Portland, OR, Feb. 06, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global manufacturing predictive analytics market accounted for $535.0 million in 2018 and is projected to reach $2.52 billion by 2026, growing at a CAGR of 21.7% from 2019 to 2026.
Emergence of Industry 4.0, the advancement of IIoT, and increase in operational efficiencies from big data initiatives have boosted the growth of the global manufacturing predictive analytics market. However, dearth of skilled workforce and threat of cyber-attack hamper the market growth. On the contrary, the development of smart data-driven organizations and the interference of AI into manufacturing are expected to create lucrative opportunities in the near future.
The global manufacturing predictive analytics market is divided on the basis of component, deployment, application, end-user, and geography. Based on the component, the market is segmented into software and services. The software segment accounted for the largest share in 2018, contributing to more than four-fifths of the market. However, the service segment is estimated to manifest at the fastest CAGR of 24.4% from 2019 to 2026.
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On the basis of deployment, the market is bifurcated into the cloud and on-premise. The on-premise segment held the largest share in 2018, accounting for nearly two-thirds of the market. However, the cloud segment is projected to manifest the fastest CAGR of 24.4% during the forecast period.
Based on application, the market is divided into demand forecasting, machinery inspection & maintenance, product development, supply chain management, and others. moreover, on the basis of end-user, the market is categorized into semiconductor & electronics, energy & power, pharmaceutical, automobile, heavy metal & machine manufacturing, and others.
The global manufacturing predictive analytics market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2018, accounting for two-fifths of the market. However, the market across Asia-Pacific register the fastest CAGR of 24.6% during the study period.
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The market report includes an in-depth analysis of the major market players such as Bridgei2i Analytics Solutions, Alteryx, Inc., Fair Isaac Corporation, Cisco Systems, Inc., Microsoft Corporation, IBM Corporation, SAP SE, Oracle Corporation, Tibco Software, Inc., and SAS Institute, Inc. These players have adopted various market strategies such as partnership, collaborations, mergers & acquisitions, and product launch to maintain their foothold in the market.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.