Production monitoring is a procedure which is meant to record the complete real time performance of a production line. It gathers data from various divisions of production line, which is relayed to the teams working on the line. The data collected by the production monitoring system is used to improve the efficiency of the production line. It is a part of business process optimization, which is a management approach to develop new processes and resources that could make a business as effective as possible. It is based on different platforms such as IoT, big data, and machine learning which helps organizations to attain their short and long-term goals. These systems allow organizations to minimize the count of inaccuracies and achieve a much-enriched result by executing a well-designed set of business process management systems. It helps organizations to create an environment for continuous analysis and adjustment when and where necessary. These factors are expected to boost the adoption of the production monitoring software, which, in turn, supports the production monitoring market growth.Increase in demand for industrial automation in manufacturing industries, growth in need for centralized monitoring and predictive maintenance of assets, and growing manufacturing facilities in the developing regions due to cheap labor are the major factors that drive the growth of the production monitoring market. In addition, the process of expanding the capabilities of a company to deliver a greater experience for the end consumers, fuels the growth of the global market. However, data security and privacy concerns and lack of skilled labors hamper the growth of the market. Furthermore, the adoption of emerging technologies in production monitoring such as cloud-based technologies are anticipated to provide major opportunities for the market.
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The production monitoring market is segmented into component, deployment mode, application, organization size, industry vertical, and region. In terms of component, it is bifurcated into solution and services. The solution segment is further sub segmented into asset management, data management, smart surveillance & security, and mobile workforce management. The service segmented is further bifurcated into professional services and managed services. By deployment mode, it is segmented into on-premise and cloud. By application it is classified into business process optimization, logistics and supply chain management, emergency & incident management, automation & control management, and others. By organization size, it is divided into small and medium-sized enterprises & large enterprises. As per industry vertical, it is categorized into oil & gas, chemical, automotive, energy & power, food & beverage, aerospace & defense, healthcare & life sciences, and others. Region-wise, the production monitoring is analyzed across North America, Europe, Asia-Pacific, and LAMEA.The key players profiled in the production monitoring market analysis is Hitachi Ltd, Oracle Corporation, Infosys Limited, Siemens AG, Emerson Electric Co., Rockwell Automation Inc., Schlumberger Limited., Rockwell Automation Inc, Tesar S.r.l., and Ordinal Software.
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KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the market along with the current production monitoring market trends and future estimations to elucidate the imminent investment pockets.
- Information about the key drivers, restraints, and opportunities and their impact analysis on the production monitoring market share is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the production monitoring industry.
- The quantitative analysis of the market size from 2019 to 2026 is provided to determine the production monitoring market potential.
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