Enterprise Manufacturing Intelligence Market

Global Enterprise Manufacturing Intelligence Market Size (2024 to 2029)

The Global Enterprise Manufacturing Intelligence Market size is expected to grow at a CAGR of 13.4% during the forecast period 2024 to 2029 to reach USD 13.38 billion by 2029.

Enterprise manufacturing intelligence is a system that provides an organization with relevant manufacturing data by using advanced systems and data analysis tools. It uses various sources to collect the data and provides it at the organizational level to better understand the present situations and help to make better decisions. Organizations are then likely to use the data to plan and implement things in their ongoing industrial processes. The goal of the enterprise manufacturing intelligence market is to provide real data collected from multiple sources, optimize production efficiency and make informed decisions that boost enterprises' performance.

Global Enterprise Manufacturing Intelligence Market Drivers:

One of the major drivers of the enterprise manufacturing intelligence market is increased demand for new technologies like the Internet of Things(IoT), Artificial Intelligence, and cloud computing. These smart technologies have improved enterprise manufacturing intelligence systems and introduced simplification of data connections, real-time monitoring, and intelligent data analysis. Due to this, the adoption of enterprise manufacturing intelligence systems is increasing significantly.

The increased demand for efficiency in the manufacturing processes is majorly driving the shares of the market. Enterprises want to make their work faster and better, and for that, enterprise manufacturing intelligence systems help them to see what's happening in real-time so they can find problems quickly and can fix those by providing sophisticated information, which also helps organizations to make better decisions to improve the work quality and meet their production goals. These factors together drive the enterprise manufacturing intelligence market growth.

Enterprise manufacturing intelligence systems mainly help organizations keep an eye on important measures and provide crucial information. Based on this insightful information, businesses can make good decisions either to solve problems, take advantage of any upcoming opportunities, or smoothly run the operation. This decision-making factor provided by these systems significantly drives shares of this market.

The integration of enterprise manufacturing intelligence with artificial intelligence and machine learning offers significant growth opportunities for this market. This integration results in simpler analysis, makes predictions well, and provides improved decision recommendations. So, with the help of this, enterprises can improve their production processes and can make automated decisions, which is inducing an increase in enterprise manufacturing intelligence market demand.

One of the opportunities offered by cloud computing is driving enterprise manufacturing intelligence market growth. The enterprise manufacturing intelligence solutions which are cloud-based, are helping all types of industry manufacturers to access data remotely and offer flexibility and cost-efficiency. It allows simpler and more effective production processes, causing an increase in the demand for this market.

The increased use of the Industrial Internet of Things (IIoT) devices and sensors in enterprise manufacturing intelligence creates a significant opportunity for this market. By using these tools, enterprise manufacturing intelligence can more effectively predict the requirement for maintenance and boosts the overall process efficiency of enterprises, which contributes to an increase in enterprise manufacturing intelligence market size.

Global Enterprise Manufacturing Intelligence Market Restraints:

One of the major restraints of this market is the high cost of implementation and maintenance as well. To set up enterprise manufacturing intelligence systems, any business need to purchase essential components such as hardware, software, and some services, which can be costly. Furthermore, the cost is added by the maintenance as these systems need to be maintained properly to work effectively. Some enterprises find it difficult to invest certain money due to a restricted financial budget, which is retraining the enterprise manufacturing intelligence market demand.

The lack of skilled workers and awareness is another restraint that affects market growth. Enterprise manufacturing intelligence systems need personnel who can know how to operate the system accurately. Understanding things like data analysis and connecting different systems should be there in the operator. Hence the lack of awareness and knowledge restricts organizations to implement and operate these systems effectively in the manufacturing processes. This is contributing to a decrease in enterprise manufacturing intelligence systems market demand.

Impact of COVID-19 on Enterprise Manufacturing Intelligence Market:

COVID-19 significantly impacted on enterprise manufacturing intelligence market. During the pandemic, numerous businesses or industries were closed due to lockdowns and supply chain disruptions. Also, less availability of workers and social distancing concerns were the cause of closed businesses, which significantly impacted enterprise manufacturing market demand. On the other hand, the pandemic highlighted the importance of enterprise manufacturing intelligence in remote work situations. As a result, businesses started adopting enterprise manufacturing intelligence to increase productivity, detect issues, etc., during the pandemic, which helped to boost enterprise manufacturing intelligence market growth.

REPORT COVERAGE:

This research report on the global enterprise manufacturing intelligence market has been segmented and sub-segmented based on deployment, offering, end-user, and region.

Global Enterprise Manufacturing Intelligence Market - By Deployment Type:

• Embedded
• Standalone

The embedded segment is anticipated to dominate the market during the forecast period. Embedded enterprise manufacturing intelligence helps to collect, analyze, and visualize data within the existing manufacturing systems. This attribute influences the shares of the market. However, the standalone segment is expected to grow at the fastest rate in the upcoming years. Standalone enterprise manufacturing intelligence systems have their special tools and a place to store data without needing other systems' help. It is fueling the market demand for this segment.

Global Enterprise Manufacturing Intelligence Market - By Offering:

• Software
• Services

The software segment is leading with the largest market shares. The software helps enterprises collect data about real-time happenings, analyze it with the help of advanced techniques and provide useful information. This increases the use of enterprise manufacturing intelligence software in various manufacturing processes, leading to an increase in the demand for this segment. However, the service segment is expected to grow at the fastest rate in the coming years. Service providers help organizations with the setup and ongoing use of enterprise manufacturing intelligence systems, influencing the market demand.

Global Enterprise Manufacturing Intelligence Market - By End-user Industry:

• Process Industries
• Chemical
• Energy & Power
• Food & Beverages
• Oil & Gas
• Pharmaceutical
• Mining And Metals
• Paper And Pulp
• Discrete Industries
• Aerospace & Defense

The discrete industries segment is anticipated to dominate the market shares. The increased use of enterprise manufacturing intelligence systems in the automotive industry is driving market demand for this segment. Also, these systems are highly used in aerospace & defense, and medical device manufacturing to keep an eye on every process and provide important information. However, the process industries segment is expected to grow at the fastest CAGR during the projected period. This is owing to the increased utilization of enterprise manufacturing intelligence systems in various industries, mainly in the oil & gas, food & beverages, and pharmaceuticals, to operate processes precisely and efficiently. This attribute influences the size of the market shares.

Global Enterprise Manufacturing Intelligence Market - By Region Analysis:

North America is anticipated to dominate the market by holding the maximum market shares. Owing to the significant presence of well-established industries which focuses on innovation and automation technologies and a favorable business environment in this region.

Many industries in this region use enterprise manufacturing intelligence systems to make their manufacturing better and increase productivity. These attributes are influencing the market demand for this region. Also, Asia Pacific is expected to grow at the fastest CAGR in the upcoming years. Owing to the presence of more industries, governments supporting smart manufacturing, and more money being invested in advanced technology. This is influencing enterprise manufacturing intelligence market growth in the region.

KEY MARKET PLAYERS:

Major Key Players in the Global Enterprise Manufacturing Intelligence Market are ABB Ltd., Microsoft, NVIDIA, Honeywell International Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Aspen Technology, Inc., Emerson Electric Co., General Electric Co., SAP SE, Yokogawa Electric Corporation, and others.

RECENT HAPPENINGS IN THE MARKET:

• In February 2023, Mitsubishi Electric launched a new Al solution to address the lack of skilled manpower on production lines.
• In October 2022, Sight Machine, a company that generates the data foundation for manufacturing, launched Sight Machine Blueprint. This tool, which was created together with Microsoft and NVIDIA, gives manufacturers the context they need to understand their plant data as well as high-speed, automated data labeling.
• In June 2022, Siemens and NVIDIA partnered together to enable the industrial metaverse. The collaboration strengthens the manufacturing sector offering immersive experiences from development to operation.
• In 2019, Siemens Opcenter software, a unified portfolio of factory operations management solutions, was introduced by Siemens. It is employed in several applications, including shop floor automation, enterprise resource planning, and product lifecycle management. The market for corporate manufacturing intelligence is expected to be driven by the creation of new software solutions for manufacturing applications in various nations.