Production Monitoring Market Projected to reach $6.4 billion by 2023 | Key players include Capgemini, IQMS, Infosys, Oracle and Hitachi

According to recent research "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.

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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.

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.

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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).

Capgemini is a leading player in the global production monitoring market. The company has adopted both organic and inorganic growth strategies to expand its presence in the market. For instance, in March 2018, Capgemini signed an agreement with Esaote, a manufacturer of medical diagnostic systems. As per this agreement, Capgemini would deploy its smart factory solutions that are integrated with SAP. In addition, in May 2016, Capgemini announced the launch of its new digital manufacturing services. These services would help clients improve their digital maturity across smart product and service developments, and product and asset life cycle management.

IQMS, an established vendor in the production monitoring market, has a strong presence in North American countries and other regions. The company has adopted both organic and inorganic growth strategies to enhance its presence and broaden its customer base in the global production monitoring market. In June 2018, IQMS signed an agreement with OEM Wittmann Battenfeld, a global supplier of injection molding machines, CNC robotics, labeling machinery, and auxiliary equipment, to integrate MES software into its machines to improve Overall Equipment Effectiveness (OEE), scheduling, planning, and maintenance capabilities. In addition, in February 2018, IQMS partnered with EFIDEX Company Ltd., a solution provider with extensive expertise in ERP and MES solutions. As per this partnership, EFIDEX will expand regional support for IQMS software, helping manufacturers implement and maximize their value in using IQMS.

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