Manufacturing Operations Management (MOM) Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 04/25/2019 -- According to a new market report published by Transparency Market Research,the global Manufacturing Operations Management (MOM) software market was valued at US$6,376.1 Mn in 2016 and is expected to expand at a CAGR of 9.6% from 2018 to 2026, reaching US$ 15,554.0 Mn by the end of the forecast period. According to the report, the global Manufacturing Operations Management (MOM) software market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at CAGR of about 10.4% throughout the forecast period.
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Surge in Demand for Paperless Manufacturing is Drivingthe Market
The global manufacturing operations management software market is majorly driven due to rising adoption of paperless technology in manufacturing industry. Paperless manufacturing refers to the use of software-based electronic systems to monitor and enforce manufacturing production processes, while capturing all information associated with production records. Traditional paper-based record keeping systems are highly prone to human error. Implementation of advanced software-based solutions such as MOM software is increasing in order to overcome these errors.
Moreover, MOM software plays a vital role in integrating information systems on the shop floor with business systems in the corporate office, leading to a gradual phasing out of traditional paper-based systems.In addition, MOM software is also capable of integrating information from multiple plant or factory locations, enabling manufacturers to make faster, better, and more rational decisions.Manufacturing companies are beginning to recognize the value of eliminating paper and moving toward digital systems. Thus transition toward software-based, paperless manufacturing is likely to drive the manufacturing operationsmanagement software market in the near future.
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Manufacturing Operations Management (MOM) software market is segmented based oncomponent, functionality, enterprise size, industry, and region. By component, the market is segmented into software and professional services. Software segment is further bifurcated into on-premise and cloud-based. Professional services include consulting, integration, and maintenance. Based on functionality, the global MOM software market is segmented into inventory management, labor management, manufacturing execution system, process & production intelligence, quality process management, and others. By enterprise size, the market is segmented into small & medium size enterprises and large enterprises. On the basis of industry, the global MOM software market is bifurcated into automotive, chemical, healthcare & pharmaceuticals, food & beverages, consumer goods, aerospace & defense, industrial equipment, and others.