Saturday, 27 July 2024
According to our latest study on “Real Time Production Monitoring Market Forecast to 2030 – Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage – by Component, Deployment Mode, Enterprise Size, and Industry,” the real time production monitoring market size was valued at US$ 5,130.68 million in 2022 and is expected to reach US$ 12,565.83 million by 2030. The real time production monitoring market is expected to record a CAGR of 11.8% from 2022 to 2030.
The advent of Industry 4.0 is driving the real time production monitoring market. The fundamental idea behind Industry 4.0 is to switch old business practices to digital ones to streamline production processes for higher utilization and quicker turnaround times by monitoring production. Industry 4.0 supports completing the field's digital transition and brings real time decision-making, increased productivity, flexibility, and agility. All industrial organizations, including those engaged in discrete and process manufacturing, as well as oil & gas, mining, and other industrial sectors, benefit from implementing Industry 4.0 concepts and technology.
Real Time Production Monitoring Market – By Region, 2022 and 2030
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Source: The Insight Partners Analysis
The research done by Nokia in April 2023 unveiled the Industry 4.0 maturity index for industrial campuses. Industrial and manufacturing sectors are dominated by companies that make electronics and appliances. Overall, with maturity scores of 73.1 and 79.5 out of 100, respectively, electronics and appliance manufacturers are setting the bar for Industry 4.0 technology investments and use case implementations. Further, several organizations are supporting the deployment of Industry 4.0. The United Nations Industrial Development Organization (UNIDO) assists those in utilizing the brand-new possibilities of Industry 4.0 to promote change through inclusive and sustainable industrial development. Thus, the growing adoption of Industry 4.0 focuses on technological advancements using the internet and tracking worker efficiency by collecting volumes of real time data generated through these new capabilities.
The adoption of Industry 4.0 provides a fully digitalized manufacturing ecosystem with the introduction of various digital technologies such as enterprise software, computers, machine learning, IIoT, and big data analytics by monitoring the floor activities. These technologies have immensely pushed manufacturing methodologies toward being more data-driven. Real time production monitoring is becoming the fundamental component of data collection. This data is further used for real time insight into the production process. Such advancements in connectivity and the industrial digital landscape are driving the demand for real time production monitoring.
The real time production monitoring market is categorized based on component, deployment mode, enterprise size, industry, and geography. Based on component, the real time production monitoring market is segmented into solution and services. By deployment model, the real time production monitoring market is segmented into on-premise and cloud. Based on enterprise size, the real time production monitoring market is categorized into large enterprises and SMEs. Based on industry, the real time production monitoring market is categorized into discrete manufacturing and process manufacturing. The real time production monitoring market, based on geography, is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Capgemini SE, Oracle Corp, Hitachi Ltd, Rockwell Automation Inc, Siemens AG, Dassault Systemes SE, Aspen Technology Inc, Infosys Ltd, sedApta Srl, and General Electric Co are among the key players operating in the real time production monitoring market.
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