Dallas/ Texas, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The manufacturing sector's increasing need for industrial automation, the manufacturing sector's servitization, the necessity for centralized monitoring and predictive maintenance, and the emergence of industry 4.0 are the primary drivers of the global Production Monitoring Market expansion. Privacy and data security risks, however, may limit industry growth. It is now possible for Production Monitoring to anticipate the real-time operations and procedures thanks to a system of tools and software. Managers have access to the Overall Equipment Effectiveness (OEE) through production monitoring, giving them knowledge of the functional capacity and the requirement for repair.
Top industry competitors:
- Sedapta
- Softweb Solutions
- Emerson
- Rockwell Automation
- Infinity Qs
- Aspen Technology
- Schlumberger
- IQMS
- Ordinal Software
- Verizon
Scope of the Report
Additionally to reducing operational costs, it ensures business continuity and capacity building. At an estimated CAGR of 8.6% in the forecast period, the size of the global Production Monitoring market is expected to boost from US$ 5146 million in 2021 to USD 8587.8 million in 2029.
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However, the market's expansion is being hampered by challenges with data security and privacy. Due to investments in linked devices for production processes, the metals, capital goods, and electronics industries are more susceptible to cyber security vulnerabilities. The move toward cloud infrastructure and services has made manufacturers increasingly vulnerable to cyber attacks. Some companies have also started using automated weather sensors to monitor variations in quake activity, as well as ocean and atmospheric levels.
As a result, oil and gas firms will be able to take the necessary safety procedures in real-time when conditions are favorable for significant natural weather events like earthquakes and hurricanes. The created technology can be used as a geo-information web service for all-weather real-time monitoring of oil extraction regions due to its high level of automation.
Table of Content
1. Report Description
2. Key Market Components
3. Report Methodology and Scope
4. Dynamics
5. Market Analysis by Type
- 5.1 On-premises
- 5.2 Cloud
6. Market Analysis by Applications
- 6.1 Small and Medium-sized Enterprises
- 6.2 Large Enterprises
7. By Process Manufacturing
- 7.1 Oil and Gas
- 7.2 Chemical
- 7.3 Pharmaceutical and Life Sciences
- 7.4 Energy and Power
- 7.5 Water and Wastewater Management
- 7.6 Food and Beverage
8. COVID-19 Impact Analysis On The Industry
9. Regional analysis
10. Appendix
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During the projected period, the component segment for services is expected to increase more rapidly. Due to their primary focus on streamlining business procedures and improving manufacturing businesses' production management, services are regarded as a significant part of the global market for production monitoring. As they are essential to meeting the specific needs of end users and clients, services are regarded as the foundation of the production monitoring software ecosystem.
Region Specific Overview
The North American landscape has accumulated the biggest market share, according to geography. Due to their rapid industrialization, capital-intensive manufacturing methods, technological advancements, and large R&D efforts supported by well-rounded funding for startups, the US and Canada enjoy a competitive advantage over other regions. The presence of seasoned players and market participants strengthens North America as well. Because these systems are being used, Europe receives the second-largest proportion. Automation will reduce costs and introduce inconsistencies for the automobile industry and other end users.
Some Companies Considered
Rockwell Automation unveiled Predictive Maintenance-as-a-Service in May 2018. (PMaaS). The service analyses data from linked technologies, such as sensors, control systems, and smart machines, in order to predict, monitor, and mitigate probable future failures or problems as part of the preventive maintenance strategy. It is utilized on essential assets defined by the customer. It can recognize typical operations and create data models.
An analytics-based knowledge solution for prescriptive maintenance was introduced by Hitachi Power Solutions in April 2018. Production managers can establish and expedite processes for maintaining assets and equipment thanks to this.
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About Us:
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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