Production Monitoring Market: Production Monitoring continues to gain popularity, seeing USD 4.36 billion in revenue in 2021

Production Monitoring Market size reached USD 4.36 billion in 2021 and is expected to reach USD 8.50 billion by 2029, growing at a CAGR of 8.7 % during the forecast period. Automation in the manufacturing industry has recently gained traction, with technological and electrical advancement. Production monitoring is a tool used for observing the activities within a manufacturing plant to get insight into how the shop floor works. Manufacturers can take action by identifying these opportunities for improvement, resulting in a more efficient and productive business. According to MMR, the application of the IoT in Smart Manufacturing can decrease production costs by 10–30%. It helps enterprises to timely detect abnormalities in the production process and then guarantee product quality and reduce waste. Monitoring systems collect and deliver production data from numerous production line sources to managers and line personnel. The information gathered is then used to improve the efficiency of the production process. Production monitoring systems assist in increasing total output volume, efficiency, and speed of operation. The system helps to determine the status and operational capability of the machine. The growing use of internet of things (IoT)-based solutions to monitor and control advanced manufacturing processes is expected to boost the Production Monitoring market growth. Governments in various countries have boosted investment in manufacturing sector growth, which would have a favorable influence on the production monitoring market. The cumulative use of smart sensors, technical adoption, and increasing internet penetration also provides managers with access to overall equipment effectiveness (OEE), allowing them to determine the requirement for maintenance and functional capacity. The capability of a production monitoring system to reduce overall operational costs by ensuring business continuity is expected to boost market growth. Major Production Monitoring companies such as Adam Software, Cognizant Technology Solutions, Oracle Corporation, IBM Corporation, and Colgate-Palmolive Company have entered the industry to dominate the Production Monitoring market. Key players in production monitoring software are planning to invest in research and development activities to meet customer demands. The development of new products helps them to uplift their market position. Several companies adopt ultimate business strategies like partnerships, collaborations, and business associations to enhance their product and business portfolio. Moreover, many of them are continually investing efforts in developing their production monitoring solutions with advent technologies such as artificial intelligence, virtual reality, and others. Along with quantitative data, the report serves extensive qualitative information such as Production Monitoring Market drivers, restraints, opportunities, and trends. The report focuses on the important factors that directly or indirectly impact Production Monitoring Market growth globally or scenarios in and around the industry. In addition, a synopsis of internal or external factors that could affect the Production Monitoring market has also been studied, analyzed, researched, and research findings are included in the report. Global Production Monitoring MarketTo know about the Research Methodology :- Request Free Sample Report

Production Monitoring Market Dynamics:

Real-Time Monitoring approach for Smart Manufacturing with Artificial Intelligence techniques to drive the market growth In recent years, industrial production processes are undergoing drastic changes toward” smart manufacturing” by using the rapid development and wide applications of advanced technologies. The term Industry 4.0 has become increasingly prevalent in the context of industrial manufacturing and it has been considered the fourth industrial revolution. The industrial transformation in the fourth industrial revolution is boosting the shift to the Smart Manufacturing process. Production monitoring in real-time is a very critical problem in smart manufacturing and attracts a lot of interest from governments, enterprises, and researchers for implementing Smart Manufacturing Production monitoring systems to collect real-time data on overall production performance. By using the Real-Time Monitoring approach, manufacturers can use data throughout the product life cycle to optimize manufacturing processes and respond rapidly to changes in production and market demand. Artificial Intelligent (AI) algorithms provide powerful tools to design such monitoring models. In particular, machine learning algorithms have been recently proposed for use within Statistical Process Monitoring (SPM), which has been shown to effectively detect a variety of abnormal conditions. This method turns the monitoring problem into a supervised classification problem which classifies future observations as either in or out-of-control situations. Production Monitoring Market 1Industrial companies are moving to predictive maintenance by leveraging powerful new sensors and data. Maintenance, Repair, and Operations efficiency is one of the key contributors to profitability in industrial manufacturing companies. Modern industrial enterprises are heavily investing in smart ways to manage their physical assets. The strong competition in the manufacturing industry is forcing companies to exploit all avenues of increasing productivity and efficiency of their operations, and effective asset performance management is among the top priorities. Most companies are now in the process of digital transformation of their operations where maintenance is getting a technology-led makeover with the use of advanced data capturing and analytics tools that facilitate end-to-end integration of PdM with the entire lifecycle of the industrial plant. These may increase the demand for the Production monitoring market over the forecast period. Stringent workplace safety regulations and growing emphasis on occupational safety norms coupled with growing awareness among the tech-savvy workforce. Intelligent production monitoring helps enterprises to optimize maintenance schedules and maximize asset lifetime. These lead to improved productivity and positively impact their bottom lines. Nowadays, key players for production monitoring software are offered various models for managing their assets. These models vary in complexity and deliver different levels of efficiency in the industrial automation domain. IBM is one of the top companies for predictive maintenance. IBM’s Predictive Maintenance and Quality (PMQ) is one of the key solutions enabled by its “cognitive intelligence engine” IBM Watson. The various benefits provided by production monitoring systems post and pre-production, such as reduced downtime, troubleshooting time, increased production time, increased quality control, and so on, are increasing its demand from various end-use industries, which is another factor expected to support global Production Monitoring market growth to some extent.

Market Restraint:

Concerns about data security and privacy are hampering the market growth. Metals, capital goods, and electronics sectors are more vulnerable to cybersecurity threats as investments in production systems incorporate connected devices. Manufacturers have grown more vulnerable to cyber-attacks as they have moved to cloud infrastructure and services. The problem has now been particularly visible in the industrial industry, which faces risks ranging from IoT investment hacking to intellectual IP theft from China and other countries. According to a recent Wipro analysis, 14% of the total critical resources or assets provided on the Dark Web in 2020 were from the manufacturing sector.

Production Monitoring Market Segment Analysis:

Based on Components, the Services segment dominated the market in 2021 and is expected to grow in the forecast period. The segment was able to obtain a significant market share because of increased demand for integration and deployment services, which are critical and essential components of providing product monitoring services. In addition to the additional benefits associated with this type of service, the effectiveness of asset monitoring and product management optimization has increased demand for these services among end-user industries, increasing the category's share. Managed services, security management, infrastructure management, professional services, consulting, support and maintenance, integration, and deployment are all examples of services. The Solutions segment is expected to increase at a faster rate throughout the forecasted period. The Internet of Things (IoT), machine learning, and big data, which are favorable for manufacturers to provide solutions, are examples of improved platforms for system operation that have contributed to the solutions segment's growth. Asset management, mobile workforce management, smart security, and surveillance are some of the solutions offered. Based on Application, the Automation and Control Management segment led the market in 2021 and is expected to dominate the market over the forecast period. The Automation and Control Management segment, which oversees monitoring the regularity and quality of operations, notably in the food and pharmaceutical industries is recognized as having the second-highest market share. The supply chain controls all business processes, from raw material processing to finished goods delivery. The supply side is the fastest growing, and businesses may gain a competitive advantage by reducing processes. Because of incident and emergency management activities, businesses may be proactive and make the right decisions, which can lead to profitable growth. Production Monitoring Market 2 Based on the Industry Vertical, the oil and gas segment is expected to grow at the fastest CAGR during the forecast period. The oil and gas segment is expected to be the largest market due to the need to closely monitor each and every step involved in the processing and refinement of natural gas and petroleum, as well as the harsh and hazardous working environment that is well-suited for automation. Continuous measurement and data collecting are required for the automobile industry to analyze, enhance, and ensure company continuity. This will only be possible with the introduction of these technologies for monitoring and controlling production operations. Reliable components are required for healthcare equipment and related businesses.

Production Monitoring Market Regional Insights

In North America, the Production Monitoring market accounted for the highest revenue share in 2021. North America is a major contributor to the production monitoring market because of its technical prowess. North American countries have developed infrastructure and skilled labor, allowing production monitoring solution companies to provide their clients with 24-hour assistance and maintenance. Most industries in the United States are skilled adopters of data analytics systems, and they are ready to adopt a new platform with new design and monitoring capabilities. Furthermore, players are focusing their efforts on developing new solutions. Altair announced an important update to Panopticon, a comprehensive platform for user-driven monitoring and analysis of real-time trading and market data, in April 2020. These include manufacturing, logistics, communications, oil, and gas production, and energy distribution operational data analytics applications. Production Monitoring Market 3The Asia Pacific region is expected to be the fastest-growing market for Production Monitoring during the forecast period. The Asia Pacific production monitoring system market is being driven by the region's rising manufacturing facilities and low labor costs. Asia Pacific developing economies such as China and India are attractive global production monitoring system market opportunities. Companies are focusing on increasing their market position through partnerships and plan to continuously invest in research and development (R&D) to create solutions to meet the various requirements of customers. Furthermore, suppliers of production monitoring systems aim to keep investing in and upgrading technologies such as Artificial Intelligence (AI) to stay competitive.

Report Scope: Inquiry Before Buying

This study focuses on the major driving factors and restraints that affect the Production Monitoring market. Global and regional players in the Production Monitoring industry are discussed in depth, including revenue data and market share information. The research provides a thorough analysis of the global Production Monitoring Market by Component, Deployment Mode, Application, Organization Size, Industry Vertical, and region. With the use of graphical and tabular representation, the report gives a complete study of each segment and its respective sub-segments. This research may essentially help market players, investors, and new entrants in selecting and designing strategies based on the report's fastest-growing segments and highest revenue generation.  
Production Monitoring Market
Base Year 2021 Forecast Period 2022-2029
Historical Data CAGR Market Size in 2021 Market Size in 2029
2017 to 2021 8.7 % US $ 4.36 Bn. US $ 8.50 Bn.
Segments Covered
by Component • Solution • Services by Deployment Mode • On-premise • Cloud by Application • Business Process Optimization • Logistics and Supply Chain Management • Emergency and Incident Management • Automation and Control Management by Organization Size • Large Organization • Small & Medium Organizations by Industry Vertical • Oil & Gas • Chemical • Automotive • Energy & Power • Food & Beverage • Aerospace & Defense • Healthcare & Life Sciences • Others
Regions Covered
North America • United States • Canada • Mexico Europe • UK • France • Germany • Italy • Spain • Swedena • Austria • Rest of Europe Asia Pacific • China • S Korea • Japan • India • Australia • Indonesia • Malaysia • Vietnam • Taiwan • Bangladesh • Pakistan • Rest of APAC Middle East and Africa • South Africa • GCC • Egypt • Nigeria • Rest of ME&A South America • Brazil • Argentina • Rest of South America

Production Monitoring Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Production Monitoring Market Key Players

• Hitachi Ltd. • Oracle Corporation • Infosys Limited • Siemens AG • Emerson Electric Co. • Rockwell Automation Inc. • Schlumberger Limited. • New Relic Inc. • Capgemini SE • Adam Software • Canto Inc. • Celum • Cognizant Technology Solutions • OpenText Corporation • North Plains Systems • QBank, Webdam Inc. • Mediabeacon Inc. • IBM Corporation • Widen Enterprises Inc. FAQs: 1. Who are the key players in the Production Monitoring market? Ans. Adam Software, Cognizant Technology Solutions, Oracle Corporation, IBM Corporation, and Colgate-Palmolive Company are some of the market players in the Production Monitoring market. 2. Which Industry Vertical segment dominates the Production Monitoring market? Ans. The Oil & gas segment accounted for the largest share of the global Production Monitoring market in 2021. 3. How big is the Production Monitoring market? Ans. The Global Production Monitoring market size reached USD 4.36 billion in 2021 and is expected to reach USD 8.50 billion by 2029, growing at a CAGR of 8.7 % during the forecast period. 4. What are the key regions in the global Production Monitoring market? Ans. Based On the region, the market has been classified into North America, Europe, Asia Pacific, Middle, East and Africa, and Latin America. North America dominates the global Production Monitoring market.
1. Global Production Monitoring Market: Research Methodology 2. Global Production Monitoring Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to the Global Production Monitoring Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Production Monitoring Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Production Monitoring Market Segmentation 4.1 Global Production Monitoring Market, by Component (2021-2029) • Solution • Services 4.2 Global Production Monitoring Market, by Deployment Mode (2021-2029) • On-premise • Cloud 4.3 Global Production Monitoring Market, by Application (2021-2029) • Business Process Optimization • Logistics and Supply Chain Management • Emergency and Incident Management • Automation and Control Management 4.4 Global Production Monitoring Market, by Organization Size (2021-2029) • Large Organization • Small & Medium Organizations 4.5 Global Production Monitoring Market, by Industry Vertical (2021-2029) • Oil & Gas • Chemical • Automotive • Energy & Power • Food & Beverage • Aerospace & Defense 5. North America Production Monitoring Market(2021-2029) 5.1 North America Production Monitoring Market, by Component (2021-2029) • Solution • Services 5.2 North America Production Monitoring Market, by Deployment Mode (2021-2029) • On-premise • Cloud 5.3 North America Production Monitoring Market, by Application (2021-2029) • Business Process Optimization • Logistics and Supply Chain Management • Emergency and Incident Management • Automation and Control Management 5.4 North America Production Monitoring Market, by Organization Size (2021-2029) • Large Organization • Small & Medium Organizations 5.5 North America Production Monitoring Market, by Industry Vertical (2021-2029) • Oil & Gas • Chemical • Automotive • Energy & Power • Food & Beverage • Aerospace & Defense 5.6 North America Production Monitoring Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Production Monitoring Market (2021-2029) 6.1. European Production Monitoring Market, by Component (2021-2029) 6.2. European Production Monitoring Market, by Deployment Mode (2021-2029) 6.3. European Production Monitoring Market, by Application (2021-2029) 6.4. European Production Monitoring Market, by Organization Size (2021-2029) 6.5. European Production Monitoring Market, by Industry Vertical (2021-2029) 6.6. European Production Monitoring Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Production Monitoring Market (2021-2029) 7.1. Asia Pacific Production Monitoring Market, by Component (2021-2029) 7.2. Asia Pacific Production Monitoring Market, by Deployment Mode (2021-2029) 7.3. Asia Pacific Production Monitoring Market, by Application (2021-2029) 7.4. Asia Pacific Production Monitoring Market, by Organization Size (2021-2029) 7.5. Asia Pacific Production Monitoring Market, by Industry Vertical (2021-2029) 7.6. Asia Pacific Production Monitoring Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Production Monitoring Market (2021-2029) 8.1 Middle East and Africa Production Monitoring Market, by Component (2021-2029) 8.2. Middle East and Africa Production Monitoring Market, by Deployment Mode (2021-2029) 8.3. Middle East and Africa Production Monitoring Market, by Application (2021-2029) 8.4. Middle East and Africa Production Monitoring Market, by Organization Size (2021-2029) 8.5. Middle East and Africa Production Monitoring Market, by Industry Vertical (2021-2029) 8.6. Middle East and Africa Production Monitoring Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Production Monitoring Market (2021-2029) 9.1. South America Production Monitoring Market, by Component (2021-2029) 9.2. South America Production Monitoring Market, by Deployment Mode (2021-2029) 9.3. South America Production Monitoring Market, by Application (2021-2029) 9.4. South America Production Monitoring Market, by Organization Size (2021-2029) 9.5. South America Production Monitoring Market, by Industry Vertical (2021-2029) 9.6. South America Production Monitoring Market, by Country (2021-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Hitachi Ltd. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Oracle Corporation 10.3 Infosys Limited 10.4 Siemens AG 10.5 Emerson Electric Co. 10.6 Rockwell Automation Inc. 10.7 Schlumberger Limited. 10.8 New Relic Inc. 10.9 Capgemini SE 10.10 Adam Software 10.11 Canto Inc. 10.12 Celum 10.13 Cognizant Technology Solutions 10.14 OpenText Corporation 10.15 North Plains Systems 10.16 QBank, Webdam Inc. 10.17 Mediabeacon Inc. 10.18 IBM Corporation 10.19 Widen Enterprises Inc.

About This Report

Report ID 172835
Category Information Technology & Telecommunication
Published Date Jan 2023
Updated Date
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