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The global manufacturing operations management software market size is slated to hit USD 22.64 billion by 2027 on account of expanding manufacturing activity in developing nations, according to the new Fortune Business Insights™ report, titled “Manufacturing operations management software Market Size, Share & Industry Analysis, By Component (Services, Software), By Function (Labor Management, Planning & Scheduling, Process and Production Intelligence, Quality Process Management, Others), By Industry (Automotive, Chemicals, Medical Equipment & Pharmaceuticals, Food and Beverages, Aerospace and Defense, Others), and Regional Forecast, 2020-2027”. The report further states that the market value stood at USD 9.75 billion in 2019 and is expected to surge at 11.4% CAGR from 2020 to 2027.
Siemens Launches New MOM Software Solution
Technology bigwigs are fully exploiting the opportunities for innovation available in the MOM software domain and are driving the manufacturing operations management software market trends. In June 2019, Siemens Digital Industries Software made available commercially the company’s novel Siemens Opcenter™ software. The offering is a comprehensive portfolio of advanced solutions and tools for efficient management of manufacturing operations. The platform integrates disparate MOM capabilities such as quality management, advanced planning and scheduling, laboratory management, and manufacturing intelligence. Furthermore, the software unifies these diverse MOM aspects onto a cloud-based portfolio, offering a streamlined and optimized experience.
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Increasing Incorporation of AI in Manufacturing to Elevate Market Potential
Artificial Intelligence (AI) and its associated technologies are finding increasing applicability in the manufacturing sector. The demand for higher efficiency and productivity is steadily gathering momentum in this sector and AI-powered MOM software tools are fast emerging as feasible solutions for it. For example, AI enables a manufacturer to collect real-time data during the production process and optimize the machinery and equipment to create the desired quality of products. Owing to these advantages, AI-based MOM systems are being aggressively adopted in the automotive industry, which is fueling the manufacturing operations management market growth. Automakers need to constantly adapt to the changing preferences of consumers based on their income fluctuations and other exogenous factors. MOM software allows carmakers to adjust synchronize their processes to efficiently cater to the volatility in consumer demand for vehicles in an economy.
Integration of Smart Technologies with MOM Software to Intensify Competition
According to the manufacturing operations management software market analysis, leading companies such as ABB and Rockwell Automation are conceiving platforms that will enable manufacturers to utilize a cohesive suite of tools for MOM purposes. Moreover, these companies are developing industry-specific software to accelerate the movement toward smart manufacturing. Lastly, majority of the players in the market are focusing on efficiently employing Industry 4.0-based cloud technologies to harmonize the integration of diverse software into a single module.
List of Key Players Profiled in the Manufacturing Operations Management Market Report:
Further Report Findings:
Global Manufacturing Operations Management Software Market Scope&Segmentation:
2015 – 2027
2020 – 2027
2015 – 2018
Value (USD billion)