America).
The market sizes and forecasts are provided in terms of value (USD million).
| By End-user Industry | |
| Semiconductor | |
| Aerospace | |
| Automotive | |
| Other End-User Industries |
| By Application | |
| Condition Monitoring | |
| Quality Management | |
| Inventory Management | |
| Other Applications |
| Geography | ||||||
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| Latin America | ||||||
| Middle East and Africa |
Big Data Analytics In Manufacturing Market Trends
Condition Monitoring is Expected to Register a Significant Growth
- Condition monitoring is a process that involves the use of sensors to collect data and monitor crucial operating parameters such as vibrations, sound anomalies, airflow, and current. This data is then used by predictive data analytics solutions to predict machine failures before they happen, ultimately helping to reduce maintenance costs and downtime.
- Mondas is a company that provides a Condition Monitoring platform for manufacturers of energy plants and building services equipment. Their real-time monitoring functionality helps to lower operating costs by detecting defects before they become major problems.
- In February 2023, Dublin-based Hoistech partnered with CoreRFID to develop an app-based visual management tool that enables users to monitor and report on the condition of any asset. The app automatically geolocates the user and asset using the phone's GPS, while the dashboard provides a clear overview of all asset performance.
- In April 2022, OMRON Technologies launched K7TM, a condition monitoring device for heater equipment used primarily in the automotive and FMCG industries. These devices can be easily attached to existing equipment to detect abnormal machinery conditions. One of the key features of this device is the automatic measuring of the resistance of the heater during equipment operation to identify the deterioration tendency of the heater.
- In March 2022, Guardhat released an industrial-grade solution for worker condition monitoring. The application assists in real-time monitoring and event-based alerts to help prevent injury or even death from exposure to heat, gas, radiation, or any other calamity. The trials were conducted at a metal production facility, where the organization received alerts that workers were getting over-exerted as the temperatures exceeded 102°F and got them cooled off before any injury occurred.
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Asia-Pacific to Witness Highest Growth
- The Asian Development Bank (ADB) has released a report forecasting that the Southeast Asian (SEA) economy will grow by 4.7% in 2023. One sector that presents vast opportunities for growth in the ASEAN region is manufacturing, and the adoption of the Internet of Things (IoT) technology can further enhance this growth potential.
- Several countries in the Asia-Pacific (APAC) region, such as South Korea, China, Japan, Taiwan, and Singapore, are known for their strong manufacturing industries, particularly in the production of electronics assembly and semiconductor parts. These countries are increasingly adopting big data analytics to improve operations in the electronics and semiconductor industries.
- The implementation of IoT technology, combined with data analysis, has the potential to enable real-time insights into various operational aspects, such as vehicle mishaps, employee absences, accidents, and injuries, during daily operations. This can help facilitate smooth operations and enhance efficiency in the manufacturing industry.
- Vietnam's leading digital transformation services provider, FPT Software, and Japanese IT company SCSK have collaborated to launch a comprehensive solution for original equipment manufacturers (OEMs) and suppliers in the automotive industry. The platform, MaaZ (Monozukuri Adaptive AUTOSAR), aims to provide highly efficient solutions that can reduce the product's time to market and lower the total cost of ownership for customers.
- In summary, the Southeast Asian economy is expected to experience significant growth in 2023, particularly in the manufacturing industry. The adoption of IoT technology and data analysis can further enhance growth in this sector. Companies such as FPT Software and SCSK are driving innovation and efficiency in the automotive industry through their collaborative efforts to provide advanced solutions to OEMs and suppliers.
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Big Data Analytics In Manufacturing Industry Overview
The manufacturing sector has seen a surge in the adoption of analytics solutions and IoT, presenting new opportunities for Big Data Analytics Providers. As the market expands, existing players are expanding their product offerings to compete with new entrants. One area where data analytics can provide a competitive edge is image analysis, which helps manufacturing companies detect defects such as minute cracks or scratches that are difficult to identify with the human eye.
In February 2023, the United States' national institute on Smart Manufacturing, CESMII, partnered with SAS to promote advanced analytics across the manufacturing sector. The deployment of analytics solutions in smart factories can drive digital transformation, enhance production quality and efficiency, and improve business decision-making. Georgia-Pacific, one of SAS's earlier clients, has experienced a 30% reduction in unplanned downtime and a 10% improvement in overall efficiency by using SAS's cloud-native solution.
In January 2022, India's Bharat Petroleum Corporation Limited (BPCL) launched "One BPCL," a technology solution that unites all its business units under a single shared platform. BPCL deployed Salesforce Sales and Service Cloud, along with Tableau CRM's business analytics, to help its sales officers capture leads, monitor opportunity pipelines, and close deals faster. By leveraging these advanced technologies, BPCL aims to streamline its operations and improve its overall business performance.
Big Data Analytics In Manufacturing Market Leaders
Alteryx Inc.
IBM Corporation
Microsoft Corporation
Oracle Corporation
SAP SE
*Disclaimer: Major Players sorted in no particular order
Big Data Analytics In Manufacturing Market News
- February 2023: AVEVA, a leading provider of industrial software, launched AVEVA Predictive Analytics. This software is designed to monitor industrial assets in a variety of industries, including oil and gas, power, chemicals, mining and minerals, and manufacturing. By using AVEVA Predictive Analytics, companies can make timely and informed decisions to improve their profitability. The software uses advanced analytics and machine learning techniques to identify patterns in data and provide insights that can help businesses optimize their operations.
- February 2023: FourJaw, a manufacturing analytics company, launched a machine data monitoring platform that includes an Overall Equipment Effectiveness (OEE) solution. This platform enables factory floor staff to access real-time feedback on their machines' productivity, helping them identify bottlenecks and areas for improvement. By measuring productivity, FourJaw's OEE solution enables manufacturers to optimize their processes and increase their efficiency.
- October 2022: Seagate Technology introduced its Lyve Cloud Analytics Platform. This platform is designed to help enterprises in manufacturing and other data-intensive industries, such as semiconductors, healthcare, retail, and energy. Seagate has been working to improve its analytical solutions and recently achieved success in streamlining its wafer manufacturing application by removing tens of thousands of steps in the production process. With the Lyve Cloud Analytics Platform, Seagate is providing businesses with advanced analytics capabilities that can help them gain insights into their operations and make data-driven decisions.
Big Data Analytics In Retail Marketing Market Report - Table of Contents
1. EXECUTIVE SUMMARY
2. MARKET INSIGHTS
2.1 Market Overview
2.2 Industry Attractiveness - Porter's Five Forces Analysis
2.2.1 Bargaining Power of Buyers/Consumers
2.2.2 Bargaining Power of Suppliers
2.2.3 Threat of New Entrants
2.2.4 Threat of Substitute Products
2.2.5 Intensity of Competitive Rivalry
2.3 Industry Value Chain Analysis
2.4 Assessment of the Impact of COVID-19 on the Market
3. MARKET DYNAMICS
3.1 Market Drivers
3.1.1 Evolving Technology, Asset, and Engineering-oriented Value Chain
3.1.2 Rapid Industrial Automation led by Industry 4.0
3.2 Market Restraints
3.2.1 Lack of Awareness and Security Concerns
3.3 Market Opportunities
3.3.1 Increasing Use of Predictive Analytics Tools
3.3.2 Increasing Adoption of IIoT
4. MARKET SEGMENTATION
4.1 By End-user Industry
4.1.1 Semiconductor
4.1.2 Aerospace
4.1.3 Automotive
4.1.4 Other End-User Industries
4.2 By Application
4.2.1 Condition Monitoring
4.2.2 Quality Management
4.2.3 Inventory Management
4.2.4 Other Applications
4.3 Geography
4.3.1 North America
4.3.1.1 United States
4.3.1.2 Canada
4.3.2 Europe
4.3.2.1 United Kingdom
4.3.2.2 Germany
4.3.2.3 France
4.3.2.4 Rest of the Europe
4.3.3 Asia-Pacific
4.3.3.1 China
4.3.3.2 Japan
4.3.3.3 India
4.3.3.4 Rest of the Asia Pacific
4.3.4 Latin America
4.3.5 Middle East and Africa
5. COMPETITIVE LANDSCAPE
5.1 Company Profiles
5.1.1 Alteryx Inc.
5.1.2 IBM Corporation
5.1.3 Knime AG
5.1.4 Microsoft Corporation
5.1.5 MicroStrategy Incorporated
5.1.6 Oracle Corporation
5.1.7 RapidMiner Inc.
5.1.8 SAP SE
5.1.9 SAS Institute Inc.
5.1.10 Tibco Software Inc. (Alpine Data)
- *List Not Exhaustive
6. INVESTMENT ANALYSIS
7. FUTURE OF THE MARKET
Big Data Analytics In Retail Marketing Market Research FAQs
What is the study period of this market?
The Big Data Analytics In Manufacturing Market is studied from 2018 - 2028.
What is the growth rate of Big Data Analytics In Manufacturing Market?
The Big Data Analytics In Manufacturing Market is growing at a CAGR of 30.9% over the next 5 years.
Which region has highest growth rate in Big Data Analytics In Manufacturing Market?
Asia Pacific is growing at the highest CAGR over 2021 - 2026.
Which region has largest share in Big Data Analytics In Manufacturing Market?
North America holds highest share in 2022.
Who are the key players in Big Data Analytics In Manufacturing Market?
Alteryx Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE are the major companies operating in Big Data Analytics In Manufacturing Market.
Big Data Analytics In Manufacturing Industry Report
Statistics for the 2023 Big Data Analytics In Manufacturing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Big Data Analytics In Manufacturing analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
