North America Real Time Production Monitoring Market Forecast to 2030
North America Real Time Production Monitoring Market Forecast to 2030 – Regional Analysis – By Component (Solution and Services), Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprise and SMEs), and Industry (Process Manufacturing and Discrete Manufacturing)
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Description
Integration of Artificial Intelligence and Machine Learning in Manufacturing Fuels the North America Real Time Production Monitoring Market
Industry 4.0 is transforming how businesses manufacture, improve, and distribute their goods. Manufacturers incorporate cutting-edge technology into their operations and manufacturing facilities, such as the Internet of Things (IoT), cloud computing and analytics, AI, and machine learning. Artificial intelligence (AI) and machine learning (ML) allow manufacturers to fully utilize the volume of information generated on the factory floor, across the business units, and from partners and third-party sources. AI and ML can create insights, providing predictability, visibility, and automation of operations and business processes. With the increase in data inputs, the integration of AI and ML in manufacturing is increasing. The real-time production monitoring system can be made significantly smarter by incorporating rules and algorithms (with user-defined parameters). By doing this, manufacturers are able to use the power of computers to quickly evaluate massive amounts of data in real time and make regular choices without the involvement of humans. A system powered by artificial intelligence (AI) can independently make conclusions in the event of the smallest deviations in manufacturing and is able to identify complex patterns and linkages in manufacturing processes. Thus, integrating AI and ML in manufacturing creates immense opportunities for the real-time production monitoring market, as real-time production monitoring allows the authority to be updated with updates on the shop floor. To fully realize the power of AI in MES, it is imperative to ensure the quality and maturity of the data recorded during production. To prevent potential problems and maximize the efficiency of AI-driven solutions in MES, real-time optimization and informed decision-making across the production cycle will require constant monitoring and maintenance of data quality. Thus, integration of AI and ML in manufacturing may become trend in the North America real-time monitoring market.
North America Real Time Production Monitoring Market Overview
The region is an early adopter of digital technology across the world. In May 2012, the Digital Government Strategy was launched to build a 21st-century government and bring digital revolution across the region to pioneer economic growth and technology adoption. In May 2020, the United States Agency for International Development (USAID) released Digital Strategy for development and humanitarian assistance in rapidly evolving digital landscape across the world. This digital strategy was built to strengthen various industries contributing to the region’s economic growth. In 2021, Canada announced its first digital-government strategy to coordinate digital operations, modernize their IT systems, advance technology adoption, and improve service delivery. Thus, the rising digitalization fuels the adoption of digital solutions across North America, which fosters the demand for real time production monitoring solutions by players across the manufacturing sector to gain a competitive advantage in the market. Digitalization has led to the integration of IoT devices generating a huge amount of data regarding the production process. Real-time production monitoring solutions can help manufacturers capture and analyze the data from production machinery and make decisions from data-driven insights in real time.
North America has many software companies delivering their solutions to users across the world. According to CompTIA, more than 557,000 software and IT services companies had been established in the US in 2019. Thus, the wide presence of software providers in the region is contributing to the growth of the North America real time production monitoring market as this solution helps the manufacturers in various sectors such as transportation and consumer goods to collect and process data from the machine in real-time and helps the manufacturers to make informed business decisions to increase production output efficiently. MachineMetrics, Rockwell Automation, Vorne Industries Inc., Oracle Corporation, and Aspen Technology Inc are among the major real-time production monitoring market players in the region. These market players are continuously engaged to boost their revenue by introducing new solutions. In November 2021, Plex Systems, a Rockwell Automation Company that provides cloud-based smart manufacturing solutions, launched Plex Production Monitoring. The company claims that the solution can help manufacturers gain visibility into real-time plant floor data through information regarding real-time operational KPIs to drive continuous improvements.
North America Real Time Production Monitoring Market Revenue and Forecast to 2030 (US$ Million)
North America Real Time Production Monitoring Market Segmentation
The North America real time production monitoring market is segmented based on component, deployment, enterprise size, industry, and country.
Based on component, the North America real time production monitoring market is bifurcated into solution and services. The solution segment held a larger share in 2022.
By deployment, the North America real time production monitoring market is bifurcated into on-premise and cloud. The on-premise segment held a larger share in 2022.
By enterprise size, the North America real time production monitoring market is bifurcated into large enterprise and SMEs. The large enterprise segment held a larger share in 2022.
By industry, the North America real time production monitoring market is bifurcated into process manufacturing and discrete manufacturing. The process manufacturing segment held a larger share in 2022.
Based on country, the North America real time production monitoring market is segmented into the US, Canada, and Mexico. The US dominated the North America real time production monitoring market in 2022.
Aspen Technology Inc, Capgemini SE, Dassault Systemes SE, General Electric Co, Hitachi Ltd, Infosys Ltd, Oracle Corp, Rockwell Automation Inc, and Siemens AG are some of the leading companies operating in the North America real time production monitoring market.
Summary Info
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According to the Research Team’ research, the North America real time production monitoring market was valued at US$ 1,813.18 million in 2022 and is expected to reach US$ 4,543.84 million by 2030, registering a CAGR of 12.2% from 2022 to 2030. Advent of industry 4.0 and integration of artificial intelligence and machine learning in manufacturing are among the critical factors attributed to the North America real time production monitoring market expansion.
The advent of Industry 4.0 is driving the real-time production monitoring market. The fundamental idea behind Industry 4.0 is to switch old business practices to digital ones to streamline production processes for higher utilization and quicker turnaround times by monitoring production. Industry 4.0 supports completing the field’s digital transition and brings real-time decision-making, increased productivity, flexibility, and agility. All industrial organizations, including those engaged in discrete and process manufacturing, as well as oil & gas, mining, and other industrial sectors, benefit from implementing Industry 4.0 concepts and technology. Thus, several enterprises are deploying Industry 4.0 technology.
The research done by Nokia in April 2023 unveiled the industry 4.0 maturity index for industrial campuses. Industrial and manufacturing sectors are dominated by companies that make electronics and appliances. Overall, with maturity scores of 73.1 and 79.5 out of 100, respectively, electronics and appliance manufacturers are setting the bar for Industry 4.0 technology investments and use case implementations. Further, several organizations are supporting the deployment of Industry 4.0. The United Nations Industrial Development Organization (UNIDO) assists those in utilizing the brand-new possibilities of Industry 4.0 to promote change through inclusive and sustainable industrial development. Thus, the growing adoption of Industry 4.0 focuses on technological advancements using the internet and tracking worker efficiency by collecting volumes of real-time data generated through these new capabilities.
The adoption of Industry 4.0 provides a fully digitalized manufacturing ecosystem with the introduction of various digital technologies such as enterprise software, computers, machine learning, IIoT, and big data analytics by monitoring the floor activities. These technologies have immensely pushed manufacturing methodologies toward being more data-driven. Real- time production monitoring is becoming the fundamental component of data collection. This data is further used for real time insight into the production process. Such advancements in connectivity and the industrial digital landscape are driving the demand for real-time production monitoring.
On the contrary, cost constraints in deploying solutions in SMEs hampers the growth of North America real time production monitoring market.
Based on component, the North America real time production monitoring market is bifurcated into solution and services. The solution segment held 73.6% share of the North America real time production monitoring market in 2022, amassing US$ 1,334.38 million. It is projected to garner US$ 3,426.07 million by 2030 to expand at 12.5% CAGR during 2022-2030.
By deployment, the North America real time production monitoring market is bifurcated into on-premise and cloud. The on-premise segment held 56.7% share of the North America real time production monitoring market in 2022, amassing US$ 1,027.59 million. It is projected to garner US$ 1,948.87 million by 2030 to expand at 8.3% CAGR during 2022-2030.
By enterprise size, the North America real time production monitoring market is bifurcated into large enterprise and SMEs. The large enterprise segment held 79.4% share of the North America real time production monitoring market in 2022, amassing US$ 1,439.87 million. It is projected to garner US$ 3,515.21 million by 2030 to expand at 11.8% CAGR during 2022-2030.
By industry, the North America real time production monitoring market is bifurcated into process manufacturing and discrete manufacturing. The process manufacturing segment held 57.3% share of the North America real time production monitoring market in 2022, amassing US$ 1,039.67 million. It is projected to garner US$ 2,681.27 million by 2030 to expand at 12.6% CAGR during 2022-2030.
Based on country, the North America real time production monitoring market is segmented into the US, Canada, and Mexico. The US held 80.7% share of North America real time production monitoring market in 2022, amassing US$ 1,463.42 million. It is projected to garner US$ 3,713.98 million by 2030 to expand at 12.3% CAGR during 2022-2030.
Key players operating in the North America real time production monitoring market are Aspen Technology Inc, Capgemini SE, Dassault Systemes SE, General Electric Co, Hitachi Ltd, Infosys Ltd, Oracle Corp, Rockwell Automation Inc, and Siemens AG, among others.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in North America real time production monitoring market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the real time production monitoring market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Real Time Production Monitoring Market Landscape
4.1 Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in Value Chain
5. North America Real Time Production Monitoring Market – Key Industry Dynamics
5.1 North America Real Time Production Monitoring Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Advent of Industry 4.0
5.2.2 Increase in Use of Predictive Maintenance Across Industries
5.2.3 Focus on Maximizing Production Capacity
5.3 Market Restraints
5.3.1 Cost Constraints in Deploying Solutions in SMEs
5.3.2 Possibility of Data Theft Through Manufacturing Execution System (MES)
5.4 Market Opportunities
5.4.1 Integration of Real-Time Production Monitoring Solution with ERP Systems
5.4.2 Need for Energy Efficiency
5.5 Future Trends
5.5.1 Integration of Artificial Intelligence and Machine Learning in Manufacturing
5.6 Impact of Drivers and Restraints:
6. Real Time Production Monitoring Market – North America Market Analysis
6.1 North America Real Time Production Monitoring Market Revenue (US$ Million), 2022 – 2030
6.2 North America Real Time Production Monitoring Market Forecast and Analysis
7. North America Real Time Production Monitoring Market Analysis – Component
7.1 Solution
7.1.1 Overview
7.1.2 Solution Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Services
7.2.1 Overview
7.2.2 Services Market, Revenue and Forecast to 2030 (US$ Million)
8. North America Real Time Production Monitoring Market Analysis – Deployment
8.1 On-Premise
8.1.1 Overview
8.1.2 On-Premise Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Cloud
8.2.1 Overview
8.2.2 Cloud Market Revenue, and Forecast to 2030 (US$ Million)
9. North America Real Time Production Monitoring Market Analysis – Enterprise Size
9.1 Large Enterprise
9.1.1 Overview
9.1.2 Large Enterprise Market Revenue, and Forecast to 2030 (US$ Million)
9.2 SMEs
9.2.1 Overview
9.2.2 SMEs Market Revenue, and Forecast to 2030 (US$ Million)
10. North America Real Time Production Monitoring Market Analysis – Industry
10.1 Process Manufacturing
10.1.1 Overview
10.1.2 Process Manufacturing Market Revenue, and Forecast to 2030 (US$ Million)
10.2 Discrete Manufacturing
10.2.1 Overview
10.2.2 Discrete Manufacturing Market Revenue, and Forecast to 2030 (US$ Million)
11. North America Real Time Production Monitoring Market – Country Analysis
11.1 Overview
11.1.1 North America North America Real Time Production Monitoring Market Revenue and Forecasts and Analysis – By Country
11.1.1.1 North America Real Time Production Monitoring Market Revenue and Forecasts and Analysis – By Country
11.1.1.2 US: North America Real Time Production Monitoring Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.2.1 US: North America Real Time Production Monitoring Market Breakdown by Component
11.1.1.2.2 US: North America Real Time Production Monitoring Market Breakdown by Deployment
11.1.1.2.3 US: North America Real Time Production Monitoring Market Breakdown by Enterprise Size
11.1.1.2.4 US: North America Real Time Production Monitoring Market Breakdown by Industry
11.1.1.3 Canada: North America Real Time Production Monitoring Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.3.1 Canada: North America Real Time Production Monitoring Market Breakdown by Component
11.1.1.3.2 Canada: North America Real Time Production Monitoring Market Breakdown by Deployment
11.1.1.3.3 Canada: North America Real Time Production Monitoring Market Breakdown by Enterprise Size
11.1.1.3.4 Canada: North America Real Time Production Monitoring Market Breakdown by Industry
11.1.1.4 Mexico: North America Real Time Production Monitoring Market Revenue and Forecasts to 2030 (US$ Mn)
11.1.1.4.1 Mexico: North America Real Time Production Monitoring Market Breakdown by Component
11.1.1.4.2 Mexico: North America Real Time Production Monitoring Market Breakdown by Deployment
11.1.1.4.3 Mexico: North America Real Time Production Monitoring Market Breakdown by Enterprise Size
11.1.1.4.4 Mexico: North America Real Time Production Monitoring Market Breakdown by Industry
12. Competitive Landscape
12.1 Heat Map Analysis by Key Players
12.2 Company Positioning & Concentration
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 New Product Development
14. Company Profiles
14.1 Capgemini SE
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Oracle Corp
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Hitachi Ltd
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Rockwell Automation Inc
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Siemens AG
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Dassault Systemes SE
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Aspen Technology Inc
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Infosys Ltd
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 General Electric Co
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
15. Appendix
15.1 About the Research Team
15.2 Word Index
LIST OF TABLES
Table 1. North America Real Time Production Monitoring Market Segmentation
Table 2. North America Real Time Production Monitoring Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. North America Real Time Production Monitoring Market Revenue and Forecasts to 2030 (US$ Million) – Component
Table 4. North America Real Time Production Monitoring Market Revenue and Forecasts to 2030 (US$ Million) – Deployment
Table 5. North America Real Time Production Monitoring Market Revenue and Forecasts to 2030 (US$ Million) – Enterprise Size
Table 6. North America Real Time Production Monitoring Market Revenue and Forecasts to 2030 (US$ Million) – Industry
Table 7. North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 8. US: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Component
Table 9. US: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Deployment
Table 10. US: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Enterprise Size
Table 11. US: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Industry
Table 12. Canada: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Component
Table 13. Canada: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Deployment
Table 14. Canada: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Enterprise Size
Table 15. Canada: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Industry
Table 16. Mexico: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Component
Table 17. Mexico: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Deployment
Table 18. Mexico: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Enterprise Size
Table 19. Mexico: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn) – By Industry
Table 20. Heat Map Analysis By Key Players
Table 21. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Real Time Production Monitoring Market Segmentation, By Country
Figure 2. North America PEST Analysis
Figure 3. Ecosystem: North America Real Time Production Monitoring Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. North America Real Time Production Monitoring Market Revenue (US$ Million), 2022 – 2030
Figure 6. North America Real Time Production Monitoring Market Share (%) – Component, 2022 and 2030
Figure 7. Solution Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Services Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. North America Real Time Production Monitoring Market Share (%) Deployment, 2022 and 2030
Figure 10. On-Premise Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Cloud Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. North America Real Time Production Monitoring Market Share (%) Enterprise Size, 2022 and 2030
Figure 13. Large Enterprise Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. SMEs Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. North America Real Time Production Monitoring Market Share (%) Industry, 2022 and 2030
Figure 16. Process Manufacturing Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17. Discrete Manufacturing Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. North America Real Time Production Monitoring Market Breakdown by Key Countries – Revenue (2022) (US$ Million)
Figure 19. North America Real Time Production Monitoring Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 20. US: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 21. Canada: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 22. Mexico: North America Real Time Production Monitoring Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 23. Company Positioning & Concentration
The List of Companies – North America Real Time Production Monitoring Market
1. Aspen Technology Inc
2. Capgemini SE
3. Dassault Systemes SE
4. General Electric Co
5. Hitachi Ltd
6. Infosys Ltd
7. Oracle Corp
8. Rockwell Automation Inc
9. Siemens AG
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