The surging demand for paperless manufacturing is boosting the global manufacturing operation management market, predicts Fortune Business Insights in their new study. The study is titled, “Manufacturing Operation Management Market Size, Share and Global Trend by Process (Data Processing, Data Interpretation, Data Acquisition, Data Triangulation), By Component (Hardware, Software, Services), By End Users (Mining, Oil & Gas and others) and Geography Forecast till 2025.”
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/manufacturing-operation-management-market-100333
Fortune Business Insights identifies various growth opportunities offered by the market for generating higher revenues. The increasing internet penetration worldwide is fueling the demand in the manufacturing operation management market. The benefits of this application includes optimization and standardization of processes, improvement in asset utilization and minimization of lead-times. This, coupled with the rise in production visibility and improvement in response time are factors propelling growth in the global manufacturing operation management market.
Demand for Increased Production Visibility to Help Market Gain Momentum
Various factors are responsible for the growth of the manufacturing operations management market. For instance, the market is expected to gain from the rising penetration of the internet in business development and management. Demand for paperless transactions and other beneficiaries such as quality management, inventory planning, sequencing process is also among key factors driving the market.
In the coming years, the demand for manufacturing operation management is expected to rise in industries such as food and beverage, chemical, automotive, healthcare and pharmaceuticals and others to function with more efficiency. This is likely to bode well for the global market during the forecast period.
However, the market may face certain challenges such as high cost of system software installation and slow upgradation of these software. This, coupled with the lack of skilled professionals to maintain efficiency of the software product may hamper market growth in the coming years.
Nevertheless, ongoing research and development on software upgrades, and use of automation solutions with the help of Internet of Things will help the market gain momentum during the forecast duration.
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Key Market Driver – Increasing adoption of industrial-internet of things (I-IoT), cloud computing services & AI based energy management systems.
Key Market Restraint – Huge fee in deploying this solution in entire manufacturing unit
Top Players List:
- Invensys PLC
- Schneider Electric
Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2025. Additionally, the rising adoption of e-financial services is expected to boost the global market.
Asia Pacific Forecast to Offer Lucrative Opportunities, Pushing Overall Growth of the Market
Geographically, Asia Pacific is anticipated to emerge as the largest manufacturing operation management market during the forecast duration. This is owing to the large amount of investments made by market players and governments for technological developments in the manufacturing industries. Fortune Business Insights foresees China to rank first in the manufacturing industry with an economy of more than US$ 2.4 Tn. In 2018, China ranked as the largest producer and consumer of electronic goods.
Apart from Asia Pacific, the North America market is prognosticated to witness high growth in the coming years. This is attributable to increasing demand for manufacturing operating systems from various industries such as food and beverage, utility and power industries, food and wastewater treatment, and others in the region.
Key Industry Developments
- March 2018: ABB Ltd. integrated their whole manufacturing operation plants with ERP solution enabled with set of AI standard interfaces (ODBC, OLE DB). This integration would provide reduction in Total Cost of Ownership (TCO) and allows the data to transmit in its original form, eliminating the need to replicate data, reducing cost and improving reliability.
- December 2018: Emerson Electric Co., acquired iSolutions Inc. with an aim to offer optimized data management solutions for their manufacturing sector. This acquisition would help both the organizations with industrial-IoT automation tools to make data-driven production and operational decisions based on the analysis of real-time understandings from manufacturing units.
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