The global big data analytics in manufacturing is expected to reach a market size of US$11.03 billion by 2028 and register a high revenue CAGR. The global big data analytics in the manufacturing industry market is extensively competitive and fragmented. Numerous players are operating in the global data analytics in the manufacturing industry market. The prominent players in marketing are adopting strategies such as collaborations to increase their market share and expand their portfolios across the globe.
A key driving factor includes the increasing application of big data analytics in the manufacturing industry for demand forecasting. Increasing demand for asset optimization solutions is expected to further fuel the growth of the global big data analytics in manufacturing market growth during the forecast period. The rising adoption of automation in the manufacturing industry is also expected to propel global big data analytics in manufacturing market growth.
Among all the different applications that big data analytics is used for in the manufacturing industry, condition monitoring proves to be growing at a faster pace. Before the era of Industry 4.0, big data analytics were more popular with the product quality management applications in the manufacturing industry. However, with pre-proven machine efficiencies, industrial standards, and government regulation the modern industrial machinery is estimated to perform to their maximum capacity if they are in good condition.
Based on deployment, the cloud-based segment is forecast to lead the global big data analytics in the manufacturing market in terms of revenue share over the analysis period. The robust growth can be attributed to the increasing implementation of cloud technology in the manufacturing industry. Key participants in the market include international business machines corporation, Microsoft Corporation, Oracle Corporation, SAS Institute Inc., SAP SE, TIBCO Software Inc., Fair Isaac Corporation, Alteryx Inc., Angoss software corporation, and MicroStrategy incorporated, among others.
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