The report"Production Monitoring Market by Component (Solutions andServices), Solution, Service (Professional and Managed), Organization Size,Industry (Process Manufacturing and Discrete Manufacturing), and Region -Global Forecast to 2023", The global production monitoring market isexpected to grow from USD 4.0 billion in 2018 to USD 6.4 billion by 2023, at aCompound Annual Growth Rate (CAGR) of 9.8% during the forecast period. Themajor factors driving the production monitoring market include a rising demandfor industrial automation and servitization in the manufacturing industry.
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Securitymanagement services to grow at the highest CAGR during the forecast period
Security isthe biggest concern for all organizations, be it a Small and Medium-sizedEnterprise (SME) or a large enterprise. Any data breach would significantlyhamper the business. Therefore, the main focus of enterprises is to protect theinherent property of the organization, such as customer service delivery,without compromising on the output. Manufacturing companies who are focused onproduct development have high amounts of data, including product designs,prototype information, customer information, vendor details, and contractdetails. These data are very important, and enterprises cannot afford to losethem. Therefore, various organizations offer managed security services,including smart security services and cybersecurity services.
Businessprocess optimization application area to hold a larger market size during theforecast period
Businessprocess optimization is a management approach that helps construct newprocesses and develop new resources to make an organization as effective aspossible. This approach encourages organizational leaders to get back to basicsand get rid of processes that are not working anymore. It creates anenvironment of ongoing monitoring, analysis, and adjustments when necessary.The production monitoring solutions based on platforms, such as MachineLearning (ML), IoT, and big data, are helping manufacturing organizations inachieving their short-term and long-term goals. These solutions enablemanufacturing organizations to reduce the number of costly errors and achieve avastly improved result by implementing a well-designed set of business processmanagement solutions.
NorthAmerica to hold the largest market size during the forecast period
NorthAmerica is expected to be the largest contributor to the production monitoringmarket in terms of market size, as it is a technologically advanced region. Thetop countries contributing to the production monitoring market in this regioninclude the US and Canada. These countries have sustainable andwell-established economies, which enable them to strongly invest in R&Dactivities, thereby contributing to the development of new technologies. Due tothe early adoption of trending technologies, such as IoT, big data, DevOps, andmobility, manufacturers are keen to adopt new advanced technologies for theirproduction process.
Majorvendors in the global production monitoring market include Capgemini (France),Infosys (India), Oracle (US), Hitachi (Japan), Siemens (Germany), Verizon (US),Emerson (US), Rockwell Automation (US), AspenTech (US), Schlumberger (US), IQMS(US), sedApta (France), Softweb Solutions (US), ORDINAL Software (France),Infinity QS (US), TESAR (Italy), PCE Instruments (Germany), LineView (England),Monnit (US), Coesia (Italy), RT Engineering (US), Cannon Automata (Italy),Intouch Monitoring (England), PetroDAQ (US), and Vertech (France).
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