Pune, India, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The global big data in manufacturing Industry size is projected to reach USD 9.11 billion by the end of 2026. Applications of the concept across diverse industries will have a positive impact on the growth of the market in the coming years. 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 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.
Introduction:
Big data is a collection of huge complex data sets of unstructured data through means of data sources such as IoT among others. The applications of big data in the manufacturing industry have created several growth opportunities for the companies operating in the market. Big data help users explore the untapped potential across various industries, including manufacturing, healthcare, ICT, automotive, and food and beverages. The role of big data in enterprise resource planning (ERP) will fuel the demand for the product in the forthcoming years. The use of automated concepts has allowed higher product efficacies. Improving product efficacies will have a direct impact on the growth of the market in the coming years.
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List of key companies
IBM, Microsoft, and Accenture are Among the Leading Companies in the Market
Due to the high potential held by the market, several companies are looking to invest more towards incorporating advanced concepts in manufacturing. A few of the other companies that are operating in the global big data in manufacturing market are:
- Alteryx, Inc.
- Angoss Software Corporation
- Fair Isaac Corporation
- Oracle Corporation
- SAP SE
- SAS Institute, Inc.
- Tibco Software, Inc. (Alpine Data)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 14 % |
| 2026 Value Projection | USD 9.11 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 3.18 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 140 |
| Segments covered | Size, Share, Industry Analysis, Geography |
| Growth Drivers | Optimizing Supply chain management and Production Process is likely to Drive Market |
| Rising Adoption of Automation in Manufacturing Industry will Facilitate Market Growth | |
| Rising Demand for Big Data Solutions in Manufacturing Industry Aid to Boost the Market Growth |
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Report Overview:
The report provides an in-depth analysis of the global big data in the manufacturing industry. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years. It highlights the latest product launches and labels major innovations in the market. In addition to this, it states the impact of these products on the growth of the market. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.
Major Growth Drivers:
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions have made the highest impact on the growth of the market in recent years. Due to the huge potential held by this concept, SMEs as well as large-scale companies are looking to acquire smaller companies and start-ups with a bid to establishing a stronghold in the market. DataWatch’s acquisition of Angoss Software Corporation in 2018 was a major highlight of recent years. Through this acquisition, the company plans to offer extensive predictive and prescriptive analytics for major applications. The report identifies a few of the major company mergers of recent times and gauges their impact on the global market.
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Regional Analysis:
North America to Account for the Highest Market Share; Rapid Advances in Manufacturing Industry to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, North America is projected to account for the highest big data in manufacturing Industry share in the coming years. Rapid advancements in the manufacturing industry in the U.S. and Canada will aid the growth of the market in this region. Besides North America, the market in Europe will witness considerable growth in the coming years driven by the presence of large manufacturing units in several countries across this region. As of 2018, the market in Europe was worth USD 0.86 billion and this value is projected to grow at a rapid pace.
Industry Developments:
- June 2016 – Accenture Plc. announced the launch of seven advanced analytics applications, each of which will help detect frauds across diverse industries including banking, government agencies, manufacturing, and telecommunication.
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// Part 2://
The global big data in oil and gas market size is projected to grow successfully during the forecast period. Accuracy of information and the ability to provide precise and detailed operational data is expected to boost the market growth. Fortune Business Insights™ mentions this information in its report titled "Big Data in Oil and Gas Market, 2021-2028."
Big data in oil and gas is a data management system that enables industries to track their operational data and gather important information. It streamlines information from unstructured and structured data of financial dealings and processes in the oil & gas industry. Its ability to accurately sum up the information, statistics, numerical data, and yearly revenues aids in finding out the performance of the company or activities. It reduces costs, risks, improves workflow efficiency, and provides information from complex data to enable companies and make better business decisions.
Big data in oil and gas eliminates the need for manual calculation and simplifies the data gathering process, which, in turn, enhances the demand for big data in oil and gas. Further, the manufacturers are using advanced technologies such as artificial technology (AI) and machine learning (ML) to increase accuracy. It evaluates real-time information to provide statistics that enhance decision-making. Therefore, the demand for the product in the oil & gas industry is likely to propel the market growth during the foreseeable period.
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List of Key Players Profiled in the Big Data in Oil and Gas Market Report
- Accenture
- Cisco
- Dell EMC
- Hewlett-Packard Enterprise
- IBM
- Microsoft
- Oracle
- SAP
- SAS
- Teradata
- Hitachi Vantara
- Drillinginfo
- Northwest Analytics
- Hortonworks
- MapR Technologies
Highlights of the Report
The report highlights the latest trends and the top segments. It comprehensively discusses the impact of COVID-19 and the driving and restraining factors. Additionally, it examines the regional developments and the strategies deployed by the prominent companies operating in the market.
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Segments
By component, the market is segmented into services, software, and hardware. Based on application, it is divided into downstream, midstream, and upstream. Geographically, it is clubbed into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Drivers and Restraints
Enhanced Drilling and Production Performance to Bolster Market Growth
The adoption of big data in oil and gas is attributable to its accuracy and efficiency. It improves the performance of drilling and production activities in the oil & gas industry. It enhances the company's efficiency and tracks the real-time progress of the oil extraction activities. It is available in software, hardware, and cloud service platforms to provide the oil & gas industry companies with the best data collection service. Further, the advancements in data collection enable the incorporation of ML and AI technologies that help secure data by providing secure data storage and collection. It helps the industries to increase productivity and enhance their annual revenues, which, in turn, boosts its demand globally. The manufacturers globally are producing high-quality big data in oil and gas services that eliminate the problems of uneven data, thereby fueling market growth. Thus, these factors can drive the big data in oil and gas market growth.
However, the lack of awareness among the population regarding the several benefits of big data in oil and gas solutions is likely to hamper the market growth.
Regional Insights
Increasing Drilling and Production Activities to Surge Market Growth in North America
North America is expected to dominate the big data in oil and gas market share because of the rising drilling and production in the oil & gas sector. The exploration of oilfields and oil resources can boost market growth in the region.
In Europe, increasing big data in oil and gas and focusing on enhancing operational efficiency can bolster demand. Thus, this factor can boost the market growth.
Asia Pacific is expected to dominate the market growth due to the adoption of big data in oil and gas in India and China. In addition, the development in the oil & gas sector in Asia Pacific countries can boost the market growth.
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Impact of COVID-19
Government Restrictions on Manufacturing Activities to Decline Demand
This market is expected to be adversely affected during the COVID-19 pandemic because of stringent government restrictions on manufacturing activities. The lack of demand for big data in oil and gas is attributable to the complete halt on extraction and mining activities. Industries are shut down completely due to the rising cases of COVID-19 infections among workers. As a result, the government has imposed strict regulations to contain the spread of infection. The halt on oil extraction facilities has reduced product sales, which, in turn, can slump market growth during the pandemic.
Competitive Landscape
Companies to Incorporate Artificial Intelligence Technologies to Enhance Market Position
The prominent companies operating in the market incorporate advanced technologies to enhance their market position. For example, Researchers of the University of Aberdeen used artificial intelligence (AI) to unlock the "treasure of love" in the North Sea's oil and gas industry in September 2019. This strategy enables the companies to enhance their market position. Further, the adoption of technologically advanced production techniques enables companies to produce efficient products that improve productivity and enhance annual revenues.
Industry Development
- March 2020: Quantzig provides actionable analytical data solutions to businesses to solve intricate problems in businesses. The launch aimed to reduce risks during drilling and oil exploration activities and enable companies to devise effective strategies.
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