According to a new market report published by Transparency Market Research,the global Manufacturing Operations Management (MOM) software market was valued at US$6,376.1 Mn in 2016 and is expected to expand at a CAGR of 9.6% from 2018 to 2026, reaching US$ 15,554.0 Mn by the end of the forecast period. According to the report, the global Manufacturing Operations Management (MOM) software market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at CAGR of about 10.4% throughout the forecast period.
Surge in Demand for Paperless Manufacturing is Drivingthe Market
The global manufacturing operations management software market is majorly driven due to rising adoption of paperless technology in manufacturing industry. Paperless manufacturing refers to the use of software-based electronic systems to monitor and enforce manufacturing production processes, while capturing all information associated with production records. Traditional paper-based record keeping systems are highly prone to human error. Implementation of advanced software-based solutions such as MOM software is increasing in order to overcome these errors. Moreover, MOM software plays a vital role in integrating information systems on the shop floor with business systems in the corporate office, leading to a gradual phasing out of traditional paper-based systems.In addition, MOM software is also capable of integrating information from multiple plant or factory locations, enabling manufacturers to make faster, better, and more rational decisions.Manufacturing companies are beginning to recognize the value of eliminating paper and moving toward digital systems. Thus transition toward software-based, paperless manufacturing is likely to drive the manufacturing operationsmanagement software market in the near future.
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Manufacturing Operations Management (MOM) software market is segmented based oncomponent, functionality, enterprise size, industry, and region. By component, the market is segmented into software and professional services. Software segment is further bifurcated into on-premise and cloud-based. Professional services include consulting, integration, and maintenance. Based on functionality, the global MOM software market is segmented into inventory management, labor management, manufacturing execution system, process & production intelligence, quality process management, and others. By enterprise size, the market is segmented into small & medium size enterprises and large enterprises. On the basis of industry, the global MOM software market is bifurcated into automotive, chemical, healthcare & pharmaceuticals, food & beverages, consumer goods, aerospace & defense, industrial equipment, and others.
In terms of region, North America is expected to be the largest MOM software market over the forecast period due to extensive investment done by regional governments and prominent players across the region for technological development in the manufacturing industry. Europe is also one of the prominent MOM software market revenue contributors. This is mainly attributed to increasing use of industry 4.0 technology in manufacturing processes in this region, which leads to improved productivity with better speed of work. Stringent government regulations are one of the major factors contributing to the growth of the MOM software market in Europe. Furthermore, European governments are taking various initiatives to implement different technologies to enhance the manufacturing sector.Asia Pacific region is expected to expand at the highest CAGR among all the regions. This is mainly due to increasing industrialization among countries in this region. Markets such as China, Thailand, Indonesia, and even developing Southeast Asian markets such as Myanmar and Laos have a significant proportion of GDP contribution from the manufacturing sector.Among all the countries across Asia Pacific, China has long been the default choice for digitalizing the manufacturing sector.MOM software is expected to grow significantly in Middle East & Africa and South America due to increasing number of enterprises.
Partnership and acquisitions are some of the prominent strategies adopted by Manufacturing Operations Management (MOM) software players in order to sustain in the market or strengthen their presence. Companies are also entering into new business areas or industry verticals to increase their sales. Partnerships with solution providers and service providers would prove beneficial as they can help with specific expertise related to any specific solution. Some of the key players operating in the market are Emerson Process Management, Honeywell International Inc., General Electric Co., Invensys plc. and others.
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