LONDON--(EON: Enhanced Online News)--Big data analytics in the manufacturing sector can reduce processing flaws, improve production quality, increase efficiency, and save time as well as costs. Due to these numerous benefits, the market for big data in the global manufacturing sector will continue its rapid pace over the next four years. Already valued at USD 5.6 billion in 2015, global analytics and advisory firm Quantzig expects the market to reach USD 12.2 billion by 2020, growing at a CAGR of 16.87%.
Driving this market is the increasing need to develop competitive strategies and the increasing growth of data stored by the manufacturing sector. Organizations are looking for technology to help them access their customer and product information and identify the trends of customer behavior and preferences to survive in a highly competitive market. Big data solutions enable organizations in the manufacturing sector to quickly gather and process massive amounts of data from multiple sources and help them gain real-time insights in order to make business decisions – ultimately allowing them to save money and earn more revenue.
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Recently, an Asian industrial equipment manufacturer was facing issues in streamlining its manufacturing operations and turned to Quantzig’s analytics services to obtain real time insights based on consolidated large volume data, to create a better operations plan and reduce manufacturing costs. After collecting real-time data from sensors throughout the client’s plant floors, machinery and equipment, and supply chain, Quantzig’s analysts were able to provide insights on how to better process automation and optimization. This resulted in the client saving USD 12 million in 12 months.
This is just one of many examples of manufacturing organizations adopting big data analytics services to improve operations. As organizations continue to achieve success by using data to make informed business decisions, the global market for big data in the manufacturing industry continues to grow faster than most of the other segments. According to Quantzig, the manufacturing sector held a 15.8% share of the global big data market in 2015 and is expected to increase its share to over 18% by 2020. The market’s growth will flourish in the Asia-Pacific region as manufacturing companies in China, Japan, India, Australia, the Philippines, Sri Lanka, Bangladesh, Thailand, and Malaysia will adopt big data systems over the next four years.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 12 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of about 120+ clients, including 45 Fortune 500 companies.