The Real Time Production Monitoring Market is projected to grow significantly, reaching a value of US$ 12.56 billion by 2030, up from US$ 5.13 billion in 2022, reflecting a compound annual growth rate (CAGR) of 11.8% during the period from 2022 to 2030.
In Europe, the real time production monitoring market is divided into several key countries, including Germany, France, Italy, the UK, Spain, and other regions. The advancement of technologies such as cloud computing, the Internet of Things (IoT), edge computing, and artificial intelligence (AI) plays a crucial role in achieving sustainability objectives across various sectors, particularly in manufacturing. The region is also concentrating on the establishment of smart factories that implement intelligent manufacturing solutions, which enhance production efficiency through real-time insights derived from machinery and operational data. For instance, in October 2021, Boehringer Ingelheim International GmbH inaugurated a state-of-the-art tablet production facility in Ingelheim, investing US$ 104.41 million (EUR 90 million) to upgrade its manufacturing capabilities.
Furthermore, European market players are broadening their operations globally, which has enabled them to attract a larger customer base for smart factory solutions, thereby boosting their revenue streams. In June 2019, Schneider Electric unveiled its first smart factory in the United States, aimed at providing solutions to end users, machine builders, and partners while implementing Industrial Internet of Things (IIoT) integration strategies that enhance operational efficiency. The company emphasized that this factory aids its clients in automating their manufacturing processes. Consequently, the modernization and digital transformation of factories facilitate the interconnection of all machines and equipment through IoT devices.
The continuous data generation during production processes offers manufacturers a competitive edge over their rivals, driving the adoption of real time production monitoring solutions. As a result, the emergence of smart factories and the expansion efforts of market players are propelling the growth of the real time production monitoring market in Europe.
The European Union actively promotes the development of various technological solutions through research and innovation initiatives under programs like Horizon 2020 and the Digital Europe Programme (DIGITAL). Projects funded by the EU accelerate the integration of digital solutions within businesses, fostering their growth. Thus, supportive government policies and the increasing trend of digitization are pivotal factors enhancing the uptake of real time production monitoring solutions across Europe.
Europe is home to several prominent players in the real time production monitoring market, which further stimulates market growth in the region. Notable companies include Capgemini SE, Siemens AG, Dassault Systemes SE, Intouch Monitoring Limited, and Matics Manufacturing Analytics Ltd, all of which are actively engaged in the European market.
The real time production monitoring market is categorized by components into solutions and services, with the solutions segment capturing the largest market share in 2022. These solutions are essential in manufacturing as they oversee and manage production operations on the shop floor. They provide real-time visibility, tracking, and management of manufacturing processes, thereby enhancing efficiency, quality, and productivity.
Real-time tracking encompasses various production activities, including machine status, work orders, and employee performance. These solutions offer a range of functionalities, such as the creation, assignment, and tracking of work orders, scheduling and prioritization; monitoring and managing raw materials, components, and finished products throughout the production cycle; ensuring product quality through inspections and compliance with industry standards; tracking the genealogy of products for quality control; and collecting data from sensors, machines, and manual inputs for real-time analysis and decision-making.
Leading providers of Manufacturing Execution Systems (MES) that include real time production monitoring components are Siemens MES, Dassault Systemes DELMIA, Rockwell Automation, FactoryTalk Production Centre, and GE Digital Predix MES. The solutions available in the real time production monitoring market offer comprehensive visibility into production operations, displaying machine statuses, work orders, inventory levels, and production schedules on centralized dashboards. This allows operators and supervisors to monitor shop floor activities and track progress in real time, contributing to the significant growth of the solutions segment.
In terms of deployment, the real time production monitoring market is divided into on-premise and cloud-based solutions. The on-premise segment currently holds the largest market share. On-premise software operates on a company?s own hardware infrastructure and is hosted locally, providing enhanced security and reliability while allowing businesses to maintain a level of control that cloud solutions may not offer. Implementing on-premise real time production monitoring systems presents numerous advantages for manufacturing organizations, such as complete control over production data and low latency, as data does not traverse external networks. This facilitates real-time decision-making and swift responses to production challenges. Additionally, on-premise solutions can be tailored to meet the specific needs and processes of the organization, driving the demand for on-premise deployments.
Key players in the Real Time Production Monitoring Market include 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, all of which are profiled in this market analysis.
The overall size of the Real Time Production Monitoring Market has been determined through a combination of primary and secondary research methods. Extensive secondary research has been conducted using both internal and external sources to gather qualitative and quantitative data related to the market size. This process also aids in providing an overview and forecast of the market across all segments. Additionally, numerous primary interviews have been conducted with industry participants to validate the data and gain analytical insights, involving industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the real time production monitoring sector.