About Manufacturing Predictive Analytics
Predictive analytics is a process that is used for predicting outcomes and data models with the help of relevant data and statistics. These analytical tools can be used for prediction of anything from sports outcomes to technical advancements and TV ratings to corporate earnings. Predictive analytics does not predict the future, instead, it forecasts the outcomes with an acceptable level of reliability, and also includes the scenarios of what-if and risk assessment. Doing these analytics helps the manufacturers to forecast future sales based on the sales that had happened in the past. Predictive analytics helps the manufacturing companies by keeping their machines running with the help of comparing the past machine failures so as to sensor such data from the machines and to recognize the patterns before any such breakdowns happen. Predictive analytics is also used for determining the customer’s response or kind of purchases, as well as helps in promoting the cross-sell opportunities. Predictive models help the businesses attract, maintain and grow their highly profitable customers. Analytic tools help companies in improving their overall operations. Many companies now use predictive models so as to forecast inventories and manage their resources effectively and efficiently.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Manufacturing Predictive Analytics market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM Analytics (United States), SAP (Germany), General Electric (United States), Siemens Industry Software Inc.(Germany), Sight Machine (United States), Element Analytics (United States), Microsoft Corporation (United States), Cisco Systems (United States), Alteryx Inc. (United States), SAS Institute Inc. (United States), Tibco Software Inc. (United States) and Oracle Corporation Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Bridgei2i Analytics Solutions (India), Fair Isaac Corporation (United States), Falkonry (United States) and Rockwell Automation (United States).
Segmentation Overview
AMA Research has segmented the market of Global Manufacturing Predictive Analytics market by Type (Services and Software), Application (Understand Supply Chain, Machine Utilization and Effectiveness, Demand Forecast, Managing Warehouse and Others) and Region.
On the basis of geography, the market of Manufacturing Predictive Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Type, the sub-segment i.e. Cloud will boost the Manufacturing Predictive Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Automobile Industry will boost the Manufacturing Predictive Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Data Investigation Activities in the Manufacturing Industry Fuels the Demand for Predictive Analytics Solutions among Various Manufacturing Enterprises and The Growing Trend of Industrial Internet of Things (IoT) All Across the Manufacturing Industry Will Boost the Overall Market
Market Growth Drivers:
Rise in Development of Software Applications like the Mobile Applications Which Provide Better Ease of Use and Accessibility and Advancement of Manufacturing Industries in Developing Countries
Challenges:
Lack of Domain Expertise and Maintenance and Quality Control of Elements
Restraints:
Malfunctioning Of System Can Have Huge Impacts on Productivity and Efficiency
Opportunities:
Growing Digital Transformation Activities among Different Industries Especially In the Emerging Economies and Increase in the Development of innovative Predictive Analytics solutions to gain
Market Leaders and their expansionary development strategies
In September 2023, Valsoft Corporation Inc., a Montreal-based company specializing in the acquisition and development of vertical market software businesses, is pleased to announce the acquisition of Fusion, a comprehensive industrial data analytics hub based in Chicago, USA.The acquisition of Fusion reinforces the continued growth in the Operation Technology industry and Fusion is at the forefront with its cutting-edge solution.
In April 2023, Snowflake on Thursday launched a version of its platform tailored to meet the data management and analytics needs of manufacturers. With the addition of the new Manufacturing Data Cloud, Snowflake now has six industry-specific versions of its platform. Other iterations are tailored for healthcare and life sciences; retail and consumer goods; and advertising, media and entertainment.
Key Target Audience
Service Providers for Manufacturing Predictive Analytics, Manufacturing Industry and Governmental Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.