PUBLISHER: IMARC | PRODUCT CODE: 1540882
PUBLISHER: IMARC | PRODUCT CODE: 1540882
The global manufacturing operations management software market size reached US$ 11.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 25.0 Billion by 2032, exhibiting a growth rate (CAGR) of 8.6% during 2024-2032. The demand for industrial Internet of Things (IIoT), increasing industry 4.0 and digital transformation, and rising healthcare spendings are some key aspects propelling the growth of the market.
Major Market Drivers: There is a rise in the demand for tracking and monitoring manufacturing operation and industry 4.0.
Key Market Trends: The growing implementation of advanced technologies solutions and increasing execution of robotic process automation is positively influencing the market.
Geographical Trends: North America holds the largest segment because of the presence of key players and ongoing innovations in technology.
Competitive Landscape: Some of the major market players in the manufacturing operations management software industry include ABB Ltd., Aegis Industrial Software Corporation, Aspen Technology Inc., Critical Manufacturing (ASM Pacific Technology Limited), Dassault Systemes SE, Emerson Electric Co., General Electric Company, Honeywell International Inc., International Business Machines Corporation, Oracle Corporation, Plex Systems Inc., Siemens AG, among many others.
Challenges and Opportunities: While the market faces challenges like the complexity of integration of manufacturing operation management (MOM), which impacts the market, it also encounters opportunities in the integration of smart manufacturing.
Increasing adoption of industrial IoT (IIoT)
According to the IMARC Group's report, the global Industrial Internet of things (IIoT) market reached US$ 255.3 Billion in 2023. IioT sensors installed in equipment and machinery record specific data on factors such as temperature, pressure, humidity and performance indicators. MOM software can interact with IioT platforms to gather, derive, and analyze this information, all of which can be utilized to enhance the efficiency and quality of production. In addition, IioT enhances connectivity between devices, machines, and systems across the manufacturing sector. MOM software uses this connectivity to permit coordinated communications and sharing of data and resources, which enhances the integration of operations and activities. Besides this, MOM software uses the data collected from these sensors and checks for abnormality, predicts future failure and plans for a preventive maintenance.
Rise of industry 4.0
Industry 4.0 emphasizes the integration of cyber-bodily throughout manufacturing approaches. MOM software plays a critical role in orchestrating these structures, connecting machines, devices, sensors, and software packages to permit seamless communique and statistics change. Furthermore, industry 4.0 promotes using advanced automation technology and robotics in production. MOM software program functions with automatic structures to manage and facilitate robotic processes, reduce repetitive work, and enhance manufacturing efficiency. In line with this, industry 4. 0 explains digital twin as the virtual replica of physical assets and processes. MOM software incorporates the use of digital twins to virtually model and analyze the manufacturing processes, planning, and possible effects before implementation, thereby minimizing implications of errors and stimulating manufacturing operations management software industry outlook. As per the IMARC Group's report, the global industry 4.0 market is expected to reach US$ 547.1 Billion by 2032.
Technological advancements
MOM software program supports the combination and management of automated systems and robotics in production operations. It facilitates automatic workflows, robot programming, mission scheduling, and coordination between human workers and machines, improving operational efficiency and safety. Apart from this, MOM software integrates with advanced technologies such as Industrial Internet of Things (IIoT), big data analytics, artificial intelligence (AI), machine learning (ML), and digital twins. These integrations allow collecting facts in real time, conduct predictive analysis and improve manufacture techniques for effectiveness and productivity. For instance, in 2024, Aspen Technology, Inc., a global leader in industrial software, introduced new and expanded capabilities in aspenONE(R), including expanded Industrial AI, that helps customers measurably impact performance and sustainability goals.
IMARC Group provides an analysis of the key trends in each segment of the market, along with manufacturing operations management software market forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on functionality, enterprise size and industry vertical.
Inventory Management
Labor Management
Manufacturing Execution System (MES)
Process and Production Intelligence
Quality Process Management
Others
Manufacturing execution system (MES) accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the functionality. This includes inventory management, labor management, manufacturing execution system (MES), process and production intelligence, quality process management, and others. According to the report, manufacturing execution system (MES) represents the largest segment.
MES solutions offer real-time visibility into manufacturing workflows, permitting key players to display, manage, and optimize operations seamlessly. Additionally, MES facilitates data-driven decision-making by integrating with other enterprise systems, such as enterprise resource planning and supply chain management, fostering a connected ecosystem that enhances overall operational intelligence. As industries prioritize lean manufacturing, notable assurance, and responsiveness to marketplace dynamics, MES emerges as a vital technology to facilitate the usage of the evolution of modern manufacturing in the direction of smarter, extra adaptive operations.
Small and Medium Enterprises
Large Enterprises
Large enterprises hold the largest share of the industry
A detailed breakup and analysis of the market based on the enterprise size have also been provided in the report. This includes small and medium enterprises and large enterprises. According to the report, large enterprises account for the largest market share.
Large enterprises have complex and diversified manufacturing operations spread across multiple locations around the world. MOM software program provides them with the crucial equipment to streamline and synchronize these operations, ensuring efficiency, consistency, and compliance with industry standards and policies. Secondly, large enterprises typically handle excessive volumes of production and diverse product lines, necessitating strong software solutions that can handle scalability and customization. MOM software program gives functionalities inclusive of real-time tracking and inventory tracking, which are essential for optimizing manufacturing approaches and minimizing downtime, which is facilitating the manufacturing operations management software market insights.
Automotive
Chemical
Healthcare
Food and Beverages
Consumer Goods
Aerospace and Defense
Others
Healthcare represents the leading market segment
The report has provided a detailed breakup and analysis of the market based on the industry vertical. This includes automotive, chemical, healthcare, food and beverages, consumer goods, aerospace and defense, and others. According to the report, healthcare represents the largest segment.
As healthcare organizations strive for greater efficiency, compliance, and quality in their operations, MOM software solutions offer tailored tools to streamline manufacturing processes. These solutions enable real-time monitoring of production, inventory management, and regulatory compliance, crucial in the highly regulated healthcare environment. Moreover, MOM software supports traceability and serialization requirements, essential for tracking individual products through complex supply chains. As healthcare manufacturers are adopting advanced technologies like IoT and AI for operational insights and predictive maintenance, MOM software becomes indispensable for optimizing production workflows and ensuring product quality and safety, thereby bolstering manufacturing operations management software market growth.
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
North America leads the market, accounting for the largest manufacturing operations management software market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for manufacturing operations management software.
As per the content updated in 2023 on the website of Centers for Medicare & Medicaid Services, U.S. health care spending grew 4.1 percent in 2022, reaching $4.5 trillion or $13,493 per person. The rising healthcare expenditure is resulting in increasing investments in digital transformation across the healthcare supply chain which is driving the demand for MOM Software solutions that can deliver operational excellence and support the evolving needs of the healthcare sector. Moreover, North America boasts a highly developed manufacturing sector across various industries such as automotive, electronics, aerospace, and pharmaceuticals. These industries have a strong emphasis on adopting advanced technologies to enhance operational efficiency, quality control, and regulatory compliance.
The manufacturing operations management software market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the industry include ABB Ltd., Aegis Industrial Software Corporation, Aspen Technology Inc., Critical Manufacturing (ASM Pacific Technology Limited), Dassault Systemes SE, Emerson Electric Co., General Electric Company, Honeywell International Inc., International Business Machines Corporation, Oracle Corporation, Plex Systems Inc., and Siemens AG.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Key players implementing digital twin technology to create virtual replicas of physical assets, enabling simulation, optimization, and predictive analysis. They are developing mobile applications and collaborative tools to facilitate real-time communication, task management, and remote monitoring of production operations, which is stimulating the manufacturing operations management software market revenue. Many key players are forming strategic partnerships and alliances with technology providers, system integrators, and industry experts to integrate complementary technologies, expand product capabilities, and deliver comprehensive solutions that address the diverse needs of manufacturing customers. For instance, in 2023, L&T Technology Services collaborated with Critical Manufacturing to assist Danfoss in its smart manufacturing endeavors. This strategic partnership aims to implement an advanced digital framework utilizing innovative Manufacturing Execution Systems (MES). L&T Technology Services and Critical Manufacturing integrated cutting-edge technologies to enhance Danfoss' operational efficiency, marking a significant step in the evolution of smart manufacturing.
March 19, 2024: ABB announced a collaboration with Green Hydrogen International (GHI) on a project to develop a major green hydrogen facility in south Texas, United States. They set to produce 280,000 tons of green hydrogen per year.
December 12, 2023: Aegis Software, a global provider of Manufacturing Operations Management Software partnered with Arch Systems(R), the leading provider of data and analytics for manufacturing operations to digitize continuous improvement in manufacturing.