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South Korea Manufacturing Predictive Analytics Market Study - Market Trends, Analysis & Forecasts to 2022

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South Korea Manufacturing Predictive Analytics Market Study 

The market was valued at USD XX billion in 2016 and is projected to reach USD XX billion by 2022, registering a CAGR of XX%, during 2017-2022 (the forecast period).

Predictive analytics in manufacturing is a technique that uses statistical tools to predict the future events by making use of data from the past and present. In the era of smart manufacturing, predictive analytics is considered to play an important role in advancing the manufacturing industry to the next level by making the industry transform toward digital revolution. Manufacturing industry is exhaustive and there are several data points where the information is gathered for future use of analysis and manufacturing predictive analytics is used to detect future problems. There are several data mining software programs available in the market today that can perform analysis using statistical models, with very few being open source softwares. Predictive analytics is considered one of the most crucial technologies in the field of advanced manufacturing and manufacturers are expected to benefit from this technique of analyzing data, to achieve various improvements in their manufacturing processes. Some of them include improvement of product quality, understanding the market trends & forecasting the demand, improvement of production efficiency by making better use of the machines to reduce the machine idle time, deployment of safety techniques and carrying out preventive maintenance. A study suggests that predictive maintenance can enable the world’s manufacturing industry to save up to USD 700 billion over the next two decades.

Market Dynamics

Over the years, improvement of safety in factories is one of the primary concerns of the manufacturing industry. Furthermore, machine breakdowns are also causing severe production loses in the manufacturing industry. Demand for better safety, reduction of costs and machine utilization are driving the global market for manufacturing predictive analytics. Aerospace components require high-quality standards and a surge in the aerospace and defense industry is expected to further drive the manufacturing predictive analytics market. However, the market has a few constraints. Lack of data privacy and data storage issues are expected to restrict the market growth. However, the manufacturing predictive analytics market is expected to thrive as the manufacturing industry across all regions is looking forward to improve its operations by adapting new tools and techniques. Emerging markets such as India and China are providing market opportunities for manufacturing predictive analytics, with Asia-Pacific registering the highest growth. The United States is dominating the market with the highest market share in manufacturing predictive analytics and the growth is expected to accelerate further as there is an increase in public investments and policies favoring its advancement. The companies dominating this market are listed in the report. Companies like IBM are trying to harness the usage of IoT in the manufacturing industry by investing in advanced applied research.

Manufacturing Predictive Analytics Market, by Application

 

Scope of the Report:

South Korea Manufacturing Predictive Analytics Market Analysis, by Application

  • Quality Improvement
  • Market Demand Forecast
  • Machine Utilization
  • Safety & Preventive Maintenance
  • Other

South Korea Manufacturing Predictive Analytics Market Analysis, by Type           

  • Software
  • Hardware
  • Others Services

South Korea Manufacturing Predictive Analytics Market Analysis, by Function

  • On-premise
  • Off-premise

South Korea Manufacturing Predictive Analytics Market Analysis, by End-user

  • Automotive
  • Aerospace         
  • Building Construction   
  • Chemical
  • Others 

Key Company Players (List not exhaustive)

  • IBM
  • Microsoft
  • Oracle
  • SAS
  • Cambridge Analytica
  • Civis Analytics
  • RapidMiner
  • SAP SE

Key Deliverables in the Study

  • Market Overview - market analysis and identification of key drivers, restraints and opportunities
  • Major trends and economic outlook
  • Supply chain analysis
  • Porter’s five forces analysis
  • A comprehensive summary of the industry sectors and regions poised for the fastest-growth
  • Future outlook of the market
  • Extensively researched competitive landscape section with profiles of major companies, along with their estimated market shares

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