Global Manufacturing Operations Management Software Market Grows Steadily at a CAGR of 9%

Introduction

Production operations management (MOM) is a collection of activities that offers a comprehensive solution for total insight into production processes. MOM software aids enterprises in improving the performance of manufacturing processes. MOM is a system that comes after the Manufacturing Execution System (MES). MOM software may unify production processes using MES and MOM system integration to improve advanced planning and scheduling, quality management, R&D management, manufacturing execution systems, and other features.

Market Dynamics

Advent of Industry 4.0 Drives the Global Market

Manufacturing digitalization has expanded in recent years amidst an industrial revolution related to production facilities. This has resulted in the emergence of Industry 4.0, which has forced firms to choose digitalized solutions for optimal production processes in their facilities. This is a primary aspect that is predicted to fuel market expansion. The Industrial 4.0 revolution was driven by the emergence of new production processes that cooperated with information technology, data mining procedures, and analytics. This shift has compelled top manufacturers to use information technology and operational technologies in novel ways to provide revenue growth prospects.

Increased Adoption of Supervisory Control and Data Acquisition Creates Tremendous Opportunities

With the rise of IoT and edge computing, industrial applications have expanded by adding new capabilities to supervisory control and data acquisition (SCADA) platforms. These technologies boost industrial communications and improve a manufacturing plant's efficiency and performance while minimizing downtime, resulting in market expansion potential. Scalable SCADA systems are expected to comply with standards such as the Open Platform Communications Unified Architecture (OPC UA), which aids in manufacturing and platform-independent industrial communications as the volume of machine and process data grows.

Though SCADA systems are changing to keep up with IIoT usage, these systems are critical in factory automation operations. Rather than relying on third-party gateways with Unified Architecture (OPC UA or OPC DA), several SCADA platform vendors gather a broad base of protocol interfaces. Furthermore, the advent of small and medium-sized companies (SMEs) or web-compatible SCADA systems and the spread of augmented reality (AR) technology that integrates process equipment with SCADA automation data is projected to gain popularity in the coming years.

Regional Analysis

North America is the most significant worldwide manufacturing operations management software market stakeholder, with a CAGR of 7.8% expected during the projection period. It is dominant because multiple significant firms operate from this region, owing to the increased desire among enterprises operating in the area to change the digital data ecosystem. Modern manufacturing in the United States is transitioning toward automated mechanical production. Furthermore, introducing vast technology breakthroughs in manufacturing increases the efficiency of complicated worldwide supply chains, boosting global rivalry among firms. This trend has prompted multinational corporations to spend heavily on logistical networks and manufacturing facilities in the United States and North America.

Europe is expected to grow at a CAGR of 9.3% over the projected period. It offers an untapped digitalization opportunity, one of the primary drivers anticipated to drive worldwide market growth. Digital, additive manufacturing, new materials, and advanced robots are breaking through integration barriers between industry and services, and the European Union is assisting in this transformation with new applications and software tools. The increased necessity for automated production to meet rising end-user expectations is a primary motivator for European companies to embrace innovative technology. This results in increased digital transformation initiatives in this area, projected to boost market growth.

Key Highlights

• The global manufacturing operations management software market size was valued at USD 10,189.64 million in 2022. It is estimated to reach USD 22,130.8 million by 2031, growing at a CAGR of 9% during the forecast period (2023–2031).
• Based on components, the global manufacturing operations management software market is bifurcated into software and services. The software segment dominates the global market and will likely exhibit a CAGR of 8% over the forecast period.
• Based on functionality, the global manufacturing operations management software market is bifurcated into inventory management, labor management, manufacturing execution system (MES), process and production intelligence, quality process management, and others. The manufacturing execution system (MES) segment owns the global market and is predicted to exhibit a CAGR of 7.9% over the forecast period.
• Based on enterprise size, the global manufacturing operations management software market is segmented into small and medium enterprises and large enterprises. The small and medium enterprises segment dominates the global market and is predicted to exhibit a CAGR of 8.5% during the forecast period.
• Based on industry vertical, the global manufacturing operations management software market is divided into automotive, chemical, healthcare, food and beverages, consumer goods, aerospace and defense, and others. The healthcare segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 8.8% over the forecast period.
• North America is the most significant global manufacturing operations management software market shareholder and is estimated to grow at a CAGR of 7.8% over the forecast period.

Competitive Players

1. ABB Ltd.
2. Aegis Industrial Software Corporation
3. Aspen Technology, Inc.
4. Critical Manufacturing
5. Dassault Systems SE
6. Emerson Electric Co.
7. General Electric Company
8. Honeywell International, Inc.
9. Plex Systems
10. Siemens AG.

Recent Developments

• June 2023- Oracle, a corporate software provider, announced the release of Oracle Manufacturing Cloud, a new MOM software platform. Oracle production Cloud is intended to assist firms in improving their production processes and supply chain management.
• May 2023- Dassault Systèmes, a 3D design and manufacturing software developer, announced the release of 3DEXPERIENCE Manufacturing, a new MOM software platform. 3DEXPERIENCE production is intended to assist manufacturers in optimizing their product design, production, and quality assurance processes.

Segmentation

1. By Component
   1. Software
   2. Services
2. By Functionality
   1. Inventory management
   2. Labor management
   3. Manufacturing execution system (MES)
   4. Process and production intelligence
   5. Quality process management
   6. Others
3. By Enterprise Size
   1. Small and medium enterprises
   2. Large enterprises
4. By Industry Vertical
   1. Automotive
   2. Chemical
   3. Healthcare
   4. Food and beverages
   5. Consumer goods
   6. Aerospace and Defense
   7. Others