The real time production monitoring market size is projected to reach US$ 12.57 billion by 2030 from US$ 5.13 billion in 2022. The market is expected to register a CAGR of 11.8% during 2022–2030. The integration of artificial intelligence (AI) and machine learning (ML) in manufacturing processes is likely to remain a key trend in the market.
The market has grown steadily due to increasing demand for digital manufacturing. Digitalization in the manufacturing sector leads to the adoption of several technologies by the manufacturers as it helps manage the production process efficiently.
Real time production monitoring is a solution that helps monitor the production process. It records all the information regarding the production performance in real time. The monitoring systems gather production data from several production line sources for the manufacturer or the operators on the production line. The collected data is then utilized to improve the production line efficiencies by gaining insights regarding the steps required to take for efficient production workflow. Several manufacturing businesses adopt these solutions of the real time production monitoring market under the industry verticals, such as automotive, chemicals, oil & gas, machinery, and food & beverages.
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Real Time Production Monitoring Market: Strategic Insights
Industrial automation uses control systems, such as robots, computers, and information technologies, to handle various machinery in an industry to replace human intervention. Depending on the operations involved, industrial automation control systems are majorly classified into two types, namely process plant automation and manufacturing automation. Industrial automation offers high product quality, reliability, and production rate while reducing production and design costs by deploying new, innovative, and integrated technologies and services. They possess various features, such as high productivity, quality, flexibility, and information accuracy, which are likely to increase the uptake of automation in the industrial sector during the forecast period. Also, the surge in the uptake of automation solutions in the oil & gas, manufacturing, chemicals & materials, pharmaceuticals, and other industries is driving the Real time production monitoring market growth.
With the increase in digital technologies, several manufacturing industries are leveraging predictive maintenance. These smart industries use real-time data of manufacturing assets and analyze the massive volumes of big data that sensors on the factory floor acquire. This analysis requires predictive maintenance to cut down on equipment downtime. The real-time production monitoring system can track equipment and send out alerts so that work is only done when it is actually essential. Also, these systems are frequently provided as modules to supplement enterprise resource planning (ERP) systems with preventative maintenance capabilities similar to those of a standard computerized maintenance management system (CMMS)
Key segments that contributed to the derivation of the real time production monitoring market analysis are component, deployment, enterprise size, and industry.
The geographic scope of the real time production monitoring market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is expected to dominate the market in 2022. Asia Pacific has long been a strong manufacturing base, and the sector continues to be a strong adopter of the IoT. IoT is widely adopted across verticals across the region, leading to the adoption of digital solutions. The region has strong potential for the strength of its manufacturing sector. In March 2023, Rockwell Automation Inc. announced the outcome of the 8th annual "State of Smart Manufacturing Report." According to a survey from 1,350 manufacturers across countries such as Australia, India, China, Republic of Korea, and Japan, around 44% of manufacturers in APAC plan to adopt smart manufacturing within the next year, whereas around 80% of manufacturers in China, 60% in Australia, and 59% in India have been already using some components of smart manufacturing. Thus, the growing adoption of smart manufacturing and existing smart manufacturing facilities represent a strong real time production monitoring market share in APAC as this solution helps smart facilities manage the production workflow efficiently in real time.
The regional trends and factors influencing the Real Time Production Monitoring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Real Time Production Monitoring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 5.13 Billion |
| Market Size by 2030 | US$ 12.57 Billion |
| Global CAGR (2023 - 2031) | 11.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Real Time Production Monitoring Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Real Time Production Monitoring Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The real time production monitoring market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the real time production monitoring market are listed below:
The “Real Time Production Monitoring Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Real Time Production Monitoring Market
Capgemini SE, Oracle Corp, Hitachi Ltd, Rockwell Automation Inc, and Siemens AG are among the leading real time production monitoring market.
The estimated value of the real time production monitoring market is expected to reach US$ 12.57 billion by 2030.
The market is expected to grow at a CAGR of 11.8% over the forecast period.
The integration of artificial intelligence (AI) and machine learning (ML) in manufacturing processes is likely to remain a key trend in the market.
Asia Pacific dominated the real time production monitoring market in 2022.
The market has grown steadily due to increasing demand for digital manufacturing. Digitalization in the manufacturing sector leads to the adoption of several technologies by the manufacturers as it helps manage the production process efficiently.