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The rapidly expanding manufacturing industry and industrial automation trend have significantly impacted the process monitoring systems market growth. Production monitoring in real-time is the on-site inspection of the products during the process of manufacturing. The real-time monitoring of product offers effective production efficiencies and consequently expand production capacities. It helps to ensure the quality of the product as per the customer's requirement. Thus, various industries including, energy & power, food & beverage, chemical, oil & gas, pharmaceutical, wastewater management, and others, are extensively adopting production monitoring solutions.
Production management collects data from various production line units and transmits it to the teams working on the production line. This data is then used for improving the efficiency of the production line, which is part of process optimization. The production monitoring system offers various post and pre-production benefits such as increased production time, quality control, reduced downtime, and reduced troubleshooting time, which further enhances the production monitoring system's significance across various end-use industries. Furthermore, the adoption of various emerging technologies such as cloud computing, artificial intelligence (AI), big data analysis, machine learning, virtual reality, and others are anticipated to offer lucrative growth opportunities for the market.
The growing adoption of the internet of things (IoT) based solution to monitor and control additive manufacturing processes would to drive the market growth. The government across various countries has increased expenditure for the manufacturing sector development, which would further impact the production monitoring market positively. Cumulative adoption of smart sensors, technology acceptance, and growing internet penetration are probable to support the global market growth. The production monitoring system helps operation managers to coordinate between floor performance, inventory management, and employee training. The system also allows managers to access the overall equipment effectiveness (OEE), which empowers them to know the need for maintenance and functional capacity. The capability of a production monitoring system to reduce overall operational cost by ensuring capacity building and business continuity likely to boost the market growth.
Key Market Driver -
• Trend of automation would to drive the global market growth • Significant demand for collaborative digital workflow is accelerating the market growth
Key Market Restraint -
• Higher cost and lack of skilled workforce is hampering the market growth.
Various large and small enterprises operating the production monitoring market are adopting various organic and inorganic business strategies. Key players are planning to invest in research and development activities to meet customer demands. The development of new products helps market players to uplift their market position. Several vendors adopt ultimate business strategies like partnerships, collaborations, and business associations to enhance their product and business portfolio. Moreover, many vendors are continually investing efforts in developing their production monitoring solutions with advent technologies such as artificial intelligence, virtual reality, and others.
Prominent companies included in the global digital asset management market are Adam Software, Canto Inc., Celum, Cognizant Technology Solutions, OpenText Corporation, North Plains Systems, Oracle Corporation, QBank, Webdam Inc., Mediabeacon Inc., IBM Corporation, Widen Enterprises Inc., and among others.
North America is probable to dominate the global production monitoring market in terms of revenue due to the significant adoption of automated manufacturing technologies. The region is leading in the adoption of factory automation, which would further likely to support overall market growth. The presence of significant market players will be anticipated to boost the production monitoring market growth.
Europe is anticipated to contribute a significant share in the global market, owing to the high presence of food and beverage companies in this region. Vendors are investing significantly to enhance their production and quality of products. This factor would substantially drive the production monitoring market growth across Europe.
Asia Pacific is expected to register higher growth rates due to growing government expenditure on manufacturing and IT infrastructure. Rapid industrialization and increasing manufacturing facilities due to inexpensive workforce are driving the market growth across the Asia Pacific.
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