New York, US, April 27, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Production Information Management (PIM) Market: By Component (Hardware, Software), By Deployment (Cloud, On-Premise) By Vertical (BFSI, Government, Retail) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032”, the market is predicted to thrive substantially during the assessment era from 2023 to 2032 at a healthy CAGR of approximately 12.08% to attain a valuation of around USD 23.72 billion by the end of 2032.
Production information management refers to the process of collecting, organizing, and analyzing production data to improve the efficiency and effectiveness of production operations. The increasing need for automation and digitization of production processes, the growing adoption of industrial IoT and big data analytics, and the rising demand for real-time monitoring and control of production processes are driving the growth of the production information management market.
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Report Scope:
| Report Metrics | Details |
| Production Information Management (PIM) Market Size by 2032 | USD 23.72 billion |
| PIM Market CAGR during 2023-2032 | 12.08% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The key factors driving the market include the increasing need for a centralized data storage system. Centralized data storage help enterprises to organize and manage all the data related to its product. |
Drivers:
The production information management market is being driven by several factors. One of the key drivers is the need for automation and digitization of production processes. With the increasing complexity of production processes, there is a growing need for automated systems that can improve the efficiency and accuracy of production operations. The adoption of industrial IoT and big data analytics is also driving the growth of the production information management market, as these technologies enable real-time monitoring and control of production processes, as well as the analysis of production data to identify areas for improvement.
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Challenges:
Despite the growth drivers, the production information management market is not without its challenges. One of the key challenges is the lack of standardization in production processes, which can make it difficult to collect and analyze production data. Another challenge is the high cost of implementing production information management systems, which can be a barrier to adoption for some companies.
Market Segmentation:
The global production information management market has been segmented on the basis of component, deployment, organization size, application, and region.
By component, the market has been segmented into software and services. The software segment is expected to hold the largest share of the market during the forecast period.
By deployment, the market has been segmented into on-premise and cloud-based. The cloud-based segment is expected to grow at the highest CAGR during the forecast period.
By organization size, the market has been segmented into SMEs and large enterprises. The large enterprises segment is expected to hold the largest share of the market during the forecast period.
By application, the market has been segmented into inventory management, quality management, supply chain management, and others. The supply chain management segment is expected to hold the largest share of the market during the forecast period.
Regional Analysis:
The global production information management market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
North America is expected to hold the largest share of the market during the forecast period, due to the presence of a large number of production companies in the region, as well as the high adoption of automation and digitization technologies.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period, due to the increasing industrialization and digitalization of production processes in the region.
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Industry Trends:
The production information management market is witnessing several industry trends. One of the key trends is the increasing adoption of cloud-based production information management systems, which offer greater flexibility, scalability, and cost-effectiveness than on-premise systems. Another trend is the growing use of AI and machine learning technologies to improve the accuracy and efficiency of production operations.
Key Players:
The report profiles some of the key players operating in the global production information management market, including ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Company, Honeywell International Inc., Rockwell Automation, Inc., Yokogawa Electric Corporation, Emerson Electric Co., and Mitsubishi
Recent Developments and Opportunities in the Production Information Management Market
New York, NY, April 6, 2023: The global production information management market is witnessing significant growth, driven by the need for automation and digitization of production processes, the adoption of industrial IoT and big data analytics, and the rising demand for real-time monitoring and control of production processes. The market is set to grow at a CAGR of 8.7% during the forecast period of 2023-2028, according to a report published by Market Research Future.
Recent Developments:
The production information management market is witnessing several recent developments that are shaping the future of the market.
Here are some of the key developments:
- Siemens AG, a leading player in the production information management market, announced the launch of its new production information management software, Simatic IT Preactor APS. The software enables companies to optimize production scheduling, reduce lead times, and improve delivery performance.
- Honeywell International Inc., another key player in the market, announced the acquisition of a leading provider of industrial IoT solutions, FogHorn Systems. The acquisition is expected to enhance Honeywell's capabilities in industrial automation and digitalization.
- ABB Ltd., a global leader in electrification, robotics, and automation, announced the launch of its new production information management software, ABB Ability Manufacturing Operations Management. The software provides real-time visibility into production operations, enabling companies to improve efficiency and reduce costs.
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Opportunities:
The production information management market is witnessing several opportunities that are expected to drive the growth of the market in the coming years.
Here are some of the key opportunities:
- Increasing adoption of Industry 4.0 technologies: The adoption of Industry 4.0 technologies, such as IoT, big data analytics, and AI, is expected to drive the growth of the production information management market. These technologies enable real-time monitoring and control of production processes, as well as the analysis of production data to identify areas for improvement.
- Growing demand for cloud-based solutions: The growing demand for cloud-based production information management solutions is expected to create new opportunities for market players. Cloud-based solutions offer greater flexibility, scalability, and cost-effectiveness than on-premise solutions, making them a popular choice among companies of all sizes.
- Increasing focus on sustainability: The increasing focus on sustainability is expected to drive the adoption of production information management solutions, as companies seek to improve the efficiency and sustainability of their production processes. Production information management solutions can help companies reduce waste, conserve resources, and minimize their environmental impact.
Conclusion:
The global production information management market is witnessing significant growth, driven by the need for automation and digitization of production processes, the adoption of industrial IoT and big data analytics, and the rising demand for real-time monitoring and control of production processes. The market is set to grow at a CAGR of 8.7% during the forecast period of 2023-2028. The market is witnessing several recent developments and opportunities that are expected to drive the growth of the market in the coming years. Market players are investing in new technologies and solutions to meet the evolving needs of customers and stay ahead of the competition.
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