Modern manufacturing execution system, like any other information system, has evolved with the emergence of new technologies such as cloud, Big data analytics, and IoT. A modern manufacturing system has become an essential part of the manufacturing industry at present. They facilitate control over various manufacturing processes, which helps in maximizing quality, profitability, and compliance of manufacturing operations. They are being increasingly used in several manufacturing units and have garnered many accolades from the industry.
Market Research Future (MRFR) predicts the global modern manufacturing execution system market to capture an impressive CAGR of 15.41% over the forecast period of 2019-2027. The market stood at USD 12,125.4 Mn in 2017 and can reach up to USD 46,376.8 Mn by the end of 2027.
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Various factors are driving the growth of the modern manufacturing execution system market. The rise of industrial automation is a key factor in boosting the growth of the market. The proliferation of new digital industrial technology has resulted in increased adoption of modern manufacturing execution technology system to improve operational efficiency. Moreover, various stringent regulations pertaining to the safety of manufacturing operations is also aiding the growth of the market.
On the contrary, the growth of the market might be hindered by high costs associated with maintenance and upgradation of modern manufacturing execution system.
The modern manufacturing execution system market has been segmented based on component, deployment, and discrete industry.
By component, the modern manufacturing execution system market has been segmented into services and software. The software segment has been further segmented into Enterprise Resource Planning (ERP), Product Lifecycle Management (PLM), and Warehouse Management.
The services segment has been further segmented into Training & Support, Consulting & Development, and Integration Service.
By deployment, the modern manufacturing execution system market has been segmented into cloud, on-premise, and hybrid.
By discrete industry, the modern manufacturing execution system market has been segmented into electronics, automotive, medical, FMCG, aerospace & defense, and others.
By region, Modern Manufacturing Execution System Market Size has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
In 2017, the modern manufacturing execution system market was led by North America with a share of 32.5% and market value of 3,934.4 Mn. The market is experiencing demand from various industry verticals such as water and wastewater treatment, food and beverage, power industries as the region is a frontrunner in the adoption of modern technologies and is focused on automation and the governments in the region are promoting the adoption of industry 4.0 model which has created a conducive environment for the growth of the market. The North America modern manufacturing execution system market is anticipated to capture a CAGR of 15.3% over the forecast period.
Europe captured the second largest share of the market in 2017 and was valued at USD 3421.5 Mn. Europe is a major region which has adopted the industry 4.0 paradigm and has enhanced its manufacturing sector to a great extent. The region is fairly concentrated with major market players such as ABB Ltd, Andea Solutions, Dassault Systemes SA, SAP AG, Schneider Electric SE, Siemens AG, and Werum IT Solutions GmbH who are outlaying massive amounts in R&D activities to integrate advanced technologies with manufacturing processes. Europe is expected to register a CAGR of 14.1% over the forecast period.
The APAC market is anticipated to exhibit the highest CAGR of 18.7% over the forecast period. The APAC region has emerged as the global manufacturing hub as major manufacturing activities are being shifted to the region to capitalize on the economies of scale provided by the region. This has provided a massive scope for the growth of the market. The region is progressively adoption industrial automation, IoT and cloud technology which acts an added advantage.
Emerson Electric Co. (US), Applied Materials, Inc. (US), Siemens AG (Germany), ABB Ltd (Switzerland), Rockwell Automation, Inc. (US), Werum IT Solutions GmbH (Germany), Tebis Technische Informationssysteme AG (Germany), General Electric Company (US), SAP SE (Germany), Honeywell International Inc. (US), and Dassault Systèmes (France) are the remarkable players in the global modern manufacturing execution system market.
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