According to the report, The global Manufacturing Intelligence Software market in 2019 was approximately USD 2.3 Billion. The market is expected to grow above a CAGR of 15.28% and is anticipated to reach over USD 5.4 Billion by 2026.
Manufacturing intelligence software is a platform that provides an organization with manufacturing intelligence data. The data is obtained through multiple sources and collated for data insights. The data is used by organizations to implement and replace essential practices. Big data analytics is gaining increased traction in manufacturing intelligence software.
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Big data integration in manufacturing intelligence software is expected to generate significant outputs and provide major insights into the manufacturing process. The manufacturing intelligence software offers operational excellence when it is integrated with big data analytics and cloud-based software. The manufacturing intelligence software is expected to provide additional insights for planning and implementing decisions in the processes. This is expected to generate major demand for global manufacturing intelligence software. Additionally, the automotive, pharmaceutical, chemical, and food and beverage industries are expanding and transforming. Industrial revolution 4.0 is been implemented worldwide. This development in the end-user industry is expected to further propel the growth of the manufacturing intelligence software market.
The market for manufacturing intelligence software services is anticipated to grow at a significant rate in the coming years. The factors driving the growth are the demand for manufacturing cost reduction, enhanced operations as well as manufacturing output. Additionally, stringent regulatory compliance, the demand for manufacturing intelligence software services is likely to increase during the forecast period. In the end-user segment, the automotive sector is expected to generate significant demand during the forecast period. The sector is witnessing major changes in manufacturing technologies. The industry entities are facing major up-gradation challenges owing to its traditional manufacturing processes. The manufacturing intelligence software is expected to play a greater role in the elimination of these problems coupled with industrial automation. Owing to the stated reasons, manufacturing intelligence software is anticipated to generate significant demand from the automobile sector during the forecast period. Geographically, North America is projected to generate maximum revenue in the global manufacturing intelligence software market. The major contribution is expected from the US owing to its large industrial base and higher investment in modern technologies. The Asia Pacific is anticipated to grow at the highest pace during the forecast period. China, India, and Japan are expected to be prime demand and revenue-generating markets in the region.
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Top Market Players
Major players operating in the global 4PL logistic market mentioned in this report include SAP SE, Oracle Corporation, Siemens, Parsec Automation Corporation, HP, and Aegis Limited among others.
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