Artificial Intelligence
Smart Manufacturing Market Size is projected to reach USD 727 Billion by 2030, growing at a CAGR of 12%: Straits Research
New York, United States, July 12, 2022 (GLOBE NEWSWIRE) — Smart manufacturing (SM) is a technology-driven strategy that uses Internet-connected equipment to monitor manufacturing. SM aims to find ways to enhance manufacturing performance through data analytics and automate operations. The Industrial Internet of Things (IIoT) has a particular SM application. Sensors are adopted in production equipment to gather information on their operating state and performance during implementations. In the past, that data was stored in local databases on individual devices and was only used to determine the reason for equipment failures after they occurred.
As smart manufacturing becomes more prevalent and more machines are connected via the Internet of Things, they will be better able to communicate, potentially allowing for increased automation.
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Government Support and Developments in Connectivity Technologies (5G) to Drive the Smart Manufacturing Market
Smart manufacturing technologies have enormous potential, which governments recognize worldwide. As a result, they encourage and fund R&D for technologies such as IIoT and industrial 3D printing. Various governments are funding IIoT research because they see themselves as potential technology users. To build and operate smart cities in the future, they invest in new IoT implementation and research projects.
The introduction of new applications for 3D printing has attracted the curiosity of businesses and governments worldwide. Governments around Asia-Pacific are continually developing initiatives and strategies to digitalize manufacturing plants.
For example, in May 2020, the Indian government invested approximately USD 265 million in an “Economic Package.” The money was used to start firms in various industries, including agriculture, manufacturing, and healthcare. As a result of this investment, several MSMEs and startups are anticipated to deploy automation software in their manufacturing units, enhancing their productivity and business. As a result, government initiatives to adopt smart manufacturing are expected to drive the market throughout the forecast period.
The existing IoT-based smart industrial applications are anticipated to change as the 5G era unfolds. In terms of latency, security, scalability, dependability, and the level of individual control over connectivity parameters, 5G has the ability to alter the way future IoT ecosystems are developed. As the spectrum of IoT application domains develops, more complicated use cases requiring more network capabilities emerge. Such features include support for integrated sensors, more precise device positioning, and high-speed device movement.
5G has the potential to give gigabit-per-second speeds, millisecond latency, and the ability to handle 1,000 times more data than current network technologies. As a result, developments in connectivity technologies such as 5G are a key driver of global market growth. Furthermore, the launch of 5G access radio networks is expected to impact the market significantly.
For example, according to Huawei Technologies, 5G wireless technology has the potential to boost global manufacturing GDP by USD 740 billion, or 4%, by 2030. Given the dynamics above, manufacturing, robotics, and other industries may be able to buck the trend by cooperating with the telecommunications sector to promote smart manufacturing technology adoption.
Rapid Industrialization in Developing Economies to Create Growth Opportunities
Companies from developed economies are eager to expand their operations in emerging economies due to lower real estate prices and labor costs. Similarly, increased industrialization in emerging economies like Africa, Mexico, Brazil, India, China, and Indonesia has resulted in considerable infrastructural expenditures, tempting global corporations to establish manufacturing operations in these regions. Due to these improvements, novel and complicated warehouse facilities are required to connect and manage supply chains.
Thus, during the forecast period, the rising industrialization of emerging economies worldwide will likely provide good growth possibilities for prominent players in the market.
Report Scope
| Report Metric | Details |
| Market Size | USD 727 Billion by 2030 |
| CAGR | 12% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2021-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Segments Covered | Component, Technology, End-User and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Siemens AG, General Electric, Rockwell Automation, Schneider Electric, Honeywell International Inc., Emerson Electric |
| Key Market Opportunities | Rapid Industrialization in Developing Economies |
| Key Market Drivers | Government Support to Smart Manufacturing |
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Impact of COVID-19
COVID-19 had a significant impact on the global economy and all enterprises worldwide. Governments throughout the world implemented lockdowns to prevent the pandemic from spreading. During the initial phases of the outbreak, the total global lockdown significantly impacted people’s livelihoods and quality of life in various countries. As a result, there were supply chain disruptions all around the world. A significant decline in product demand has affected the world’s economies.
The pandemic slowed manufacturing across the board, resulting in a scarcity of primary resources. Supply chain disruptions and a drop in exports were the primary causes of the reduction in production. During this period, businesses’ primary goal was to stay afloat, and intelligent manufacturing played a crucial role in assisting companies in operating efficiently with limited resources and people.
For the global smart manufacturing market, the post-pandemic period will be significant. Supply chain interruptions might hamper recovery, affecting market dynamics and product prices. The global market will also be challenged by distribution and transportation capacity constraints, adverse financial conditions, and rising costs. Limited manufacturing, support operations, labor shortages, and limits for other end-user industries, suppliers, and vendors may also prevent consumers from getting what they want. Overall, the global smart manufacturing market’s recovery will be challenging.
Regional Insights
North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa make up the market’s five regions. The Asia-Pacific and North America are the two most important markets for smart manufacturing. China and India dominate the Asian market. Industry 4.0, artificial intelligence (AI), augmented reality, the Internet of Things (IoT), and other disruptive technologies drive cloud use in the region. Cloud-based innovative manufacturing solutions are anticipated to become more common as a result. As a result, cloud-based smart manufacturing solutions are becoming increasingly popular, regional driving growth.
North America is expected to be the second-largest smart manufacturing market, with an expected market value of USD 180 billion by 2030. The United States and Canada are increasing their investments in new industrial technologies. Technological developments, the availability of substitute printing materials, and lower equipment prices have hastened the adoption of the smart manufacturing concept.
Business digitalization across Latin America, the Middle East, and Africa have far-reaching ramifications for regional economies, education, and employment, among other things. The Gulf Cooperation Council (GCC) countries are paving the path for regional technological adoption and digital transformation. For example, Saudi Arabia’s 2030 Strategy and National Transformation Program (NTP) 2020 places a high priority on digital transformation to generate private-sector jobs and embrace partnerships. Such a fast-rising economy will likely provide unparalleled market potential during the forecast period.
Key Highlights
- The global smart manufacturing market was valued at USD 259 billion in 2021 and is anticipated to register a CAGR of 12% by 2030.
- By component, the software component segment is expected to reach USD 388 billion by 2030.
- By technology, the DCS technology segment is expected to reach USD 116 billion by 2030.
- By end-use, the automotive end-user segment is expected to reach USD 200 billion by 2030.
- Geographically, the global smart manufacturing market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific and North America were the two significant regional markets in 2021.
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Competitive Players in the Global Smart Manufacturing Market
- Siemens AG
- General Electric
- Rockwell Automation
- Schneider Electric
- Honeywell International Inc.
- Emerson Electric
- Fanuc
- Robert Bosch GmbH
- Mitsubishi Electric Corporation
- ABB
- HP Development Company
Global Smart Manufacturing Market: Segmentation
By Component
- Hardware
- Software
- Services
By Technology
- Machine Execution Systems (MES)
- Programmable Logic Controller (PLC)
- Enterprise Resource Planning (ERP)
- SCADA
- Discrete Control Systems (DCS)
- Machine Vision
- 3D Printing
- Plant Lifecycle Management
- Plant Asset Management
By End-Use
- Automotive
- Aerospace & Defense
- Chemicals & Materials
- Healthcare
- Industrial Equipment
- Electronics
- Food & Agriculture
- Oil & Gas
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Smart Manufacturing Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Component Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Hardware
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Software
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Services
5.4.1 Market Size & Forecast (Value & Volume)
6 Technology Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Machine Execution Systems (MES)
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Programmable Logic Controller (PLC)
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Enterprise Resource Planning (ERP)
6.4.1 Market Size & Forecast (Value & Volume)
6.5 SCADA
6.5.1 Market Size & Forecast (Value & Volume)
6.6 Discrete Control Systems (DCS)
6.6.1 Market Size & Forecast (Value & Volume)
6.7 Machine Vision
6.7.1 Market Size & Forecast (Value & Volume)
6.8 3D Printing
6.8.1 Market Size & Forecast (Value & Volume)
6.9 Plant Lifecycle Management
6.9.1 Market Size & Forecast (Value & Volume)
6.10 Plant Asset Management
6.10.1 Market Size & Forecast (Value & Volume)
7 End User Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 Automotive
7.2.1 Market Size & Forecast (Value & Volume)
7.3 Aerospace & Defense
7.3.1 Market Size & Forecast (Value & Volume)
7.4 Chemicals & Materials
7.4.1 Market Size & Forecast (Value & Volume)
7.5 Healthcare
7.5.1 Market Size & Forecast (Value & Volume)
7.6 Industrial Equipment
7.6.1 Market Size & Forecast (Value & Volume)
7.7 Electronics
7.7.1 Market Size & Forecast (Value & Volume)
7.8 Food & Agriculture
7.8.1 Market Size & Forecast (Value & Volume)
7.9 Oil & Gas
7.9.1 Market Size & Forecast (Value & Volume)
8 Regional Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 North America
8.2.1 Economic Overview
8.2.2 Market Scenario
8.2.3 U.S.
8.2.4 Canada
8.2.5 Mexico
8.3 Central and South America and the Caribbean
8.3.1 Economic Overview
8.3.2 Market Scenario
8.3.3 Brazil
8.3.4 Argentina
8.3.5 Colombia
8.3.6 Rest of Central and South America and the Caribbean
8.4 Europe
8.4.1 Economic Overview
8.4.2 Market Scenario
8.4.3 Germany
8.4.4 France
8.4.5 The U.K.
8.4.6 Italy
8.4.7 The Rest Of Europe
8.5 Asia-Pacific (APAC)
8.5.1 Economic Overview
8.5.2 Market Scenario
8.5.3 China
8.5.4 Japan
8.5.5 India
8.5.6 Australia
8.5.7 South Korea
8.5.8 Rest Of APAC
8.6 Middle East
8.6.1 Economic Overview
8.6.2 Market Scenario
8.6.3 South Arabia
8.6.4 The UAE
8.6.5 Qatar
8.6.6 Oman
8.6.7 Turkey
8.6.8 The Rest Of Middle East
8.7 Africa
8.7.1 Economic Overview
8.7.2 Market Scenario
8.7.3 Nigeria
8.7.4 South Africa
8.7.5 The Rest Of Africa
9 Competitive Landscape — Manufacturers & Suppliers
9.1 Competition Dashboard
9.2 Industry Structure
9.3 Siemens AG
9.3.1 Business Overview
9.3.2 Financial Performance
9.3.3 Recent Developments
9.3.4 Portfolio
9.4 General Electric
9.5 Rockwell Automation
9.6 Schneider Electric
9.7 Honeywell International Inc.
9.8 Emerson Electric
9.9 Fanuc
9.10 Robert Bosch GmbH
9.11 Mitsubishi Electric Corporation
9.12 ABB
9.13 HP Development Company
10 Conclusion & Recommendation
11 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/smart-manufacturing-market/toc
Market News
- In September 2021, Honeywell International, Inc. created the ‘Smart Flexible Depalletizer,’ a robotic device that reduces labor-intensive work. This technology enhances warehouse productivity while lowering worker injuries.
- In March 2021, Connectix was a new line of intuitive software products and expert services from General Electric. The service is intended for use in smart manufacturing. The services enable manufacturers to use data analytics to improve energy efficiency, make faster choices, and improve day-to-day operations.
- In February 2021, ABB developed a cobot portfolio in the GoFa and SWIFTI cobot families. These cobots will complement YuMi and Single Arm YuMi in ABB’s cobot portfolio, increasing payload capacity and faster robot mobility.
- In January 2021, Rockwell Automation, Inc. released the QuickStick HT, an improved intelligent conveyor system. The innovative QuickStick HT 5700 inverter has been installed in the newly introduced conveyor system. The revised plan has improved functional safety while reducing plant floor space and controlling cabinet size.
- In May 2021– MELFA ASSISTA is a robot family developed by Mitsubishi Electric Corporation. MELFA ASSISTA works with people to perform safety functions such as collision avoidance. The robot also complies with international safety standards and regulations such as ISO 10218-1 and ISO / TS15066. MELFA ASSISTA and RT VisualBox are being used by businesses to improve efficiency.
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Artificial Intelligence
Simplilearn and Degreed Collaborate to Transform Workforce Development with AI-Enhanced Learning
SAN FRANCISCO, Oct. 2, 2024 /PRNewswire/ — Simplilearn, the world’s leading digital skills training provider, and Degreed, the innovative learning platform, today announced their strategic partnership to offer premier educational content and platform solutions that drive skills-based learning. This collaboration introduces Simplilearn as one of the first to join Degreed’s AI-Ready partner category, integrating Simplilearn’s extensive educational offerings with Degreed’s advanced learning solutions to deliver transformative learning experiences for individuals and enterprises.
Simplilearn has been at the forefront of digital skills training for over a decade, supporting professionals and organizations worldwide with holistic learning experiences that are instructor-led and hands-on. Their comprehensive range of high-quality courses in artificial intelligence, machine learning, cloud computing, data science, and digital marketing is now seamlessly integrated into the Degreed platform. This AI-powered integration equips Learning & Development (L&D) professionals with a more targeted curation experience, simplifying the creation of personalized learning plans and development pathways tailored to the evolving needs of their teams and organizations.
As technology rapidly transforms industries and reshapes job roles, the demand for advanced, practical training is at an all-time high. Degreed’s ‘AI-Ready’ partner category makes it easier for customers to discover, organize, and access relevant learning materials. Through this partnership, a comprehensive suite of courses and resources is more easily discoverable, empowering individuals and organizations to upskill and stay competitive in the fast-evolving tech landscape.
Leveraging AI, the platform will offer personalized course recommendations based on each learner’s background and experience. This intelligent approach ensures that training is relevant and aligned with individual career goals and organizational needs. Additionally, the collaboration offers access to over 700 live classes each month, keeping teams updated with the latest industry trends and technological advancements. Complementing these live sessions are more than 500 courses and role-based learning paths covering essential areas such as AI, cybersecurity, data science, and machine learning.
Mr. Krishna Kumar, Founder and CEO, Simplilearn, said, “Partnering with Degreed represents a pivotal moment in our journey at Simplilearn. This collaboration underscores our commitment to harnessing cutting-edge technology and tailored learning experiences. By integrating Degreed’s advanced AI capabilities with our industry-leading programs, we are poised to redefine how individuals and organizations approach skill development, ensuring a more agile and role-ready workforce.”
Mr. Max Wessel, co-CEO of Degreed, said, “Our partnership with Simplilearn shows our dedication to equipping professionals with the most relevant skills for today’s fast-paced technology landscape. By using AI to power the integration of Simplilearn’s top-tier courses into Degreed, we enhance our ability to offer personalized, precise, and high-impact learning experiences – helping organizations turn the talent they have into the talent they need.”
About Degreed:
Degreed is the enterprise learning company, offering the world’s leading experience platform to drive skill driven development. Degreed enables organizations to collect, understand, and build skills to develop a workforce that’s ready for anything. To learn more about Degreed, visit www.degreed.com.
About Simplilearn:
Founded in 2010 and based in San Francisco, California, and Bangalore, India, Simplilearn, a Blackstone portfolio company, is the world’s leading digital skills provider, enabling learners across the globe. Simplilearn offers access to world-class work-ready training to individuals and businesses worldwide. Simplilearn offers 1,500+ live classes each month across 150+ countries, impacting over 8 million learners globally. The programs are designed and delivered with world-renowned universities, top corporations, and leading industry bodies via live online classes featuring top industry practitioners, sought-after trainers, and global leaders. From college students and early career professionals to managers, executives, small businesses, and big corporations, Simplilearn’s role-based, skill-focused, industry-recognized, and globally relevant training programs are ideal upskilling solutions for diverse career or business goals.
For more information, please visit www.simplilearn.com/
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Artificial Intelligence
Multinational Auto Manufacturer to Insource Service Operations with 3CLogic’s Integrated AI and Contact Center Solution for ServiceNow CSM and ITSM
Leading conglomerate selects 3CLogic’s CCaaS offering, purpose-built for ServiceNow CSM and ITSM, as it insources service desk operations to streamline workflows and save millions in operating costs.
ROCKVILLE, Md., Oct. 2, 2024 /PRNewswire/ — 3CLogic, the leading AI and cloud contact center solution for ServiceNow®, today announced the integration of its AI and CCaaS capabilities by a leading auto manufacturer as it seeks to optimize its service desk operations. Leveraging the company’s existing investment in ServiceNow IT Service Management (ITSM) and Customer Service Management (CSM), the collaboration is expected to enhance productivity, improve issue resolution, and significantly reduce operating expenses.
Manufacturing tens of millions of vehicles and equipment annually, supported by a vast network of over 150,000 associates and affiliates, the organization faced challenges due to the limited insights and services provided by its outsourced contact center. Among the most impactful was the lack of integration to its back-office ServiceNow IT and Customer workflows, where the siloed structure negatively impacted the organization’s visibility into performance, process improvements, and service speed.
“We are delighted to support this strategic initiative,” explains Denis Seynhaeve, CEO at 3CLogic. “This is yet another example of a large enterprise organization eager to reclaim ownership of its internal and external support services to enable better experiences through automation, simplification of its technology stack, and tactical use of AI for better insights.”
3CLogic’s integrated AI and contact center solution with ServiceNow CSM and ITSM will deliver a number of capabilities, including AI-powered call transcription and sentiment analysis, automated agent performance and coaching, after-hours voicemail transcription, integrated SMS alerts & notifications, and consolidated reporting with ServiceNow’s native performance analytics. The insourcing of services and process efficiencies are expected to generate approximately $2.6 million in ROI within the first three years of deployment. In addition, the organization is exploring the consolidation of its HR service delivery to unify its operations further.
As the first and only ServiceNow-certified Advanced Platform CCaaS partner, 3CLogic displays a unique approach to streamlined employee and customer workflows for ServiceNow and is expected to discuss its latest AI and contact center capabilities for ServiceNow ITSM, CSM, HRSD, and source-to-pay at the upcoming World Forums in Dallas, TX, on October 8th, 2024, in Munich, Germany, on October 23rd, 2024, and in New York City, NY, on November 7th, 2024.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Artificial Intelligence
Life Science Analytics Market to Hit USD 61.94 Billion by 2029 with 11.7% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 2, 2024 /PRNewswire/ — The global life science analytics market is projected to grow from USD 35.69 billion in 2024 to USD 61.94 billion by 2029, at a robust CAGR of 11.7%. Key drivers include advancements in analytical technologies that streamline data management and enhance insights from diverse sources like clinical trials and electronic health records, alongside rising demands for precision medicine. However, challenges such as data privacy concerns and a shortage of skilled professionals hinder progress. Noteworthy collaborations, like those between TetraScience and Databricks, exemplify the trend towards leveraging AI for improved outcomes in drug development and clinical trials. North America leads the market, fueled by high healthcare expenditure and a focus on innovation, while descriptive analytics currently dominates the market segments. Overall, the life science analytics landscape is evolving rapidly, presenting both opportunities and challenges that stakeholders must navigate to enhance research and operational efficiencies.
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Browse in-depth TOC on “Life Science Analytics Market”
455 – Tables54 – Figures385 – Pages
Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing life science analytics by enabling advanced data analysis, pattern recognition, and predictive modeling, which are crucial for enhancing drug discovery, clinical trials, and personalized medicine. Companies are investing in leveraging AI & ML across their product lifecycles. In February 2024, Trinity Life Sciences launched Brand Insights AI, a new tool designed to enhance biopharmaceutical brand research by ingesting data from various sources, accelerating analysis, and revealing hidden patterns. This powerful tool leverages Trinity’s AI expertise to refine insights and optimize the use of existing information, supporting impactful and efficient research across the pharmaceutical commercialization spectrum.
The global life science analytics market is segmented into descriptive, prescriptive, and predictive analytics, by type. The prescriptive analytics segmented is expected to register highest growth during the forecast period. The high growth of this market is. driven by its ability to offer actionable recommendations, optimize decision-making, and streamline complex processes such as clinical trial management and personalized medicine. Its advanced predictive capabilities help stakeholders minimize risks, enhance treatment outcomes, and improve operational efficiency. Additionally, the excrubating demand for precision medicine and real-time data-driven strategies further fuels its adoption.
The life science analytics market is divided into services, and software, by component. In 2023, the largest share of life science analytics market belonged to the services segment. The high adoption of life science analytics services over software is driven by the need for specialized expertise and tailored solutions that go beyond the capabilities of standalone software. Increased security, improved cost effectiveness, better usability & flexibility, and improved integration capabilities of services are a few factors impacting market growth. Moreover, the escalating user base and changing needs of companies looking for all-inclusive solutions and support, coupled with the adoption of life science analytics software, generate demand for a range of services, including modification, implementation, and consulting.
The surging adoption of advanced analytics in commercial operations within the life sciences sector is revolutionizing how companies cultivate market strategies & enhance business performance to optimize product launches by providing insights into market trends, competitive landscapes, and customer preferences. Companies are leveraging various organic & inorganic strategies to expand their offerings in commercial operations. For instance, in April 2024, IQVIA and Salesforce expanded their global strategic partnership to accelerate the development of Salesforce’s Life Sciences Cloud, a next-generation customer engagement platform. This collaboration will combine IQVIA’s Orchestrated Customer Engagement (OCE) platform with Salesforce’s CRM, offering an end-to-end solution for transforming healthcare professional and patient engagement in the life sciences industry.
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The prominent players operating in the Life science analytics market include Oracle (US), Merative (formerly IBM) (US), SAS Institute (US), Accenture (Ireland), IQVIA (US), Cognizant (US), Wipro (India), Veradigm (US), Optum (US), Microsoft (US), MaxisIT (US), ExlService Holdings (US), Inovalon (US), CitiusTech (US), Saama (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot (US), Salesforce (US), Google LLC (US), Amazon Web Services, Inc. (US), Veeva Systems (US), Elsevier (Netherlands), and Komodo Health, Inc. (US). These companies adopted strategies such as product launches, product updates, expansions, partnerships, collaborations, mergers and acquisitions to strengthen their market presence in the life science analytics market.
These players not only have a comprehensive and diverse product portfolio but also a strong geographic presence. Owing to the emergence of new application areas for life science analytics, these players can focus on technologies and offerings dedicated towards research & development, commercial operations, safety, etc.
These market players have offered a diverse range of products and services and have operations worldwide. They rely on technological advancements to avail themselves of innovative products and services and increase their global footprint. These players focus on acquisitions, collaborations, agreements, mergers, product launches & updates, partnerships, expansions, and other recent developments to expand their global reach and develop advanced life science analytics solutions.
Oracle (US) is one of the leading life science analytics companies across the globe. The company provides analytics software & services for various applications including research & development, commercialization, among others. The company focuses on continuously updating its products and meeting customer expectations. Oracle also continuously invests in expanding its solutions by partnerships & collaborations to provide tailored solutions to its end users. For instance, in February 2024, Oracle partnered with ObvioHealth, Inc. to integrate diverse data in decentralized clinical trials and analyze health data from several sources for clinical trials anywhere globally. The company holds a broad customer base and a wide geographic presence, making Oracle as a critical player in various IT software, hardware, and service-related markets, including the life science analytics market.
Merative (US) is one of the prominent players operating in the life science analytics market. Merative offers a comprehensive suite of informatics products and services for life science analytics. The company leverages advanced technologies such as artificial intelligence (AI), machine learning (ML), and other technologies to strengthen the accuracy and efficiency of evidence analysis. The company has a strong brand recognition and extensive product portfolio that has contributed to its success. The company serves life science systems, clinical trial sponsors, and medical device manufacturing industries. The company has established offices across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC.1615 South Congress Ave.Suite 103, Delray Beach, FL 33445USA: +1-888-600-6441Email: [email protected] Our Website: https://www.marketsandmarkets.com/
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