Press release
Manufacturing Execution System (MES) Market: - Global Industry Analysis | Size, Share, Growth, Trends, Forecast 2023
According to the research study by Transparency Market Research (TMR), in 2014, the global market for manufacturing execution systems was worth US$7,860.5 mn. The market is expected to register a progressive 11.10% CAGR between 2015 and 2023, reaching a value of US$19,364.7 mn by the end of 2023.
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Growing Demand for Advanced Manufacturing Execution Systems to Bolster North America Market
Among the key regional segments, in 2015, North America held a key share of the global market. As per the study, this region is expected to continue with its dominance throughout the forecast period, thanks to the rising demand for advanced manufacturing execution system in diverse industries. Furthermore, the rising use of industrial automation in different processes is anticipated to encourage the growth of the overall market. Furthermore, Europe and Asia Pacific markets for manufacturing execution systems are estimated to witness substantial growth in the next few years.
On the basis of process industry, the oil and gas segment is likely to lead the global manufacturing execution system market in the next few years. The rising need for continuous operation environment is predicted to fuel the growth of this segment in the near future. In addition, the growing demand for tracking mechanism and sophisticated scheduling in order to enhance operational efficiency is expected to accelerate the growth of oil and gas segment in the global market. Furthermore, the rising awareness regarding the benefits of manufacturing execution systems is likely to expand the application base in the near future.
Rising Adoption in Discrete and Process Industries to Bolster Global Manufacturing Execution System Market
The increasing adoption of manufacturing execution systems, due to the rising benefits in discrete and process industries is one of the vital factors anticipated to fuel the growth of the global market in the next few years. In addition, the low cost of deployment and the increasing importance of regulatory compliance are anticipated to contribute widely towards the development of the manufacturing execution system market in the forecast period.
Furthermore, the high number of players making an entry into the manufacturing execution system market and the rising focus of these players on new product development and innovations are estimated to encourage the growth of the market in the next few years.
Pharmaceutical Industry to Offer Promising Opportunities for Market Growth
The global market for manufacturing execution system, on the other hand, is expected to witness several challenges in the near future. The low rate of adoption of manufacturing execution systems in small and medium-sized companies and the high cost and investment required for the upgradation and implementation of manufacturing execution systems are some of the factors predicted to curb the growth of the overall market in the next few years. Additionally, the complex implementation is another factor restricting the market’s growth. Nevertheless, the rising demand from life sciences and pharmaceuticals industries and the promising opportunities for manufacturing execution systems in sustainable production and energy efficiency are expected to accelerate the growth of the market.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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