The Global Production monitoring market is forecast to reach USD 11.11 Billion by 2028, according to a new report by Reports and Data. The expansion of the Production monitoring market is the result of the integration of various factors. The essential factors contributing to the development of production monitoring market is the multiple advantages associated with production monitoring systems like the ease of installation, compatibility with various types of production line computers, applicability with wireless networks and easy up-gradation with future production lines, which has resulted in its increased preference among end-user industries. Hence, a high preference for production monitoring systems among the end-user industries has resulted in propelling the growth of the market. Apart from the mentioned advantages of the production monitoring system, reduction of production costs due to its incorporation, enhanced use of existing organizational capacities are some of the other benefits associated with the production monitoring systems that has resulted in the expansion of the market.
Specific initiatives taken by the key players of the market are also driving the growth of the market. In 2020, a knowledge-based analytics solution was introduced by Hitachi Power Solutions, a key player of the market. The solution is beneficial for the production managers in enhancing their functioning on equipment and asset maintenance. Such advancements by the key players have a significant positive impact on the growth of the market.
In regards to region, Europe has a dominant market presence that occupies the second largest market share in the production monitoring market. The market dominance of Europe in the production monitoring market is the result of the emphasis on RD activities and innovations in IT technologies.
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Further key findings from the report suggest
- Production monitoring market held a market share of USD 5.40 Billion in the year 2020, with a growth rate of 9.1% during the forecast period.
- In the context of Component, the Services segment can be seen to yield a higher revenue of USD 0.19 Billion in 2020 with a CAGR of 2.3% during the forecast period. The revenue yielded by the segment is the result of the high rate of implementation of integration and deployment services among end-user industries, which is the primary and essential aspect of executing product monitoring services.
- In regards to Strategy, Condition-based monitoring segment can be seen to dominate the market that yielded a higher revenue of USD 0.59 Billion in 2020 with a higher CAGR of 10.7% during the forecast period. Factors like the effectiveness of this strategy in providing specific observations based on the acoustic signal, temperature, and electric current have contributed to the revenue generated by this segment. The growth rate of this segment is also the result of its predictive nature and the ability of automatic diagnosis.
- In context to Module, Data storage module segment generated the highest revenue of USD 0.30 Billion in 2020 with a CAGR of 10.1% during the forecast period. Factors contributing to the revenue generated by this segment are its effectiveness in data archiving, distribution, and storage which is an integral aspect of the functioning of various end-user industries, which has resulted in its increased demand.
- In regards to Deployment type, the Cloud segment is forecasted to witness a higher growth rate of 12.0% during the forecast period that is forecasted to occupy 31.0% of the market by 2028. The growth experienced by the Cloud segment is attributed to advancements in platforms for the operation of production monitoring solutions like the Internet of Things (IoT), Machine Learning and big data that is beneficial for manufacturers to provide with the solutions.
- In regards to Application, the Business Process Optimization segment occupied the largest market share of 35.0% in 2020, with the second-highest CAGR of 9.5% during the forecast period. Factors contributing to the market dominance of Business Process Optimization are the effectiveness of production monitoring system in helping enterprises to eliminate processes that are no more effective and enhance their operational systems. The efficiency of production monitoring system in this segment has resulted in its increased use, contributing to the market share occupied by it.
- In regards to region, Asia Pacific is forecasted to experience the highest growth rate of 10.4% during the forecast period. The high rate of adoption of production monitoring systems in different industries, and availability of cheap labor that positively impacts the manufacturing facilities are some of the factors, driving the market in this region.
- Key participants include Capgemini, Oracle, Infosys, Verizon, Siemens, Rockwell Automation, Emerson Electric Co., Schlumberger Limited, and Aspen Technology, Inc.
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The Global Production Monitoring Market is segmented as follows:
Component Type Outlook (Revenue, USD Billion; 2020-2028)
- Data management
- Asset Management
- Mobile Workforce Management
- Smart Security and Surveillance
- Managed Services
- Security Management
- Infrastructure Management
- Professional Service
- Support and Maintenance
- Integration and Deployment
- Education and Training
Strategy type Outlook (Revenue, USD Billion; 2020-2028)
- Condition-based monitoring
- Preventive maintenance
Module type Outlook (Revenue, USD Billion; 2020-2028)
- Data storage module
- Signal conditioning module
- Visualization module
Deployment Type Outlook (Revenue, USD Billion; 2020-2028)
Organization size Type Outlook (Revenue, USD Billion; 2020-2028)
- Large Enterprises
- Small and Medium-Sized Enterprises
End-users Type Outlook (Revenue, USD Billion; 2020-2028)
- Oil and gas
- Pharmaceutical and Life Sciences
- Government and Defense
- Telecommunications and IT
- Food and beverages
Application Type Outlook (Revenue, USD Billion; 2020-2028)
- Control and Automation Management
- Business Process Optimization
- Supply Chain and Logistics Management
- Incident and Emergency Management
The report provides an explicit analysis of the market with regards to growth driving factors, restraining factors, regulatory framework, threats and opportunities, financial hurdles to offer a thorough outlook of the market. The report also covers value chain analysis, market share, market size, CAGR, sales and revenue, import/export, the scope of the market, growth prospects,and other key factors.The report offers a regional analysis that covers key geographies such as North America, Europe, AsiaPacific, Latin America, and Middle East Africa.
The report applies advanced analytical tools such as SWOT analysis, Porter’s Five Forces analysis, along with feasibility analysis and investment return analysis. It also offers strategic recommendations to new entrants as well as established companies about market barriers. It also offers insights into futuristic business opportunities, market scope, threats, and obstacles, to enable fruitful business decision-making process.
Furthermore, the report renders a complete analysis of the Production Monitoring market that allows readers to formulate profitable and lucrative business strategies by offering insights into the competitive landscape, crucial market details, growth prospects, regional rules and regulations, and other key factors.
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