Manufacturing Operations Management Software Market Size
The MOM software market forecast is driven by major factors such as an increase in the implementation of robotic process automation (RPA).
PORTLAND, PORTLAND, OR, UNITED STATES, July 25, 2023/EINPresswire.com/ — According to the report published by Allied Market Research, the global manufacturing operation management software market was pegged at $7.21 billion in 2018 and is anticipated to hit $15.21 billion by 2026, registering a CAGR of 9.5% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning stratagems, drivers & opportunities, market size & estimations, competitive landscape, and wavering market trends.
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Advent of Industry 4.0, the implementation of robotic process automation (RPA), an increase in need for compliance with stringent healthcare regulations fuel the growth of the global manufacturing operations management software market. On the other hand, high initial investment hampers growth to some extent. However, the rise in the adoption of supervisory control and data acquisition and advancements in Industrial IoT (IIoT) are expected to create lucrative opportunities for the key players in the industry.
Covid-19 Scenario-
• The outbreak of the pandemic caused several disruptions in manufacturing units across the world. Consequently, there’s been a sharp fall in the demand for manufacturing operation management software, which impacted the market badly.
• However, government bodies in many countries are now coming up with relaxations on the existing rule & dictums, thereby allowing the market to get back to its position soon.
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The global manufacturing operation management software market is analyzed across components, functionality, enterprise size, industry vertical, and region. Based on components, the software segment accounted for nearly three-fourths of the total market share in 2018 and is anticipated to rule the roost by the end of 2026. The services segment, On the other hand, is projected to manifest the fastest CAGR of 11.8% throughout the forecast period.
Based on enterprise size, the large enterprises segment contributed to four-fifths of the total market revenue in 2018 and is expected to lead the trail by 2026. Simultaneously, the small and medium enterprises segment would portray the fastest CAGR of 11.8% from 2019 to 2026.
Based on region, North America garnered the highest share in 2018, holding nearly two-fifths of the global market. At the same time, On the other hand, Asia-Pacific would grow at the fastest CAGR of 11.8% by 2026. The other regions studied in the report include Europe and LAMEA.
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The key market players analyzed in the market report include Aegis Industrial Software Corporation, Honeywell International, Inc., Siemens AG., Aspen Technology, Inc., Critical Manufacturing, Dassault Systems SE, General Electric Company, Emerson Electric Co., ABB Ltd., and Plex Systems. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to corroborate their stand in the industry.
The report focuses on growth prospects, restraints, and market analysis. The study provides Porter’s five forces analysis of the manufacturing operations management software industry to understand the impact of various factors such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.
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