Artificial intelligence (AI) is the current buzzword popular among enterprises. Companies of different streams are adopting artificial intelligence to analyze patterns and enhance their business solutions. Regional and local players are adopting these methods to make their ground in their respective markets while the global players are innovating trends and products to expand their global reach using analytics and artificial intelligence. Moreover, AI gives regional players, the flexibility to operate anywhere in the world irrespective of their location.In the manufacturing industries, the operations and production processes are wired and involve an intricate structure. According to the United Nations Industrial Development Organization (UNIDO), world manufacturing production attained $12,863 billion in 2017 and experienced a growth rate in global MVA (manufacturing value-added) from 2.7% in 2016 to 3.5% in 2017. The global Enterprise Manufacturing Intelligence Market size reached a value of $1.54 billion in 2018. Furthermore, the opportunities this market is galvanizing at a CAGR of 15.5% during 2019-2025.
The Power of Real-time Data in the Manufacturing Intelligence Market
Today, performance and productivity are key dynamics of the manufacturing industries. Enterprise manufacturing intelligence tools and software are a holy grail for the manufacturers to work towards augmenting these dynamics constantly. Typically, performance is analyzed by relying on the individual’s as well as competitors’ data by generating actionable insights promptly. The huge growth of cloud-based data integration allows real-time data monitoring between global and distributed manufacturing plants. This, in turn, allows scalable predictive maintenance of the plants and ensures the delivery of optimum production with no unexpected power failures or downtime of the equipment and processes.
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Key Players Perspective in the Global Enterprise Manufacturing Intelligence Market
The core companies operating with major share in the global enterprise manufacturing intelligence market are Honeywell International Inc., Yokogawa, ABB Ltd., Emerson Electric, Siemens AG, Dassault System, Rockwell Automation, Schneider Electric SE, and SAP SE. The dominant players of the enterprise manufacturing intelligence industry are striving to deliver industry-specific solutions with a wide product portfolio.
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