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Manufacturing Operations Management Software Market to Exceed Revenues Worth US$ 39.53 by 2031 End | TMR Study
The global manufacturing operations management (MOM) software market was valued at US$ 14.86 Bn in 2021It is estimated to advance at a CAGR of 10.30% from 2022 to 2031
The global manufacturing operations management (MOM) software market is expected to reach US$ 39.53 Bn by the end of 2031
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Implementation of Robotic Process Automation (RPA) Driving Manufacturing Operations Management (MOM) Software Market
Increase in engagement of software is the key to digital transformation in the manufacturing industry. Currently, the manufacturing industry engages software solutions rather than people for automating business processes. Robotic Process Automation (RPA) is an increasingly popular approach for higher digital transformation.
Shortcomings such as unskilled labor, time-intensive processes, obsolete supply chain management systems, and frequently changing regulatory requirements have hampered the manufacturing industry. Therefore, several manufacturing companies are turning toward business process automation tools to modernize and optimize complex back-office operations such as vendor communication, inventory management, procurement, payment processing, and report generation.
According to an ISG study, automation technology has resulted in 43% reduction in required resources for order-to-cash processes, 34% for invoice processing, and 32% for vendor management
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RPA is used for operations such as customer support and service desk, data migration, logistics data automation, ERP automation & web integrated RPA, administration and reporting, and billing of materials
North America is anticipated to hold dominant share of the global manufacturing operations management (MOM) software market by the end of 2022. Significant investment by governments and leading MOM software providers in technological advancement in the manufacturing industry is driving the manufacturing operations management (MOM) software market in the region. Industries are extensively adopting MOM in software development in order to provide easy access to customer information, real-time analytics, internal production processes, and operation monitoring.
The manufacturing operations management (MOM) software market in Asia Pacific is expected to grow at the highest CAGR during the forecast period due to development of lean manufacturing concepts such as total productive maintenance (TPM) and total quality management (TQM). Additionally, China, Japan, India, and Singapore have sophisticated companies that are emphasizing on adopting smart manufacturing machines, ERP systems, and production lines to enable operations to run without a break and achieve operational excellence.
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Detailed profiles of providers of manufacturing operations management (MOM) software have been provided in the market report to evaluate their financials, key product offerings, recent developments, and strategies. Top manufacturing operations management (MOM) competitors are expanding their product portfolio to increase their market share. Key players operating in the global manufacturing operations management (MOM) software market are GE Digital, Siemens Aktiengesellschaft, Rockwell Automation Inc. (Plex), SAP SE, ABB Ltd (ABB Ability), Emerson Electric Co., Honeywell International Inc., Dassault Systèmes, AVEVA Group plc, iBASEt, Critical Manufacturing S.A., iTAC Software AG, Aegis Industrial Software Corporation, Epicor, and Invensys plc.
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