Manufacturing Predictive Analytics Market Size Report, Industry Share, Analysis, Growth, 2032

Manufacturing Predictive Analytics Market Industry Prospective

The global Manufacturing Predictive Analytics Market size was valued at USD 1.25 Billion in 2023 and is predicted to reach USD 5.73 Billion by the end of 2032. The market is expected to grow with a CAGR of 18.46% during the forecast period. The report analyzes the global Manufacturing Predictive Analytics Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Manufacturing Predictive Analytics industry.

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Global Manufacturing Predictive Analytics Market: Overview

Predictive analytics is a process that combines the power of historical data with machine learning and artificial intelligence-based technology to understand, monitor, and optimize the processes. Manufacturing predictive analytics collects, stores, and organizes the process data that is generated by several systems, machines, and devices on the factory floor. Manufacturing experts depend on predictive analytics to become aware of machines that require repair or maintenance before their breakdown and leading to a temporary shutdown of factory floors.

Global Manufacturing Predictive Analytics Market: Growth Factors

The global manufacturing predictive analytics market is growing at a speedy rate. The increase in adoption of industry 4.0, rapid industrialization in developing countries, and the growing necessity of asset & emergency management are some of the major factors that are primarily fueling the growth of the global market. The world of manufacturing has to face several challenges including increasing cost pressure, global competition, labor shortage, and urgent necessity to bring innovative products to the market more rapidly. Thus, the manufacturers are adopting AI-powered advanced predictive analytics applications such as supply chain optimization, real-time quality monitoring, and anomaly detection. Predictive analytics predicts critical future outcomes, cut costs, improve operations, reduce risks, and increases revenue. It also helps to enhance productivity, provides effective quality control, reduces downtime, tool failure & maintenance demands, identify & utilize KPI & ERP, and unify insights from multiple devices.

Thus, owing to all these factors, the use of predictive analytics in the manufacturing sector is becoming very crucial and is widely adopted by the manufacturing industries. This is driving the growth of the global manufacturing predictive analytics market. In addition to this, shifting regulations, market volatility, and rapid innovation in logistics & processes are also some of the crucial factors that are surging the demand for manufacturing predictive analysis solutions thereby boosting the growth of the company. Furthermore, growing penetration of the internet of things-based tools and continuous advances in technology to upgrade the features may result in multiple opportunities for the growth of the global manufacturing predictive analytics market during the forecast period. However, a lack of skilled professionals may hamper the growth of the global market.

The global manufacturing predictive analytics market is severely hit by the Covid-19 pandemic. Strict rules of nationwide lockdown and restriction on movement enforced by the government of several countries have led to the shutdown of the manufacturing units of most of the industries including machinery & industrial equipment manufacturing, food & beverages manufacturing, automotive & aerospace manufacturing, and many more. All these factors have affected the market growth and are predicted to remain the same due to the ongoing pandemic condition. However, the continuous working of the pharmaceutical manufacturing industry is expected to support the growth of the global market amid the pandemic situation.

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Global Manufacturing Predictive Analytics Market: Segmentation Analysis

The global manufacturing predictive analytics market is bifurcated based on deployment, component, application, end-user, and region. Based on the deployment, the global manufacturing predictive analytics market is split into cloud and on-premise. The component segment consists of services and software. Based on the application, the global market is divided into supply chain management, product development, machinery inspection & maintenance, demand forecasting, and others. The end-users of the global market are heavy metal & machine manufacturing, automobile, pharmaceutical, energy & power, semiconductor & electronics, and others.

Manufacturing Predictive Analytics Market: Report Scope

Global Manufacturing Predictive Analytics Market: Regional Analysis

Geographically, North America is estimated to be the region accounting for the maximum share in terms of revenue in the global manufacturing predictive analytics market over the forecast period. The presence of developed economies and the presence of a well-established IT sector offering advanced AI & IoT-based tools are some of the factors that are fostering the growth of the market in this region. Europe is predicted to be the second region contributing significantly to the growth of the market. This is due to the presence of a large number of manufacturing sectors and the rapid adoption of manufacturing predictive analytics solutions. Asia Pacific is projected to grow rapidly owing to rapidly growing industries and the presence of a strong base of manufacturers in China.

Global Manufacturing Predictive Analytics Market: Competitive Analysis and Segments

• Alteryx, Inc.
• Tibco Software, Inc.
• SAS Institute, Inc.
• SAP SE
• Oracle Corporation
• Microsoft Corporation
• IBM Corporation
• Fair Isaac Corporation
• Cisco Systems, Inc.
• and Bridgei2i Analytics Solutions

By Deployment

• Cloud
• On-premise

By Component

• Services
• Software

By Application

• Supply chain management
• Product development
• Machinery inspection & maintenance
• Demand forecasting
• and Others

By End-users

• Heavy metal & machine manufacturing
• Automobile
• Pharmaceutical
• Energy & power
• Semiconductor & electronics
• and Others

Global Manufacturing Predictive Analytics Market: Regional Segments

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.