At 11.2% CAGR, the Europe Real Time Production Monitoring Market is Projected to be Worth US$ 2,830.93 Million by 2030, Says Business Market Insights

According to Business Market Insights research, the Europe real time production monitoring market was valued at US$ 1,212.89 million in 2022 and is expected to reach US$ 2,830.93 million by 2030, registering a CAGR of 11.2% from 2022 to 2030. Integration of real-time production monitoring solution with ERP systems and need for energy efficiency are among the critical factors attributed to the Europe real time production monitoring market expansion.

ERP is a complete system that enables enterprises to manage suppliers, monitor supply chain activity in real time, and streamline several other business procedures. ERP offers a comprehensive company perspective, considering areas such as finance, inventory management, supply chain, and production. And real-time production monitoring software gathers and examines data in real time from the production floor. Thus, integration of real-time production monitoring solutions with ERP systems will benefit enterprises in various ways. Production management is considerably enhanced when ERP and real-time production monitoring solutions are connected effectively. With the help of this integration, batch production jobs may be effectively planned and managed by being connected to a particular management workspace. Further, integrating ensures enhanced data quality and traceability and assures that production data is accurate and updated. Costs can be significantly decreased by putting this integration into practice. The integrated solution enhances return on investment by providing better resource management and more effective material utilization.

Moreover, several players across the globe are providing systems that can map data from ERP and real-time production monitoring solutions. For instance, in April 2021, Dassault Systems introduced DELMIAworks to map data from ERPs to shop-floor MES. Thus, integration with ERP is expected to create an opportunity for the real-time production monitoring market.

On the contrary, cost constraints in deploying solutions in SMEs hampers the growth of Europe real time production monitoring market.

Based on component, the Europe real time production monitoring market is bifurcated into solution and services. The solution segment held 75.4% share of the Europe real time production monitoring market in 2022, amassing US$ 914.17 million. It is projected to garner US$ 2,199.18 million by 2030 to expand at 11.6% CAGR during 2022-2030.

By deployment, the Europe real time production monitoring market is bifurcated into on-premise and cloud. The on-premise segment held 58.9% share of the Europe real time production monitoring market in 2022, amassing US$ 714.87 million. It is projected to garner US$ 1,200.16 million by 2030 to expand at 6.7% CAGR during 2022-2030.

By enterprise size, the Europe real time production monitoring market is bifurcated into large enterprise and SMEs. The large enterprise segment held 81.3% share of the Europe real time production monitoring market in 2022, amassing US$ 985.52 million. It is projected to garner US$ 2,255.85 million by 2030 to expand at 10.9% CAGR during 2022-2030.

By industry, the Europe real time production monitoring market is bifurcated into process manufacturing and discrete manufacturing. The discrete manufacturing segment held 58.7% share of the Europe real time production monitoring market in 2022, amassing US$ 711.52 million. It is projected to garner US$ 1,741.97 million by 2030 to expand at 11.8% CAGR during 2022-2030.

Based on country, the Europe real time production monitoring market is segmented into Germany, France, Italy, the UK, Spain, and the Rest of Europe. The Germany held 31.8% share of Europe real time production monitoring market in 2022, amassing US$ 385.46 million. It is projected to garner US$ 973.95 million by 2030 to expand at 12.3% CAGR during 2022-2030.

Key players operating in the Europe 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, sedApta Srl, and Siemens AG, among others.

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