According to the new market research report "Production Monitoring Market by Component (Solutions and Services), Solution, Service (Professional and Managed), Organization Size, Industry (Process Manufacturing and Discrete Manufacturing), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Production Monitoring Market is expected to grow from USD 4.0 billion in 2018 to USD 6.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period.
The major factors driving the Production Monitoring Market include a rising demand for industrial automation and servitization in the manufacturing industry.
Security management services to grow at the highest CAGR during the forecast period
Security is the biggest concern for all organizations, be it a Small and Medium-sized Enterprise (SME) or a large enterprise. Any data breach would significantly hamper the business. Therefore, the main focus of enterprises is to protect the inherent property of the organization, such as customer service delivery, without compromising on the output. Manufacturing companies who are focused on product development have high amounts of data, including product designs, prototype information, customer information, vendor details, and contract details. These data are very important, and enterprises cannot afford to lose them. Therefore, various organizations offer managed security services, including smart security services and cybersecurity services.
Business process optimization application area to hold a larger market size during the forecast period
Business process optimization is a management approach that helps construct new processes and develop new resources to make an organization as effective as possible. This approach encourages organizational leaders to get back to basics and get rid of processes that are not working anymore. It creates an environment of ongoing monitoring, analysis, and adjustments when necessary. The production monitoring solutions based on platforms, such as Machine Learning (ML), IoT, and big data, are helping manufacturing organizations in achieving their short-term and long-term goals. These solutions enable manufacturing organizations to reduce the number of costly errors and achieve a vastly improved result by implementing a well-designed set of business process management solutions.
North America to hold the largest market size during the forecast period
North America is expected to be the largest contributor to the Production Monitoring Market in terms of market size, as it is a technologically advanced region. The top countries contributing to the Production Monitoring Market in this region include the US and Canada. These countries have sustainable and well-established economies, which enable them to strongly invest in R&D activities, thereby contributing to the development of new technologies. Due to the early adoption of trending technologies, such as IoT, big data, DevOps, and mobility, manufacturers are keen to adopt new advanced technologies for their production process.
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