NEW YORK, March 12, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the U.S. manufacturing analytics market was valued at $2.5 billion in 2019 and is expected to reach revenue of $14.1 billion by 2030, exhibiting a CAGR of 17.6% during the forecast period (2020–2030). The service category, under the solution segment, is predicted to witness faster growth in the market during the forecast period. This can be ascribed to the wide-scale adoption of analytics software by the manufacturers for quality management, inventory management, asset management, and predictive maintenance in order to reduce equipment downtime and improve operational efficiency.
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The manufacturers in the U.S. manufacturing analytics market are increasingly adopting virtualization software in order to gain competitive advantage and improve business operations. The virtualization software separates the applications from the physical hardware they run on and thus, switching to this software allows a huge number of virtual workloads to be handled simultaneously. This technology allows for an easy initial setup and also reduces the expenditure on physical hardware. In addition to this, the virtualization software also plays a crucial role in addressing the lifecycle management issues, which further increases its need in the industry.
The U.S. manufacturing sector is witnessing an increasing focus toward improving the supply chain management, primarily due to the growing awareness about supply chain management and the role played by it in reducing operational costs, improving customer satisfaction, and increasing the visibility and control over the inventory. Furthermore, supply chain management solutions address manufacturing needs in a variety of spheres such as sales and operations planning, product lifecycle management, manufacturing and logistics optimization, business intelligence, radio-frequency identification (RFID) of assets, business intelligence, raw material procurement, and network and inventory optimization. The extensive connectivity provided by analytics enables the manufacturing organizations in the U.S. to improve and enhance the communication across the supply chains.
- Under the deployment segment, the on-premises category, on account of its higher adoption due to the greater control and security of data, had the larger share in the U.S. manufacturing analytics market in 2019.
- The predictive maintenance category, under the application segment, is expected to witness the fastest growth in the market during the forecast period. Businesses, with the help of the manufacturing analytics solutions, can access information on equipment health, performance, and faults in real time and are, therefore, able to schedule maintenance or updation before the occurrence of the fault, thereby ensuring no or minimal disruption in operations.
In the U.S., the southern region is expected to hold more than 30% of the shares in the U.S. manufacturing analytics market in 2030. This is mainly attributed to the presence of a large number of manufacturing companies in the region. The easy availability of land for manufacturing along with a highly skilled workforce and the presence of world class infrastructure and pro-business laws, support the prosperity of the manufacturing industry in the region.
Browse report overview with 46 tables and 56 figures spread through 155 pages and detailed TOC on "U.S. Manufacturing Analytics Market - Industry Size, Share, Trends and Demand Forecast to 2030” at: https://www.psmarketresearch.com/market-analysis/us-manufacturing-analytics-market
Due to the presence of a large number of players operating in it, the U.S. manufacturing analytics market is highly competitive. Some of the most prominent players operating in the market are Salesforce.com Inc., IBM Corporation, DXC Technology Company, SAS Institute Inc., SAP SE, Oracle Corporation, TIBCO Software Inc., Sisense Inc., Alteryx Inc., and General Electric Company.
In the recent years, the most prominent player in the U.S. manufacturing analytics market have taken numerous strategic measures for strengthening their market positions. For instance, Salesforce.com Inc. announced the acquisition of Tableau software, for $15.7 billion, in August 2019. The company, with the help of this acquisition, aims to strengthen its analytic capabilities, provide data visualization capabilities to the customers and help them in taking data-driven decisions.
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In February 2019, the IBM Corporation announced the launch of AI-supported Maximo Asset Performance Management (APM) solutions, which collect real-time data from physical assets including elevators, turbine, mining equipment, and robots and offer insights on operating conditions as well as predict potential issues and provide the necessary repair recommendations.
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