LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global enterprise manufacturing intelligence (EMI) market to grow at a CAGR of more than 10% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global EMI market for 2017-2021. The report also classifies the market into two end-user segments, including discrete industries and process industries.
The EMI market is primarily influenced by its end-users, which include discrete industries and process industries. The growth or decline of these segments directly impacts the EMI market. The shift toward lean manufacturing practices, increased complexity in the supply chain process, the need to enhance operational efficiency, and the intense competition among manufacturing companies are the crucial factors responsible for the growth of the global EMI market.
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Technavio industrial automation analysts highlight the following three factors that are contributing to the growth of the global EMI market:
Need for enhanced decision-making systems
Features, such as comprehensive dashboard and overall equipment effectiveness metrics not only help in visualizing the data but also analyze the data and provide solutions to the problem. The need to adopt enhanced decision-making systems is increasing to ensure the accuracy of data and make quality decisions, which can optimize production costs.
Raghav Bharadwaj Shivaswamy, a lead automation research analyst at Technavio, says, “Decision-making systems play an important role because even though the information is available at the right time, if it fails to give an optimum solution it may later lead to a huge loss for the organization.”
Shift toward lean manufacturing practices
Every company is trying to shift toward lean manufacturing practices to optimize resources, production costs, and mitigate the problems that occur. Lean manufacturing practices, in general, mean reducing the wastage in the supply chain process. The adoption of industrial automation software enables the organization to understand its status quo, and thereby take decisions that can increase the productivity and quality of goods.
“As the adoption of lean manufacturing practices increases, it can be deduced that the market penetration of software such as EMI, which enables the organization to implement lean manufacturing practices easily, also increases,” adds Raghav.
Need to reduce performance variability across internal functions in organization
Performance variability is one of the problems faced by every manufacturing industry. It arises because of external as well as internal factors in the organization. External factors include the availability of raw materials, availability of skilled labor, environmental factors, and others. Internal factors include the employees' resistance to change, lack of efficient machinery, and the lack of implementation of proper enterprise software.
Top vendors:
- ABB
- Aegis Limited
- Oracle
- Parsec Automation
- SAP
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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