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Rise of Progressive Analytic Techniques Expected to Induce New Business Models in Manufacturing
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Analytics have been around for a long time in different forms. Starting with manual data collection, it has progressed to reporting systems and then to statistical-based modelling systems. The progressive improvement in computer prowess simultaneously backed by electronic advancement in sensor technology has led to an era of convergence. This has created innumerable data points and allows technology to make sense of it. Businesses are racing to convert raw machine and process data into actionable and useful insights in real-time. While predictive analytics allows problem identification before its occurrence, prescriptive analytics educates the user on the best solution after taking into the process constraints and organization policies.Data analytics in this research service have been defined as advanced analytics such as hardware, software, solutions, and technology involved in creating, communicating, collating raw data into processed information, insights, and visualisations relevant to the user.This research service can be useful in understanding the central framework of analytics and its incremental influence in shifting the global industrial strategy over various time periods. In addition, it also explores potential applications and use cases of analytics in diverse fields and also simultaneously maps changing workforce requirements to incline with a connected asset setup. The trend of various vertical industries such as oil and gas, transportation, and manufacturing towards adopting analytics and their future prospects has also been captured in depth in this research service. This study also carries a detailed analysis of future opportunities in various process, discrete and hybrid industries. The business impact of analytics and a strategy to derive the most out of it are some of the highlights featured. This study also discusses major economic trends and technological drivers and their impact on market demand during the study period. The technology and business trends shaping the future of data analytics in industries has also been discussed in detail. This research service also aims to ascertain the importance and role of data analytics in manufacturing; it also analyses market forces, challenges, and opportunities in the space. With ground-breaking innovation in artificial intelligence and cognitive algorithms, the factory environment is set to witness a massive transformation.The key questions answered in this study are:• How attractive is data analytics to process and discrete manufacturers? What is the current industry scenario?• What are the diverse applications of analytics in an industrial setup? What are the growth opportunities of upcoming analytic extensions?• Who are the movers and shakers in this industry? How is the market poised to grow during the forecast period?• Who are the major market players in the value stream of Big Data and advanced analytics? What are the exciting growth opportunities?
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