The trend toward robotic process automation (RPA) in the manufacturing supply chains and the growing deployment of various other digital automation technologies on the factory floors steer the growth of the Manufacturing Operations Management (MOM) software market. Therefore, the global MOM software market is projected to advance at a CAGR of 9.9% between 2019 and 2027 and cross $ 17.2 billion by 2027, Transparency Market Research said.
MOM systems are increasingly attracting manufacturing companies across industries to leverage IoT systems in optimising end-to-end operations.
The digital transformation of manufacturing and supply chains in industries is gaining momentum, pivoting on the deployment of smart factories, the research firm said.
MOM software occupies a key position in Industrial IoT, and the scope of the technology is expanding rapidly for improving operations across the entire continuum— including inventory, process and production, labour management, and quality monitoring.
Advancements in the capabilities of MOM software have enabled businesses to gain from increased agility and flexibility of their manufacturing and production operations. Ranging from short-term scheduling of operations and long-term planning for strategic objectives, the functionality of MOM software is vast, thereby bearing on the profitability of manufacturing businesses. As a result, the application of manufacturing execution systems in industrial IoT will likely offer substantial revenue gains to players in the MOM software market, Transparency Market Research noted.
The study identified that the MOM market is characterised by a moderate degree of fragmentation. The top three players such as ABB, Dassault Systems, and Siemens, held around 30% of the global market revenue in 2019. They are leaning on technological innovations to maintain their stronghold over the manufacturing operations management (MOM) software market. Some of the other prominent players are Honeywell International, Emerson and General Electric.
Key Findings
According to the research firm, the cloud-based services for MOM are expected to gain popularity in the near future. On the other hand, the demand for on-premise services is likely to remain robust during the forecast period. The report identified that the demand for real-time management and monitoring of manufacturing operations and production environments is high among businesses operating in highly regulated industries. Healthcare and pharmaceutical companies are increasingly deploying MOM software platforms to gain end-to-end visibility, particularly through real-time analytics of operations. Furthermore, businesses in these industries are increasingly seeking digital innovation in operations management for meeting longer-term strategic goals. Indeed, they have harnessed the benefits of the MOM system in continuously monitoring and improving the quality, compliance, and productivity of their processes.
Major Drivers
The digital transformation of production operations and supply chains is a key driver for interest in MOM systems among several industries. Moreover, digital automation of processes in the manufacturing sector has also empowered businesses to effectively manage compliance with regulatory requirements, thus extending the canvas for developers of MOM software.
Industrial IoT
The rise in investment in industrial IoT technologies for modernising the manufacturing operations, fuels the market prospects for MOM software. Furthermore, the increased number of smart factory hubs in developed and developing economies have spurred the demand for a wide spectrum of industrial IoT solutions over the years, the research firm noted.
Courtesy: Transparency Market Research. NB: Photo is representational; courtesy: Siemens.