Advent of Industry 4.0, execution of robotic process automation (RPA), and increase in need for compliance with stringent healthcare regulations propel the growth of the global manufacturing operations management software market
PORTLAND, Oregon, March 12, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Manufacturing Operations Management Software Market by Component (Software and Services), Functionality (Inventory Management, Labor Management, Manufacturing Execution System (MES), Process & Production Intelligence, Quality Process Management, and Others), Enterprise Size (Small & Medium Enterprises and Large Enterprises), and Industry Vertical (Automotive, Chemical, Healthcare, Food & Beverages, Consumer Goods, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global manufacturing operations management software market accounted for $7.21 billion in 2018, and is anticipated to reach $15.21 billion by 2026, registering a CAGR of 9.5% from 2019 to 2026.
Chief reasons for market fluctuations
Advent of Industry 4.0, implementation of robotic process automation (RPA), and rise in need for compliance with stringent healthcare regulations drive the growth of the global manufacturing operations management software market. However, high initial investment hampers the market growth. On the contrary, increased adoption of supervisory control and data acquisition and advancements in Industrial IoT (IIoT) are expected to create lucrative opportunities in the industry.
The software segment dominated the market
Based on component, the software segment held the largest share in 2018, contributing to nearly three-fourths of the global manufacturing operations management software market. The emergence of digitalization in manufacturing production areas to optimize production performance and improve flexibility, efficiency, and time-to-market drive the growth of this segment. On the other hand, the services segment is expected to register the fastest CAGR of 11.8% during the forecast period.
Prescription segment to portray fastest growth by 2026
Based on enterprise size, the small and medium enterprises segment is expected to register the fastest CAGR of 11.8% during the forecast period. The proliferation of lean manufacturing among SMEs to eliminate almost all waste from production processes is a major factor that drives the growth of the segment. However, the large enterprises segment dominated the global manufacturing operations management software market in 2018, accounting for four-fifths of the market. Large industries have gained high traction of manufacturing operations management software to have consistent manufacturing operations across all its locations, which drives the growth of the segment.
North America to lead throughout the forecast period
The global manufacturing operations management software market across the North America region held the largest share in 2018, accounting for nearly two-fifths of the market. The region is expected to maintain its dominance throughout the forecast period. The emergence of extensive technological advancements in manufacturing and increase in the global competitiveness among manufactures. On the other hand, the market across the Asia-Pacific region is anticipated to register the fastest CAGR of 11.8% during the forecast period, owing to the rise in demand for technology-based services and growth in number of manufacturing facilities.
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