Big Data Analytics(BDA) in the manufacturing industry over the forecasted period of 2020-2025 will reach USD 4.55 billion by 2025, at a CAGR of 30.9%. Manufacturers have moved from manual operations and started to invest in technologies like sensors, connected devices and enabled M2M communication to avoid any production downtime, monitor assets, and gain information about location and volume of raw material and finished product
Key Market Trends
Condition Monitoring helps in providing data that can be used for predictive maintenance to monitor machine failures repeatedly to analyze adequately and predict effectively for the future.
The manufacturing sector in North America will increase faster, owing to Big Data Analytics. According to the Digital Chain Survey(2017) of IFS, 46% of the companies in all industries are looking to invest in Big Data and Analytics.
BDA in Manufacturing Market is highly competitive. It is dominated by a few players, in terms of market shares. With the help of strategic collaborative initiatives, BDA aims to expand data science capabilities. It also aims to enable data scientists to perform predictive and prescriptive analytics in various applications.
It is these market trends, along with the reliance on technology over manual techniques, that would lead to the boom of Big Data Analytics, as forecasted.
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