PUBLISHER: Grand View Research | PRODUCT CODE: 1493423
PUBLISHER: Grand View Research | PRODUCT CODE: 1493423
The global manufacturing execution systems market size is anticipated to reach USD 29.88 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 10.8% from 2024 to 2030, driven by the advances in computer vision and Machine Learning (ML) technologies. Manufacturing Execution Systems (MES) can accomplish quality inspection, automated monitoring & control, inventory management, safety compliance, and process optimization by leveraging computer vision and predictive maintenance, quality control, demand forecasting, production process optimization, and supply chain management using ML.
Governments worldwide are increasingly recognizing the importance of implementing digital transformation in the manufacturing industry and subsequently encouraging and supporting the adoption of new, innovative solutions, such as MES, which are based on the latest, advanced technologies. They are also developing educational programs to help manufacturers implement MES and other digital solutions and realize the benefits associated with the implementation of these solutions. For instance, the SkillsFuture initiative being pursued by the government of Singapore envisages providing training programs for manufacturing personnel.
The outbreak of the COVID-19 pandemic triggered the need for monitoring and controlling manufacturing processes remotely, driving the adoption of MES. With the help of MES, many manufacturing plants managed to function efficiently even during the lockdowns, ensuring that companies continued to operate without evading the social distancing guidelines. While computer vision allowed MES to enhance automation, quality control, and process optimization, ML transformed MES by enabling advanced analytics, predictive maintenance, and intelligent decision-making in these processes in the wake of the outbreak of the pandemic.