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Modern Manufacturing Execution System Market Report - Explore size, share, growth, trends, analysis, industry outlook, key players, and forecast 2033.
Modern Manufacturing Execution System Market
According to The Business Research Company's, The modern manufacturing execution system market size has grown rapidly in recent years. It will grow from $16.95 billion in 2023 to $19.68 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to regulatory compliance requirements, need for operational efficiency, demand for real-time visibility, integration with enterprise systems, increasing complexity in manufacturing operations.
The modern manufacturing execution system market size is expected to see rapid growth in the next few years. It will grow to $38.08 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to rapid adoption of industry 4.0 technologies, shift towards cloud-based solutions, emphasis on predictive maintenance, increasing complexity in manufacturing operations, focus on sustainability and green manufacturing. Major trends in the forecast period include rapid adoption of cloud-based solutions, integration with emerging technologies, focus on data analytics and predictive insights, expansion of MES in small and medium-sized enterprises (SMES), enhanced interoperability and connectivity.
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Market Drivers and Trends:
The rising adoption of cloud-based solutions is expected to propel the growth of the modern manufacturing execution system market going forward. Cloud-based solutions refer to software, platforms, or infrastructure services hosted and accessed over the internet rather than installed on local computers or servers. The adoption of cloud-based solutions is rising due to their scalability, flexibility, accessibility, and cost-effectiveness for businesses across various industries. Cloud-based solutions in modern manufacturing execution systems (MES) enable manufacturers to access real-time production data, collaborate across multiple locations, and scale their operations efficiently using remote servers and services accessed via the internet. For instance, according to Eurostat, a Luxembourg-based statistical office of the European Union (EU), 45.2% of businesses within the European Union acquired cloud computing services in 2023, an increase of 4.2% from 2021. Additionally, the adoption of cloud computing among medium-sized enterprises rose to 59% in 2023, compared to 53% in 2021. Further, the proportion of small businesses utilizing cloud services increased by 3.8% to reach 41.7% during the same period. Therefore, the rising adoption of cloud-based solutions is driving the growth of the modern manufacturing execution system market. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the modern manufacturing execution system market.
Major companies operating in the modern manufacturing execution system market are developing innovative products, such as Manufacturing Execution System (MES) software, to gain a competitive edge in the market. Manufacturing execution system (MES) software is a computerized system used in manufacturing industries to track and manage production processes and data in real time. For instance, in February 2023, AVEVA, a UK-based information technology consulting company, launched a new version of its Manufacturing Execution System (MES) software to support data center deployments. This updated version offers multi-site support, catering to the needs of data center operators by enhancing MES with capabilities in monitoring and control, asset performance, and operations optimization. The MES software digitizes, standardizes, and optimizes operational processes and work activities across industrial manufacturing plants. It manages inventory, production, and quality-related plant activities to ensure the production of high-quality products at the lowest cost.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Siemens AG, Accentur*e Plc, General Electric Company, Schneider Electric SE, Honeywell International Inc, SAP SE, ABB Ltd, Applied Materials Inc, Emerson Electric Co, Rockwell Automation Inc, Dassault Systèmes, Krones AG, Epicor Software Corporation, Aptean Inc, MPDV Mikrolab GmbH, Plex Systems, Yokogawa Electric Corporation, Lighthouse Worldwide Solutions, Werum IT Solutions GmbH, Aegis Software, InfinityQS International, Tebis Technische Informationssysteme AG, Critical Manufacturing, FORCAM GmbH, ATS Global
Modern Manufacturing Execution System Market 2024 Key Insights:
• The modern manufacturing execution system market size is expected to see rapid growth in the next few years. It will grow to $38.08 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Increasing Adoption Of Cloud-Based Solutions Fuels Growth In The Modern Manufacturing Execution System Market
• Advancements In Manufacturing Execution Systems Transforming The Modern Manufacturing Execution System Market
• North America was the largest region in the modern manufacturing execution system market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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