Big Data Analytics in Manufacturing Market Size Forecasted to be Worth USD 11.03 Billion by 2028
Recent research predicts that the global big data analytics in manufacturing market will increase from USD 1.11 billion in 2020 to USD 11.03 billion in 2028, representing a 33.1 percent annual growth rate through 2028. The widespread use of big data analytics in the manufacturing industry for demand forecasting is one of the primary drivers driving the market’s expansion and expansion.
The growing emphasis on the adoption of solutions to reduce downtime is assisting in the expansion of the global big data analytics in manufacturing market, according to MarketsandMarkets. In addition, the growing desire for speedier integration of automation would create attractive prospects for the expansion of the big data analytics in manufacturing market through 2028, according to a recent report. The high costs associated with big data analytics, on the other hand, may serve to limit market expansion to some extent.
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The Report’s Most Important Findings
- The software segment is predicted to grow at a rate of 33.2 percent throughout the course of the analysis period, according to the component. The widespread adoption of big data analytics software for corporate performance monitoring and production forecasting can be credited to the segment’s rise.
- The cloud-based category is expected to dominate the global big data analytics in manufacturing market in terms of revenue share during the course of the analysis period, depending on the type of deployment. Because of the rising use of cloud computing technologies in the manufacturing business, the industry has experienced rapid growth.
- The predictive maintenance segment is predicted to gain traction through 2028, depending on the application, as a result of the growing requirement to reduce the number of failures throughout manufacturing processes.
Regionally, North America is expected to be the most lucrative region for domestic and international market players in the global big data analytics in manufacturing market, owing to the widespread presence of domestic and international market players such as
- IBM Corporation, Oracle Corporation, SAS Institute Inc., and others in the region.
In addition to IBM, Microsoft Corporation, Oracle Corporation, SAS Institute Inc., SAP SE, TIBCO Software Inc., Fair Isaac Corporation, Alteryx, Angoss Software Corporation, and MicroStrategy Incorporated are among the market’s leading players.
- During the first quarter of 2021, International Business Machines Corporation purchased Taos Mountain, Inc., a company that provides information technology services to businesses. International Business Machines Corporation will gain expertise in hybrid cloud consulting as a result of this acquisition, which will enable the company to assist customers in moving solutions and data online.