With the high rate of adoption of sensors and connected devices, there has been a high increase in the number of data points generated in the manufacturing industry. The term Big Data refers to increasingly complex, massive data stores that can’t be effectively processed using traditional methods. In the manufacturing sector, Big Data involves collecting information from a variety of sources, including machine sensor data, quality assurance information, data from suppliers, production output, maintenance, financial information, and basically any other measurable process that goes into modern manufacturing.
Manufacturers collect such data for a reason: this Big Data can be processed and refined into business insights that can help massive financial growth, customer retention, savings on maintenance, warehousing, and unexpected downtime, among other things. Using the power of Big Data and manufacturing analytics, manufacturers are able to add value, efficiency, and productivity to their businesses while knowing that the moves they make are calculated and based on accurate data. This increases not only the likelihood of success, but also confidence in the ideas that are implemented. According to some reports, the global Big Data industry in the manufacturing industry was worth $3.22 billion in 2018 and is projected to reach $9.11 billion by 2026, exhibiting a CAGR of 14.0% during the forecast period.
Why is the use of data growing in the manufacturing industry?
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