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Production Monitoring market Size – USD 5.40 Billion in 2020, Market Growth - CAGR of 9.1%, Market Trends –The expansion of industry 4.0
NEW YORK, NY, UNITED STATES, November 6, 2021 /EINPresswire.com / -- manufacturing industry's servitization, expansion of industry 4.0, and the rise in adoption of could-based solutions are boosting the market.
The Global Production monitoring market is forecast to reach USD 11.11 Billion by 2028, according to a new report by Reports and Data. The expansion of the Production monitoring market is the result of the integration of various factors. The essential factors contributing to the development of production monitoring market is the multiple advantages associated with production monitoring systems like the ease of installation, compatibility with various types of production line computers, applicability with wireless networks and easy up-gradation with future production lines, which has resulted in its increased preference among end-user industries. Hence, a high preference for production monitoring systems among the end-user industries has resulted in propelling the growth of the market. Apart from the mentioned advantages of the production monitoring system, reduction of production costs due to its incorporation, enhanced use of existing organizational capacities are some of the other benefits associated with the production monitoring systems that has resulted in the expansion of the market.
Specific initiatives taken by the key players of the market are also driving the growth of the market. In 2020, a knowledge-based analytics solution was introduced by Hitachi Power Solutions, a key player of the market. The solution is beneficial for the production managers in enhancing their functioning on equipment and asset maintenance. Such advancements by the key players have a significant positive impact on the growth of the market.
In regards to region, Europe has a dominant market presence that occupies the second largest market share in the production monitoring market. The market dominance of Europe in the production monitoring market is the result of the emphasis on R&D activities and innovations in IT technologies.
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Key participants include Capgemini, Oracle, Infosys, Verizon, Siemens, Rockwell Automation, Emerson Electric Co., Schlumberger Limited, and Aspen Technology, Inc.
Further key findings from the report suggest
•Production monitoring market held a market share of USD 5.40 Billion in the year 2020, with a growth rate of 9.1% during the forecast period.
•In the context of Component, the Services segment can be seen to yield a higher revenue of USD 0.19 Billion in 2020 with a CAGR of 2.3% during the forecast period. The revenue yielded by the segment is the result of the high rate of implementation of integration and deployment services among end-user industries, which is the primary and essential aspect of executing product monitoring services.
•In regards to Strategy, Condition-based monitoring segment can be seen to dominate the market that yielded a higher revenue of USD 0.59 Billion in 2020 with a higher CAGR of 10.7% during the forecast period. Factors like the effectiveness of this strategy in providing specific observations based on the acoustic signal, temperature, and electric current have contributed to the revenue generated by this segment. The growth rate of this segment is also the result of its predictive nature and the ability of automatic diagnosis.
•In context to Module, Data storage module segment generated the highest revenue of USD 0.30 Billion in 2020 with a CAGR of 10.1% during the forecast period. Factors contributing to the revenue generated by this segment are its effectiveness in data archiving, distribution, and storage which is an integral aspect of the functioning of various end-user industries, which has resulted in its increased demand.
•In regards to Deployment type, the Cloud segment is forecasted to witness a higher growth rate of 12.0% during the forecast period that is forecasted to occupy 31.0% of the market by 2028. The growth experienced by the Cloud segment is attributed to advancements in platforms for the operation of production monitoring solutions like the Internet of Things (IoT), Machine Learning and big data that is beneficial for manufacturers to provide with the solutions.
•In regards to Application, the Business Process Optimization segment occupied the largest market share of 35.0% in 2020, with the second-highest CAGR of 9.5% during the forecast period. Factors contributing to the market dominance of Business Process Optimization are the effectiveness of production monitoring system in helping enterprises to eliminate processes that are no more effective and enhance their operational systems. The efficiency of production monitoring system in this segment has resulted in its increased use, contributing to the market share occupied by it.
•In regards to region, Asia Pacific is forecasted to experience the highest growth rate of 10.4% during the forecast period. The high rate of adoption of production monitoring systems in different industries, and availability of cheap labor that positively impacts the manufacturing facilities are some of the factors, driving the market in this region.
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For the purpose of this report, Reports and Data have segmented the global Production monitoring market according to Component, Strategy, Module, Deployment Type, Organization Size, End-users, Application, and Region:
Component Type Outlook (Revenue, USD Billion; 2020-2028)
Solutions
Data management
Asset Management
Mobile Workforce Management
Smart Security and Surveillance
Services
Managed Services
Security Management
Infrastructure Management
Professional Service
Consulting
Support and Maintenance
Integration and Deployment
Education and Training
Strategy type Outlook (Revenue, USD Billion; 2020-2028)
Condition-based monitoring
Preventive maintenance
Module type Outlook (Revenue, USD Billion; 2020-2028)
Data storage module
Signal conditioning module
Visualization module
Deployment Type Outlook (Revenue, USD Billion; 2020-2028)
Cloud
On-Premises
Organization size Type Outlook (Revenue, USD Billion; 2020-2028)
Large Enterprises
Small and Medium-Sized Enterprises
End-users Type Outlook (Revenue, USD Billion; 2020-2028)
Oil and gas
Automotive
Pharmaceutical and Life Sciences
Healthcare
Government and Defense
Telecommunications and IT
Manufacturing
Food and beverages
Electronics
Others
Application Type Outlook (Revenue, USD Billion; 2020-2028)
Control and Automation Management
Business Process Optimization
Supply Chain and Logistics Management
Incident and Emergency Management
Regional Outlook (Revenue, USD Billion; 2020-2028)
North America
Europe
Asia Pacific
MEA
Latin America
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Market Report includes major TOC points:
•Production Monitoring market Overview
•Global Economic Impact on Industry
•Global Market Competition by Manufacturers
•Global Production, Revenue (Value) by Region
•Global Supply (Production), Consumption, Export, Import by Regions
•Global Production, Revenue (Value), Price Trend by Type
•Global Market Analysis by Application
•Manufacturing Cost Analysis
•Industrial Chain, Sourcing Strategy and Downstream Buyers
•Marketing Strategy Analysis, Distributors/Traders
•Market Effect Factors Analysis
•Production Monitoring market Forecast
Conclusively, all aspects of the Production Monitoring market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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