Big Data in Manufacturing Industry to Exhibit 14% CAGR till 2026; Driven by the Use of Concepts Such as IoT and AI

The global big data in manufacturing Industry size is projected to reach USD 9.11 billion by the end of 2026. Driven by applications across diverse industries, the concept will witness huge demand across the world. According to a report published by Fortune Business Insights, titled “Big Data in Manufacturing Industry Size, Share & Industry Analysis, By Offering (Solution and Services), By Deployment (On Premise, Cloud-based and Hybrid), By Application (Customer Analytics, Operational Analytics, Quality Assessment, Supply chain management, Production Management, and Others) and Regional Forecast, 2019 – 2026,” the market was worth USD 3.22 billion in 2018 and will exhibit a CAGR of 14.0% during the forecast period, 2019-2026.

Big data analytics help analyze potential risks associated with a huge volume of unstructured data. It helps maintain the quality of the data and at the same time, speed up the overall processes. With the ability to identify the risks associated with the data, this concept can help avoid financial losses. Recent advancements in big data analytics have opened up a huge potential for applications in the manufacturing industry. In manufacturing industry, data is collected through traditional processes such as surveys and maintenance-based processes through the integration of advanced technologies such as RFIDs and sensors. The increasing use of simplified concepts have allowed widespread applications across the manufacturing industry. Moreover, concepts such as IoT and AI have enabled flexible applications, as a result of which they are being widely used in several manufacturing processes.

Accenture Shells Out Seven Advanced Analytics Applications; Will Have a Massive Impact on Market Growth

The report highlights a few of the major industry developments of recent times and highlights their impact on the global market. Accounting to the huge potential held by this market, several companies are looking to invest more towards the development of newer products. Increasing number of product launches by major companies across the world will have a huge impact on the growth of the overall market. In June 2016, Accenture Plc. announced the launch of seven new advanced analytics applications, each aimed at fraud detection across diverse industrial domains. The products will find applications in banking, medical, manufacturing, and telecommunication industries. Accenture’s latest applications will encourage other companies and altogether, this will have a positive impact on the growth of the market in the coming years.

To Get the detailed report summary and research scope of this market, click here

https://www.fortunebusinessinsights.com/big-data-in-manufacturing-industry-102366

Increasing Demand for Big Data Solutions Will Emerge in Favour of Market Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the growing demand for big data solutions has made the highest impact on the growth of the market in recent years. The exceptional properties of big data services, coupled with the benefits offered by this concept will contribute to the growing demand for the product. Big data services help manufacturers take appropriate decisions with the help of cognitive technology.

Large Scale Companies Are Emphasizing on Development of Big Data Business Units

Several large scale companies like IBM, Microsoft, and Accenture are focused on expanding their big data business units across the world. The incorporation of innovative technologies is a growing big data in manufacturing market trend among major companies. A few of the leading companies that are operating in the global big data in manufacturing industry include:

• Accenture Plc.


• Alteryx, Inc.


• Angoss Software Corporation


• Fair Isaac Corporation


• IBM Corporation


• Microsoft Corporation


• Oracle Corporation


• SAP SE


• SAS Institute, Inc.


• Tibco Software, Inc. (Alpine Data)

Further Report Findings:

• Market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa
  
  
  
  • North America Will Account for the Highest Market Share
  
  
  • Europe to Register Significant CAGR and will Grow from its 2018 Value of USD 0.86 billion
  
  
  
  


• Besides regional demographics, market is segmented on the basis of offering, deployment, and application
  
  
  
  • Customer analytics applications holds massive potential with a current market share of 15.5%
  
  
  • Cloud offering is projected to exhibit a healthy CAGR
  
  
  
  

Noteworthy Industry Developments:

• January 2018 – Datawatch Corporation announced that it has completed the acquisition of Angoss Software Corporation. Through this acquisition, the company plans to offer extensive predictive and prescriptive analytics for major applications.

The global big data in manufacturing Industry is segmented on the basis of: