– Manufacturing companies in various industries are increasingly deploy manufacturing operations management (MOM) software to garner full benefits of industrial Internet-of-Things (IIoT) for smart manufacturing
– Products in Manufacturing Operations Management (MOM) Software Market to Gain Adoption by End-use Industries for Increasing Efficiencies, Profitability across Manufacturing Operations
Manufacturing Operations Management (MOM) Software Market: Broad Contours
The trend toward robotic process automation (RPA) in the manufacturing supply chains and growing deployment of various other digital automation technologies on the factory floors underpin the evolution of the manufacturing operations management software market. MOM systems are increasingly attracting manufacturing companies across industries to enable them to leverage IoT systems in optimizing end-to-end operations.
The digital transformation of manufacturing and supply chains in industries is gaining momentum, pivoting on the deployment of smart factory, notes a TMR study on the manufacturing operations management (MOM) software market. MOM software occupies key position in Industrial IoT, and the scope of the technology is expanding rapidly for improving operations across the entire continuum— including inventory, process and production, labor management, and quality monitoring. The global manufacturing operations management software market is projected to advance at a CAGR of 9.9% during the forecast period of 2019 – 2027, and cross US$ 17.2 Bn by 2027.
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Advancements in capabilities of MOM software have enabled businesses to gain from increased agility and flexibility of their manufacturing and production operations. Ranging from short-term scheduling of operations and long-term planning for strategic objectives, the functionality of MOM software is vast, thereby having a bearing on the profitability of manufacturing businesses. The application of manufacturing execution systems in industrial IoT is likely to offer substantial revenue gains to players in the MOM software market.
Key Findings of Manufacturing Operations Management (MOM) Software Market Study
- Healthcare & Pharmaceutical Industries at Forefront of MOM Software Adoption: The demand for real-time management and monitoring of manufacturing operations and production environments is high among businesses operating in highly regulated industries. Healthcare and pharmaceutical companies are increasingly deploying MOM software platforms to gain end-to-end visibility, particularly through real-time analytics of operations. Furthermore, businesses in these industries are increasingly seeking digital innovation in operations management for meeting longer-term strategic goals. Indeed, they have harnessed the benefits of the MOM system in continuously monitoring and improving the quality, compliance, and productivity of their processes.
- Cloud-based Services to Gain Popularity: Cloud-based services for MOM are expected to gain popularity in the near future. On the other hand, the demand for on-premise services is likely to remain robust during the forecast period, finds the study on the manufacturing operations management (MOM) software market.
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Manufacturing Operations Management (MOM) Software Market: Drivers
- Trend toward digital transformation of production operations and supply chains is a key driver for interest in manufacturing operations management (MOM) systems among several industries. Moreover, digital automation of processes in the manufacturing sector has also empowered businesses to also effectively manage compliance with regulatory requirements, thus extending the canvas for developers of MOM software.
- Rise in investment in industrial IoT technologies for modernizing manufacturing operations is fueling market prospects for MOM software, notes the TMR study. Furthermore, the increased number of smart factory hubs in developed and developing economies have spurred the demand for a wide spectrum of industrial IoT solutions over the years.
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Manufacturing Operations Management (MOM) Software Market: Competitive Dynamics
The TMR study notes that the manufacturing operations management (MOM) market is characterized by a moderate degree of fragmentation. The top three players — ABB Ltd, Dassault Systems SA, and Siemens AG — held around 30% of the global market revenue in 2019. They are stridently leaning on technological innovations to maintain their stronghold over the manufacturing operations management (MOM) software market.
Some of other prominent players are Honeywell International Inc., Emerson, and General Electric Co. Key players are focusing on strategic mergers and acquisitions with an aim to consolidate their shares in the global manufacturing operations management (MOM) software market.
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Global MOM Software Market: Segmentation
The global manufacturing operations management software market has been segmented in terms of component, functionality, industry, enterprise size, and region.
Manufacturing Operations Management Software Market by Component
- Software (On-premise, Cloud-based)
- Professional Services (Consulting, Integration, and Maintenance)
Manufacturing Operations Management Software Market by Functionality
- Inventory Management
- Labor Management
- Manufacturing Execution Systems (MES)
- Process and Production Intelligence
- Quality Process Management
- Others (Planning, Scheduling, & Dispatching)
Manufacturing Operations Management Software Market by Industry
- Automotive
- Chemicals
- Healthcare & Pharmaceuticals
- Food and Beverages
- Consumer Goods
- Aerospace and Defense
- Industrial Equipment
- Others (Oil & Gas, Metal & Mining)
Manufacturing Operations Management Software Market by Enterprise Size
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Manufacturing Operations Management Software Market by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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