Global Enterprise Manufacturing Intelligence Market to Reach $4.5 Billion by 2024

Enterprise Manufacturing Intelligence (EMI) or manufacturing intelligence (MI) applies analytics and reporting techniques to massive amounts of manufacturing-related data gathered from disparate sources for providing cohesive and contextualized information, visual summaries, and actionable insights. Manufacturing intelligence is derived by combing process data with operations data, business information, and KPIs that impact manufacturing. EMI improves collaboration between the various plant operations and facilitates data exchange between plant-floor and enterprise-level systems to provide a benchmark that enables comparison of production runs. It also provides tools to create reports and web-based dashboards accessible from everywhere. The five key functions of an EMI application include aggregation, contextualization, analysis, visualization, and propagation. EMI integrates disparate data sources like Quality Management System (QMS), Manufacturing Execution System (MES), Laboratory Information Management System (LIMS), Advanced Planning and Scheduling (APS), and Enterprise Resource Management (ERP) among others into an analytical data model capable of providing contextualized information.

EMI solution centralizes all production data collected from disparate production process to enable users to perform analysis on information related to availability, capacity, production costs, quality, and KPIs. The actionable intelligence can be visualized in the form of graphs, reports or status. EMI also allows users to modify the real-time graphical status and information without the assistance of system integrator or IT personnel. The solution combines existing data with estimated data points to determine a range of possible outcomes. The key benefits of implementing EMI applications include streamlined reporting system, automation of operations, ability to generate numerous ad hoc reports, problem solving capabilities, and shorter implementation time. EMI connects and integrates disparate sources of information into a single report that enables enterprises to spot different trends. EMI solution automates data exchange between plant-floor and enterprise-level systems that facilitates timely delivery of requisite information to right department. Generating ad hoc reports provides a granular view into the operation of different departments and interaction with disparate data sets helps in identifying the root cause of malfunction in the system.

Amid the COVID-19 crisis, the global market for Enterprise Manufacturing Intelligence is projected to reach US$4.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 16.8% over the analysis period. The United States represents the largest regional market for Enterprise Manufacturing Intelligence, accounting for an estimated 27.9% share of the global total. The market is projected to reach US$1.6 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 19.7% over the analysis period.

The increasing focus on lean manufacturing is one of the major drivers of the EMI market. In the recent years, various companies have started focusing on lean manufacturing concepts for optimizing resources and production costs, and deal with various challenges. These practices allow organizations to reduce wastage within the supply chain. The implementation of EMI enables companies to gain useful insights into operations and take better decisions to improve productivity and goods quality. In addition, the penetration of big data analytics is expected to further stimulate the EMI market owing to its anticipated adoption in the oil & gas, defense and aerospace industries. The integration of EMI software and big data analytics along with the use of advanced cloud-based software is likely to help organizations in identifying, analyzing and mitigating faults and issues across manufacturing units to improve productivity and data sharing across business verticals. Based on its appealing return on investment as well as faster time to value, EMI software is anticipated to gain further adoption in diverse industries. The EMI market is expected to also gain from increasing competition and the need for data analytics. On the other hand, high capital investments to implement EMI, the cost involved in integration of these tools, and the need to frequently update the software are expected to hinder the market growth. In addition, vendors are required to tailor their solutions for addressing specific need of end-use industry verticals. Companies implementing EMI software need to make efforts to achieve productivity gains without additional investments and frequently update programs for generating desirable results.