The report "Production
Monitoring Market by Component (Solutions and Services), Solution,
Service (Professional and Managed), Organization Size, Industry (Process
Manufacturing and Discrete Manufacturing), and Region - Global Forecast to
2023", The global production monitoring market is expected
to grow from USD 4.0 billion in 2018 to USD 6.4 billion by 2023, at a Compound
Annual Growth Rate (CAGR) of 9.8% during the forecast period. The major factors
driving the production monitoring market include a rising demand for industrial
automation and servitization in the manufacturing industry.
Security management
services to grow at the highest CAGR during the forecast period
Security is the biggest concern
for all organizations, be it a Small and Medium-sized Enterprise (SME) or a
large enterprise. Any data breach would significantly hamper the business.
Therefore, the main focus of enterprises is to protect the inherent property of
the organization, such as customer service delivery, without compromising on
the output. Manufacturing companies who are focused on product development have
high amounts of data, including product designs, prototype information,
customer information, vendor details, and contract details. These data are very
important, and enterprises cannot afford to lose them. Therefore, various
organizations offer managed security services, including smart security services
and cybersecurity services.
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Business process
optimization application area to hold a larger market size during the forecast
period
Business
process optimization is a management approach that helps construct new
processes and develop new resources to make an organization as effective as
possible. This approach encourages organizational leaders to get back to basics
and get rid of processes that are not working anymore. It creates an
environment of ongoing monitoring, analysis, and adjustments when necessary.
The production monitoring solutions based on platforms, such as Machine
Learning (ML), IoT, and big data, are helping manufacturing organizations in
achieving their short-term and long-term goals. These solutions enable
manufacturing organizations to reduce the number of costly errors and achieve a
vastly improved result by implementing a well-designed set of business process
management solutions.
North America to hold the largest market size during the forecast
period
North
America is expected to be the largest contributor to the production monitoring
market in terms of market size, as it is a technologically advanced region. The
top countries contributing to the production monitoring market in this region
include the US and Canada. These countries have sustainable and
well-established economies, which enable them to strongly invest in R&D
activities, thereby contributing to the development of new technologies. Due to
the early adoption of trending technologies, such as IoT, big data, DevOps, and
mobility, manufacturers are keen to adopt new advanced technologies for their
production process.
Major
vendors 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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