The enterprise manufacturing intelligence market is expected to register a CAGR of 16% during the forecast period. With the usage of data analytics, manufacturing intelligence software can monitor the factory’s entire infrastructure, which enables the users to better understand which machines are not working up to the specifications and also to improve the overall resource effectiveness and efficiency.
– As businesses are accelerating their pace, there is a greater need for industries to see their plant floor activity throughout the enterprise, primarily to make faster and more informed decisions. However, the complex supply chains, the distributed operations, and the data that is being captured in different formats are making it difficult to gain access to such critical operational parameters, which is one of the major reasons driving the market forward.
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– With the advent of Industry 4.0 in the manufacturing industry, multiple plants are adopting digital technologies to enhance, automate, and modernize their whole process. The integration of different digital transformation technologies, such as the internet of Things (IoT), is significantly becoming prevalent, as it provides exceptional benefits.
– The manufacturing companies are modernizing their supply chain through Big Data and GPS tracking, which not only helps in data-driven planning to address the supply, demand, and logistics issues, but also provides a competitive advantage over competitors and stay ahead in the market.
– Moreover, the emergence of Big Data is expected to play a major role in the development of the market, as it can be extensively used in automotive, aerospace and defense, and other sectors. The integration of Big Data with the enterprise manufacturing intelligence software will help enterprises to identify, analyze, and mitigate the issues and faults in their manufacturing unit that could increase the productivity.
Key Market Trends
Automotive Segment is Expected to Witness Significant Growth
– The automotive sector is witnessing a rapid change in manufacturing technologies. The original equipment manufacturers in the industry are also facing multiple challenges of designing, manufacturing, and upgrading the conventional powertrain models to synchronize their manufacturing processes with the advanced technologies that will enhance consumer satisfaction and better experiences.
– The rapidly increasing adoption of automation in the automotive manufacturing process and the advent of digitization and AI technology are some of the primary factors that are driving the demand for manufacturing intelligence solutions, in the automotive sector.
– From the progressive assembly line to lean manufacturing processes, the automotive industry has always been the first to adopt advanced manufacturing technology. As the industry is facing reduced design-to-production times, automotive manufacturers and suppliers across the globe are expected to drive the demand for these solutions.
– Moreover, the rapidly shifting market conditions, the increasing competition, cost pressure, and the volatility is changing the industry landscape. Moreoever, with the advent of autonomous driving vehicles, changing ownership and usage models, the automotive industry is on the verge of a revolutoin.
North America is Expected to Hold a Major Share
– The North American region is expected to hold a significant market share primarily, owing to the fact that multiple modern manufacturing facilities in the region rely on new technologies and innovations that are used to produce higher quality products at a significant rate, with lower costs.
– Moreover, owing to the early adoption of trending technologies, like the IoT, Big Data, DevOps, and Mobility, manufacturers in the region are integrating multiple technologies such as IoT and robotics, to streamline their processes and use the deeper insights generated with the data analytics.
– Fast and secure 5G connectivity is also expected to enable agile operations and flexible productions in the manufacturing domain. This technology is expected to facilitate automated warehouses, automated assembly, connected logistics, packing, and product handling, and the use of autonomous cars that will be optimized to function optimally with the usage of data.
– Moreover, automotive manufacturing has been one of the largest revenue generators for the region in the manufacturing sector. Canada is witnessing a resurging economy, with continuous growth over the past years. The automotive sector in Ontario is primarily relying on mixed technologies, such as AI, ML, and wearable intelligent robots, that assist humans in the manufacturing process.
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