Report : Work Instruction Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Deployment Type (On-Premise, and Cloud); Organization Size (SMEs and Large Enterprise); and Geography
Growing adoption of digitization in manufacturing sector is one of the key factor driving work instruction software market during 2020–2027
According to our latest market study on “Work Instruction Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Deployment Type (On-Premise, Cloud); Organization Size (SMEs and Large Enterprise), and Geography,” the market was valued at US$ 551.41 million in 2021 and is projected to reach US$ 1468.41 million by 2027; it is expected to grow at a CAGR of 17.4% from 2020 to 2027.
North America dominated the work instruction software market in 2019 with a share of 34.6%. North America comprises developed economies, such as the US, Canada, and Mexico. The technological advancements across North America have led to a highly competitive market for all industries. North America also attracts several technological developments from economically strong countries. The companies in the region are continuously enhancing the overall business processes to meet customer demands for high-quality products and services in the best possible way. Rise in investments by North American countries, such as the US and Canada, in improving and innovating business processes to offer premium quality products is increasing the need for providing continuous training or real-time assistance to their employees in order to ensure error-free process execution. This is increasing the demand for work instruction software across the region. This software also enables employees to self-train themselves with the help of on-screen instructions provided through the software.
In 2019, Europe stood second in the work instruction software market with a decent market share, and it is anticipated to witness a decent CAGR from 2020 to 2027. Europe comprises developed economies such as Germany, France, the UK, and Italy. Norway, Finland, Sweden, the Netherlands, Denmark, Switzerland, and the UK provide strong tech strength to the region. The UK, Germany, France, Italy, and the Netherlands are among the world’s top 12 developers of software services. Italy holds a massive share of total SMEs in Europe, including IT industries. Moreover, the Netherlands is the sixth-largest economy with the presence of prominent ICT companies. ~55% of all Forbes 2000 companies in the IT industry have operations in the Netherlands. The strong presence of the ICT sector in Europe eventually supports the development of work instruction software. Further, the presence of manufacturing companies, such as Volkswagen, Daimler, Exor, BASF, Nestle, Siemens, and BMW, in Europe is influencing the growing adoption of work instruction software across the region.
The work instruction software market players mainly focus on several strategy to expand their business and maintain their brand name globally. For instance, in 2020, SwipeGuide partnered with XMReality to deploy Digital Work Instructions using remote support. This will influence the adoption of the same among manufacturing industries in order to comply with the social distancing norms laid down by the government.
Impact of COVID-19 on Work Instruction Software Market
According to latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are a few of the worst-affected countries due to the COVID-19 outbreak. The outbreak was first reported in Wuhan, China, in December 2019, and since then, it has spread at a fast pace across the globe. The COVID-19 crisis is affecting the industries worldwide, and the global economy took the worst hit in 2020. Moreover, the business functions of SMEs are disturbed due to temporarily business shutdown and lockdown. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the business operations of SMEs, further hampering the manufacturing of various products. However, the major application of the software is in the manufacturing sector, where the same is applied for imparting training to the employees regarding the functioning of certain machineries. Thus, the closure of all manufacturing units across both developed and developing nations are expected to impact the growth of the work instruction software market adversely.
The report segments the global work instruction software market as follows:
By Deployment Type
By Organisation Size