The real time production monitoring market size is valued at US$ 5,130.68 million in 2022 and is expected to reach US$ 12,565.83 million by 2030; it is estimated to record a CAGR of 11.8% from 2022 to 2030.
Analyst Perspective:
Real time production monitoring is a solution that helps monitor the production process. It records all the information regarding the production performance in real time. The monitoring systems gather production data from several production line sources for the manufacturer or the operators on the production line. The collected data is then utilized to improve the production line efficiencies by gaining insights regarding the steps required to take for efficient production workflow. Several manufacturing businesses adopt these solutions of the real time production monitoring market under the industry verticals, such as automotive, chemicals, oil & gas, machinery, and food & beverages.
Real Time Production Monitoring Market Overview:
The real time production monitoring market is a crucial segment across industries. The market has grown steadily due to increasing demand for digital manufacturing. Digitalization in the manufacturing sector leads to the adoption of several technologies by the manufacturers as it helps manage the production process efficiently. In addition, the rising focus on the implementation of smart manufacturing solutions fosters the adoption of various digital solutions, such as real time production monitoring software. The software helps monitor the production KPIs and reduces the downtime events in real time for efficient continuous manufacturing processes. The software helps operators, engineers, and management to gain insight into the current operating conditions. It builds real time dashboards and helps monitor site-level process flows, equipment status, or enterprise-wide production KPIs, which helps the system operators make efficient decisions for improved production output quality. Thus, the benefits of such software solutions lead to its adoption, thereby fostering the real time production monitoring market growth.
The rise in government support and policy to incentivize SMEs to adopt digital solutions and fuel their businesses drives the market. In addition, the revolutionizing Industry 4.0 further contributes to the adoption of a manufacturing execution system (MES), which provides lucrative opportunities for the market.
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Real Time Production Monitoring Market: Strategic Insights
Market Size Value in US$ 5,130.68 million in 2022 Market Size Value by US$ 12,565.83 million by 2030 Growth rate CAGR of 11.8% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Real Time Production Monitoring Market: Strategic Insights
| Market Size Value in | US$ 5,130.68 million in 2022 |
| Market Size Value by | US$ 12,565.83 million by 2030 |
| Growth rate | CAGR of 11.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Real Time Production Monitoring Market Driver:
Increase in Use of Predictive Maintenance Across Industries Drives Real Time Production Monitoring Market Growth
With the increase in digital technologies, several manufacturing industries are leveraging predictive maintenance. These smart industries use real-time data of manufacturing assets and analyze the massive volumes of big data that sensors on the factory floor acquire. This analysis requires predictive maintenance to cut down on equipment downtime. The real-time production monitoring system can track equipment and send out alerts so that work is only done when it is actually essential. Also, these systems are frequently provided as modules to supplement enterprise resource planning (ERP) systems with preventative maintenance capabilities similar to those of a standard computerized maintenance management system (CMMS). According to Plant Engineering 2020, 41% of the manufacturing industry uses maintenance through strategies such as predictive maintenance using analytical tools. Several manufacturers are installing several tools for predictive maintenance. For instance, in March 2023, Volvo Group deployed a private LoRaWAN network for predictive maintenance. In another instance, in October 2022, ANDRITZ installed a Metris predictive maintenance system at Welspun Advanced Material. The Metris platform uses smart sensors as an energy-self-sufficient and seamless support solution to continuously check machine conditions, even in hard-to-reach places. Thus, the growing use of predictive maintenance drives the real-time production monitoring market, as predictive maintenance needs real-time data to provide analysis.
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Real Time Production Monitoring Market Segmental Analysis:
Based on component, the real time production monitoring market is segmented into solution and services. The solution segment held a larger share in the real time production monitoring market. Real time production monitoring solutions play a critical role in manufacturing by managing and controlling production operations on the shop floor. Real time production monitoring solutions provide real time visibility, tracking, and management of manufacturing processes to improve efficiency, quality, and productivity. Real time tracking of production activities includes machine status, work orders, and employee performance. These solutions offer various components and functionalities, such as creation, assignment, and tracking of work orders, including scheduling and prioritization; monitoring and managing raw materials, components, and finished goods throughout production; ensuring product quality through quality control checks, inspections, and compliance with industry standards; tracking and recording the genealogy of products, including raw materials used and processes applied, for quality control and compliance purposes; and collecting data from various sensors, machines, and manual inputs for real time analysis and decision-making. Leading MES providers with real time production monitoring components include Siemens MES, Dassault Systemes DELMIA, Rockwell Automation, FactoryTalk Production Centre, and GE Digital Predix MES. The real time production monitoring system provides real time visibility into the production operations. It displays the status of machines, work orders, inventory levels, and production schedules on a centralized dashboard. Operators and supervisors can monitor the shop floor activities and track progress in real time. Hence, the solution segment of the real time production monitoring market is growing significantly.
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Real Time Production Monitoring Market Regional Analysis:
The APAC Real Time Production Monitoring market was valued at US$ 1583.33 million in 2022 and is projected to reach US$ 4067.91 million by 2030; it is expected to grow at a CAGR of 12.5% during 2022–2030. Asia Pacific (APAC) is a diverse region with a large population and growing digital economy, contributing to high data generation. APAC has been at the forefront of data computing adoption due to the proliferation of IoT devices, smart manufacturing initiatives, and the need for real-time data processing. APAC reported a significant increase in internet penetration rates, leading to a surge in data consumption and need for localized data processing.
APAC has long been a strong manufacturing base, and the sector continues to be a strong adopter of the IoT. IoT is widely adopted across verticals across the region leading to the adoption of digital solutions. The region has strong potential for the strength of its manufacturing sector. In March 2023, Rockwell Automation Inc. announced the outcome from the 8th annual "State of Smart Manufacturing Report". According to a survey from 1,350 manufacturers across countries such as Australia, India, China, Republic of Korea, and Japan, around 44% manufacturers in APAC plan to adopt smart manufacturing within the next year, where around 80% of manufacturers in China, 60% in Australia, and 59% in India have been already using some components of smart manufacturing. Thus, the growing adoption of smart manufacturing and existing smart manufacturing facilities represent a strong the real time production monitoring market share in APAC as this solution helps smart facilities manage the production workflow efficiently in real time..
Real Time Production Monitoring Market Key Player Analysis:
Capgemini SE, Oracle Corp, Hitachi Ltd, Rockwell Automation Inc, Siemens AG, Dassault Systemes SE, Aspen Technology Inc, Infosys Ltd, sedApta Srl, and General Electric Co are among the key players operating in the real time production monitoring market.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies operating in the real time production monitoring market. A few recent key real time production monitoring market developments are listed below:
- In 2021, Stanley Black & Decker (SB&D) announced the opening of its 23,000-square-foot Advanced Manufacturing Center of Excellence in Hartford, Connecticut. Called “Manufactory 4.0,” the facility served as the epicenter for the company’s global Industry 4.0 “smart factory” and workforce upskilling initiatives.
- In 2023, Satisloh announced the launch of an upgraded version of its MES-360 manufacturing execution system. MES-360 has been designed to address the needs of lab managers, production supervisors, machine technicians, and quality teams in mid to large-sized Rx labs.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Enterprise Size, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Advent of Industry 4.0, increase in use of predictive maintenance across industries, and focus on maximizing production capacity are the driving factors impacting the real time production monitoring market.
The real time production monitoring market was valued at US$ 5130.68 million in 2022 and is projected to reach US$ 12565.83 million by 2030; it is expected to grow at a CAGR of 11.8% during 2022–2030.
Integration of artificial intelligence and machine learning in manufacturing is the future trends of the real time production monitoring market.
The key players, holding majority shares, in real time production monitoring market includes Capgemini SE, Oracle Corp, Hitachi Ltd, Rockwell Automation Inc, Siemens AG, Dassault Systemes SE, Aspen Technology Inc, Infosys Ltd, sedApta Srl, and General Electric Co.
The solution segment led the real time production monitoring market with a significant share in 2022 and also expected to grow with the highest CAGR.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.
The North America held the largest market share in 2022, followed by Asia Pacific and Europe.
The List of Companies - Real Time Production Monitoring Market
- Oracle
- Hitachi, Ltd.
- Rockwell Automation
- Dassault Systèmes
- Aspen Technology, Inc.
- sedApta
- Siemens
- Capgemini
- Infosys Limited
- GE DIGITAL
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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