Real Time Production Monitoring Market worth $12.56 Billion by 2030 - Exclusive Report by The Insight Partners

Pune, India., Oct. 10, 2023 (GLOBE NEWSWIRE) -- According to a new report on "Real Time Production Monitoring Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis– by Component (Solution and Services), Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprise and SMEs), Industry (Process Manufacturing and Discrete Manufacturing), and Geography" the market in terms of revenue was estimated to be worth $5.13 billion in 2022 and is poised to reach $12.56 billion by 2030, growing at a CAGR of 11.8% from 2022 to 2030.

The growth of real time production monitoring market is driven by the increase in use of predictive maintenance across industries, advent of industry 4.0, and focus on maximizing production capacity. However, cost constraints in deploying solutions in SMEs and possibility of data theft through manufacturing execution system is expected to hinder the market growth.

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Global Real Time Production Monitoring Market Scope:

Integration of real time production monitoring systems with ERP solutions to Provide Lucrative Opportunities for Global Real Time Production Monitoring Market Growth During 2022 to 2030:

ERP is a complete system that enables enterprises to manage suppliers, monitor supply chain activity in real time, and streamline several other business procedures. ERP offers a comprehensive company perspective, considering areas such as finance, inventory management, supply chain, and production. And real time production monitoring software gathers and examines data in real time from the production floor. Thus, integration of real time production monitoring solutions with ERP systems will benefit enterprises in various ways. Production management is considerably enhanced when ERP and real time production monitoring solutions are connected effectively. With the help of this integration, batch production jobs may be effectively planned and managed by being connected to a particular management workspace.

Further, integrating ensures enhanced data quality and traceability and assures that production data is accurate and updated. Costs can be significantly decreased by putting this integration into practice. The integrated solution enhances return on investment by providing better resource management and more effective material utilization.

Global Real Time Production Monitoring Market: Regional Overview

In 2022, North America led the global real time production monitoring market with a substantial revenue share, followed by Asia Pacific and Europe. The real time production monitoring market in North America is segmented into the US, Canada, and Mexico. The region is an early adopter of digital technology across the world. In May 2012, the Digital Government Strategy was launched to build a 21st-century government and bring digital revolution across the region to pioneer economic growth and technology adoption. In May 2020, the United States Agency for International Development (USAID) released a Digital Strategy for development and humanitarian assistance in a rapidly evolving digital landscape across the world.

This digital strategy was built to strengthen various industries contributing to the region's economic growth. In 2021, Canada announced its first digital-government strategy to coordinate digital operations, modernize their IT systems, advance technology adoption, and improve service delivery. Thus, the rising digitalization fuels the adoption of digital solutions across North America, which fosters the demand for real time production monitoring solutions by players across the manufacturing sector to gain a competitive advantage in the market. Digitalization has led to the integration of IoT devices, generating a huge amount of data regarding the production process. Real time production monitoring solutions can help manufacturers capture and analyze the data from production machinery and make decisions from data-driven insights in real time.

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Global Real Time Production Monitoring Market: Segmental Overview

The real time production monitoring market is categorized on the basis of component, deployment mode, enterprise size, industry, and geography. Based on component, the real time production monitoring market is segmented into solution and services. By deployment model, the real time production monitoring market is segmented into on-premise and cloud. Based on enterprise size, the real time production monitoring market is categorized into large enterprises and SMEs. Based on industry, the real time production monitoring market is categorized into discrete manufacturing and process manufacturing. The real time production monitoring market, based on geography, is categorized into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Global Real Time Production Monitoring Market: Competitive Landscape

Capgemini SE, Oracle Corp, Hitachi Ltd, Rockwell Automation Inc, Siemens AG, Dassault Systemes SE, Aspen Technology Inc, Infosys Ltd, sedApta Srl, and General Electric Co are among the leading market players profiled in the real time production monitoring market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth.

Recent Developments:

• In 2019: Capgemini helped Baker Hughes—a GE company (BHGE)—to create and implement an Industrial Internet of Things (IIoT) solution that gathers data from all manufacturing machines and devices, including furnaces, cranes, machine tools, and the manufacturing execution system. The solution provides engineers and operators with a new level of ability and insight to adjust production at a moment's notice.
• In 2023: Satisloh announced the launch of an upgraded version of its MES-360 manufacturing execution system. MES-360 has been designed to address the needs of lab managers, production supervisors, machine technicians, and quality teams in mid to large-sized Rx labs.
• In 2021: GE Digital announced a Proficy Smart Factory manufacturing software suite spanning cloud on-premises and mixed architecture software that brings the digital world organized with the physical world to deliver complete operations performance management for connected enterprises. Improving manufacturers' quality and throughput efficiency, Proficy Smart Factory is an effective operations management solution for discrete, process, and mixed manufacturing environments.
• In 2021: Plex Systems announced the launch of Plex Production Monitoring, a quick-start solution that helps manufacturers gain visibility into real-time plant floor data. Plex Production Monitoring is an advancement of the widely deployed Plex Mach2 solution originally created by Kors Engineering, which Plex acquired earlier.

Go through further research published by The Insight Partners:

Production Monitoring Market - Global Analysis and Forecast to 2030

Production Monitoring System Market - Global Analysis and Forecast to 2030

Manufacturing Analytics Market - Global Analysis and Forecast to 2030

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