manufacturing-predictive-analytics-market-size
Rising demand for operational efficiency, IoT integration, and cost reduction propel growth in the Manufacturing Predictive Analytics Market.
PORTLAND, ORIGON, UNITED STATES, September 16, 2023/EINPresswire.com/ — Advent of Industry 4.0, evolution of IIoT, and rise in operational efficiencies from big data initiatives fuel the growth of the global manufacturing predictive analytics market. On the other hand, dearth of skilled workforce and threat of cyber-attack restrain the growth to some extent. Nevertheless, development of smart data-driven organizations and interference of artificial intelligence (AI) into manufacturing are expected to create multiple opportunities in the near future.
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Based on component, the software segment contributed to more than four-fifths of the global manufacturing predictive analytics market share in 2018 and is expected to dominate throughout 2019–2016. Rise in demand for Software-as-a-Service solutions among manufacturing industry owing to its user-friendly quality is one the major factors propelling the growth of the segment. The services segment, on the other hand, is projected to grow at the fastest CAGR of 24.4% during the study period.
Based on deployment, the on-premise segment accounted for nearly two-thirds of the global manufacturing predictive analytics market revenue in 2018 and is anticipated to retain its dominance by 2026. This is due to its high-performance capability offered via on-premise services. Simultaneously, the cloud segment would grow at the fastest CAGR of 24.4% throughout the estimated period.
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Based on geography, North America held the lion’s share in 2018, generating nearly two-fifths of the global manufacturing predictive analytics market. North American countries are expected to implement manufacturing predictive analytics solutions at a high rate to perk up the production factories operational efficiency in IT infrastructure. Simultaneously, the Asia-Pacific region would showcase the fastest CAGR of 24.6% till 2026. This is owing to the strong penetration of software-based services and rise in industrializations such as advent of Industry 4.0 in emerging economies such as China and India.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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The report presents in-depth insights into each of the leading Manufacturing predictive analytics market end user verticals along with annual forecasts to 2026. The report provides revenue forecast with sales, and sales growth rate of the global Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
Key market players-
► Bridgei2i Analytics Solutions
► Microsoft Corporation
►Cisco Systems
► Fair Isaac Corporation
► Alteryx Inc.
► SAS Institute Inc.
► IBM Corporation
► Tibco Software Inc.
► Oracle Corporation Inc.
► SAP SE
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Similar Report:
1. Manufacturing Analytics Market
2. Predictive Analytics Market
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