Pune, May 05, 2020 (GLOBE NEWSWIRE) -- The global manufacturing operations management software market size is projected to reach USD 22.64 billion by 2027, exhibiting a CAGR of 11.4% during the forecast period. Rising popularity of smart factory and industry 4.0 will propel the growth trajectory of the market, states Fortune Business Insights™ in its recent report, titled “Manufacturing operations management software Market Size, Share & Industry Analysis, By Component (Services, Software), By Function (Labor Management, Planning & Scheduling, Process and Production Intelligence, Quality Process Management, Others), By Industry (Automotive, Chemicals, Medical Equipment & Pharmaceuticals, Food and Beverages, Aerospace and Defense, Others), and Regional Forecast, 2020-2027”.

A smart factory can be understood as a regular factory, but operating in a web of highly connected and digitized environment. In such a factory, the workings of machinery and equipment are automated to streamline processes and optimize production. These interconnections are facilitated by the Internet of Things (IoT) technology, which is also a manifestation of the concept of Industry 4.0. Manufacturing operations management (MOM) software helps manufacturers to properly utilize these advanced technologies to improve their manufacturing processes, which in turn allows them to produce better quality products. Thus, one of the top manufacturing operations management software market trends is the increasing adoption of smart factory by manufacturers across the industrial spectrum.

The MOM software market report states that the market value stood at USD 9.75 billion in 2019. The other highlights of the report include:

  • Valuable insights into the factors driving and restricting the growth of the market;
  • Comprehensive analysis of the individual market segments;
  • Detailed study of the competitive dynamics influencing the market; and
  • Exhaustive research into the regional developments shaping the growth path of the market.

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An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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Market Restraint

Concerns Surrounding Data Vulnerability to Impede Market Growth

Cloud-based operations management solutions offer a range of benefits such as easy implementation, cost-effectiveness, convenient accessibility, and data integration. However, growing interaction between humans and machines has led to generation of data in gargantuan amounts. While MOM software tools enable efficient data collection and analysis, they are equally vulnerable to hacking and privacy infringement. For example, a buyer does not have complete control of the security and privacy of his company’s data as some control lies with the vendor. This means that manufacturers wanting to adopt such technologies place a high amount of trust in the vendor, which can make them hesitant in purchasing such solutions. This may stem the uptake of MOM tools and hinder the manufacturing operations management market growth in the coming years.

Regional Analysis

Heavy Investment in Software Technology to Drive the Market in North America

In 2019, North America generated revenue of USD 3.66 billion and is anticipated to lead the manufacturing operations management software market share during the forecast period. This is mainly attributable to the heavy investments made the governments in the region as well as the private sector in developing and adopting advanced tools for improving efficiency of the manufacturing sector. In Europe, on the other hand, the market will be primarily led by the robust manufacturing sectors in Germany and Italy. Asia-Pacific is expected to showcase fastest growth among regions owing to the speedy development of the manufacturing sector in China and India.

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Competitive Landscape

Increasing Strategic Collaborations to Energize Market Competition

The manufacturing operations management market forecast predicts a high-energy period for the market as top competitors look to entrench their position in this market. Their prime strategy for achieving this is by forging alliances and entering into strategic partnerships to develop novel products and strengthen their portfolio.

Industry Developments:

  • January 2020: The Portuguese manufacturing software major Critical Manufacturing announced its collaboration with the Indian IT giant HCL Technologies to deliver pre- and post-sales consulting and implementation support. Under the partnership, the companies will utilize the Manufacturing Execution Systems (MES) developed by Critical Manufacturing to cater to medical device, hi-tech, and semiconductor manufacturing industries.

  • November 2019: ABB Ltd, the Swiss-Swedish MNC, launched a new version of its ABB Ability™ Manufacturing Operations Management software featuring superior digital capabilities. The enhanced platform provides improved flexibility and security of operations to managers and supervisors in a wide range of industries.

List of Companies Covered in the Manufacturing Operations Management Market Report:

  • Aegis Industrial Software Corporation
  • Siemens Ltd.
  • Rockwell Automation Inc.
  • Honeywell International Inc.
  • Dassault Systems
  • iBASEt
  • SAP SE
  • ABB Ltd
  • Critical Manufacturing S.A.

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Manufacturing Operations Management Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102713

Detailed Table of Content

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Drivers, Restraints and Opportunities
    • Emerging Trends
  • Key Insights
    • Macro and Micro Economic Indicators
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Forces Analysis
  • Global Manufacturing Operations Management Software Market Analysis, Insights and Forecast, 2015-2027
    • Key Findings / Summary
    • Market Size Estimates and Forecasts
      • By Component
        • Software
          • On-premises
          • Cloud
        • Services
      • By Function (Value)
        • Labour Management
        • Planning & Scheduling
        • Process and Production Intelligence
        • Quality Process Management
        • Others
      • By Industry (Value)
        • Automotive
        • Chemicals
        • Medical Equipment & Pharmaceuticals
        • Food and Beverages
        • Aerospace and Defense
        • Others
      • By Geography (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America

TOC Continued..!!!

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