ALBANY, NY, October 6, 2021 / PRNewswire / – Manufacturing Operations Management (MOM) Software Market: Wide Outlines
The trend towards robotic process automation (RPA) in manufacturing supply chains and the increasing deployment of various other digital automation technologies in factories are supporting the evolution of the manufacturing operations management software market. MOM systems are increasingly attracting manufacturing companies across industries to enable them to leverage IoT systems to optimize end-to-end operations.
The digital transformation of manufacturing and supply chains in industries is accelerating, building on the deployment of the smart factory, notes a TMR study of the manufacturing operations management (MOM) software market. MOM software occupies a key position in industrial IoT, and the reach of the technology is rapidly expanding to improve operations across the continuum, including inventory, process and production, manpower and quality monitoring. The global manufacturing operations management software market is expected to grow at a CAGR of 9.9% during the forecast period of 2019 to 2027, and cross through US $ 17.2 billion by 2027.
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Advances in MOM software capabilities have enabled companies to benefit from increased agility and flexibility in their manufacturing and production operations. Ranging from short-term planning of operations to long-term planning for strategic goals, the functionality of MOM software is extensive, impacting the profitability of manufacturing companies. The application of manufacturing execution systems in industrial IoT is likely to offer substantial revenue gains to players in the MOM software market.
Key Findings of the Manufacturing Operations Management (MOM) Software Market Research
- Healthcare and Pharmaceutical Industries at the forefront of MOM Software Adoption: The demand for real-time management and monitoring of manufacturing operations and production environments is high among companies operating in highly regulated industries. Healthcare and pharmaceutical companies are increasingly deploying MOM software platforms to achieve end-to-end visibility, including through real-time analysis of operations. In addition, companies in these sectors are increasingly seeking digital innovation in the management of operations to achieve their longer-term strategic goals. Indeed, they have harnessed the benefits of the MOM system by continuously monitoring and improving the quality, compliance and productivity of their processes.
- Cloud-based services to gain popularity: Cloud services for MOM are expected to gain popularity in the near future. On the other hand, the demand for on-site services is expected to remain robust during the forecast period, according to the Manufacturing Operations Management (MOM) Software Market study.
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Manufacturing Operations Management (MOM) Software Market: Drivers
- The trend towards digital transformation of production operations and supply chains is a key driver of interest in manufacturing operations management (MOM) systems in several industries. In addition, digital process automation in the manufacturing sector has also enabled companies to effectively manage compliance with regulatory requirements, thereby expanding the scope of MOM software developers.
- Increased investment in industrial IoT technologies for modernizing manufacturing operations is fueling market prospects for MOM software, notes the TMR study. In addition, the growing number of smart factory hubs in developed and developing economies has driven demand for a wide range of industrial IoT solutions over the years.
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Manufacturing Operations Management (MOM) Software Market: Competitive Dynamics
The TMR study notes that the manufacturing operations management (MOM) market is characterized by a moderate degree of fragmentation. The top three players – ABB Ltd, Dassault Systems SA and Siemens AG – held around 30% of the global market revenue in 2019. They are strongly leveraging technological innovations to maintain their dominant position in the management software market. manufacturing operations (MOM).
Some of the other prominent players are Honeywell International Inc., Emerson, and General Electric Co. Major players are focusing on strategic mergers and acquisitions with the aim of consolidating their share in the global manufacturing operations management software market ( MOM).
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Global MOM Software Market: Segmentation
The global manufacturing operations management software market has been segmented in terms of components, features, industry, company size, and region.
Manufacturing Operations Management Software Market By Component
- Software (on-premise, cloud-based)
- Professional services (consulting, integration and maintenance)
Manufacturing Operations Management Software Market by Feature
- Inventory management
- Workforce management
- Manufacturing Execution Systems (MES)
- Process and production intelligence
- Quality process management
- Others (planning, scheduling and distribution)
Manufacturing Operations Management Software Market By Industry
- Chemical products
- Health and Pharmaceuticals
- Food and drinks
- Consumer goods
- Aeronautics and Defense
- Industrial equipment
- Others (oil and gas, metals and mining)
Manufacturing Operations Management Software Market by Company Size
- Small and medium-sized enterprises (SMEs)
- Large companies
Manufacturing Operations Management Software Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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