Improved efficiency, better performance, and sustainability are three much sought-after goals in the manufacturing sector.
But how do you get there?
Well, proper management of data assets is a really good start.
Big data in manufacturing will hit $12.23 billion by 2020
More and more organizations are cottoning on to the fact that big data solutions are the key to improving overall plant performance. This is a big factor influencing bigger growth in the big data market in the manufacturing sector. According to a new report from Technavio, the market was valued at $5.61 billion in 2015, and will reach a value of $12.23 billion by 2020, growing at a compound annual growth rate of 16.87%.
Want more on big data and other IT services? Check out Technavio’s full report library.
These numbers are based on the sales of big data solutions, which include software, integrated solutions and services, in the manufacturing sector.
Global big data solutions market in manufacturing sector by segment revenue 2015
Source: Technavio
Big data in manufacturing: Key trends
It’s all about the cloud in this growing market. Technavio analysts say that cloud and SaaS solutions are making big data management and analysis easier and more accessible for end users across the manufacturing sector.
Growth of cloud computing
There’s no point in collecting loads of information if you can’t access and analyze it efficiently. This is why the emergence of cloud solutions has been a boon to the big data market—cloud technology allows organizations to access their information anytime, from anywhere.
SaaS-based predictive analytics
SaaS-based offerings are also popping up more and more on the market. There bear a lot of similarities to cloud-based technologies, but with some key differences. David Ringstrom does a great job outlining the finer points of both technologies here.
At the moment, the growth potential of the SaaS-based predictive analytics market is much higher than that of its non-SaaS-based cousin. Strict budget constraints for IT, cost advantages for on-demand software subscriptions, and insufficient time for building in-house software are the primary factors responsible for the increased adoption of SaaS solutions in the manufacturing sector.
And as we mentioned before, loads of data isn’t helpful if you can’t analyze it. So analytics solutions are being integrated with big data solutions to analyze data effectively, which helps in real-time decision-making.
Increased demand from medium-sized enterprises
One knock-on effect of more cloud-based solutions appearing on the market is that they let small sized enterprises get in on the big data game, and open up market opportunities at a whole different level.
To be fair, big data analytics have always been available for smaller organizations, but the solutions were expensive and required specific expertise to generate actionable insights. But the cloud trend has opened the market up thanks to cheaper, scalable, user-friendly solutions.
