Research firm MarketsandMarkets is predicting that the global market for analytics across the manufacturing sector will more than double to reach a value of $8.45 billion by 2021.
The market for such technology is currently worth $US 3.14 billion, with adoption led by the North American region.
Growth in the next five years would be highest in solutions for energy management applications, such as smart grid and smart energy technology.
“The major forces driving the Manufacturing Analytics Market are the adoption of advanced data-management strategies across varied manufacturing applications, increasing need for process optimization, emergence of Industrial Internet of Things (IIoT), increased business agility and scalability, and self-service access to centrally managed data,” a statement from the research company reads.
“The Manufacturing Analytics Market is growing rapidly because of the transformation from traditional [business intelligence] techniques to advanced analytics techniques and massive surge of structured and unstructured manufacturing data.”
Compound annual growth of 21.9 per cent will be led by the Asia Pacific region, but North America will maintain its lead in 2021.