Big Data Analytics In Manufacturing Industry – Expected To Record Substantial Growth In The Near Future
Global Big Data Analytics in Manufacturing Industry Market: Overview
Big data analytics is a framework of gathering large volume of data for data mining, trend analysis. Over the years, industrialization is taking place at a fast pace and the volume of manufacturing is increasing day by day. Therefore, the massive shift in data generation by manufacturing industry is pushing the global big data analytics in manufacturing industry market.
Transparency Market Research (TMR) report reveals crucial information about trends, analysis, share, and size of the global big data analytics in manufacturing industry market. The report also goes on to shed some light on growth factors and restraints that may affect the global big data analytics in manufacturing industry market during the forecast period.
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Global Big Data Analytics in Manufacturing Industry Market: Key Developments
Some of the recent and notable developments that had taken place in the global big data analytics in manufacturing industry market are as follows.
- The tech giant IBM and general insurance company HDFC Ergo are collaborating to set up a data lab in India. This project is underway and the objective of this project is to reduce the turnaround time and offer automated customer service through real time email communication.
- The data activation giant, Qubole has joined hands with search engine giant Google to offer an enhanced experience to users in the field of engineering and data science. With the help of Google cloud platform the companies will be able to leverage the new analytics with improved user experience. This will help in minimizing the cost of operations in data analytics.
The global big data analytics in manufacturing industry market is extensively competitive and fragmented. There are numerous players that are operating in the global data analytics in manufacturing industry market. The prominent players in the marketing are adopting strategies such as collaborations to increase their market share and expand their portfolio across the globe.
Global Data Analytics in Manufacturing Industry Market: Key Trends
Following are the key trends, drivers and restraints of the global big data analytics in manufacturing industry market.
Market Conditions Monitoring to Pave Way for Significant Growth
The market monitoring conditions of an asset in real times is known as Industry 4.0, the trend of digitalization of industries. This allows the data that can be offered for predictive maintenance and deploying the same in factories.
Predictive analysis is a growing trend in big data analytics that often talks about centralizing the data across the industries and multiple sites of the sector. This allows in achieving data consistency. This nudges the expansion of the global big data analytics in manufacturing industry market.
However, the global big data analytics analytics in manufacturing industry market may face the roadblock of inability of the users to transform the new data into actionable information.
Nonetheless, with increasing technological advancement and integration of the same in manufacturing sector is expected to provide ample growth potential to the global big data analytics in manufacturing industry market.
Global Data Analytics in Manufacturing Industry Market: Regional Analysis
In terms of region, North America is expected to lead the global big data analytics in manufacturing industry market in terms of growth. The growth in this region is primarily because this region is a stalwart in adoption of big data analytics in the manufacturing sector. This is expected to expand the global big data analytics in manufacturing industry market at a fast pace during the forecast period.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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