The global production monitoring market size 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 driving factors in the production monitoring market are rising demand for industrial automation in the manufacturing industry, servitization in manufacturing, need for centralized and predictive maintenance, and rise of industry 4.0.
The major production monitoring market vendors 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global production monitoring market. New product launches, partnerships, and agreements have been the most favored strategy adopted by major players from 2016 to 2018, which helped them innovate their offerings and broaden their customer base.
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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.
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
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