Manufacturing Analytics Market to Reach $8 Billion by 2021

A new report released Monday estimates that the global market for manufacturing analytics will increase from $3.14 billion in 2016 to $8.45 billion by 2021.

Published by MarketsandMarkets, the research report ascribes the projected rise in global market value to “the adoption of advanced data-management strategies across varied manufacturing applications, increasing need for processing optimization, emergence of the Industrial Internet of Things (IIoT), increased business agility and scalability, and self-service access to centrally managed data,” a press release announcing the report said.

The report said manufacturing analytics in energy management are expected to grow at the highest compound annual growth rate (CAGR) from 2016 to 2021. The electronics equipment manufacturing vertical is expected to have the largest market size as demand for devices like smartphones continues to increase.

The geographic area with the highest CAGR growth in manufacturing analytics from 2016 to 2021 is predicted to be the Asia-Pacific region, but North America will continue to hold the largest share of the market during the forecast period.

For more information, read MarketsandMarkets’ press release on the data.