At 12.2% CAGR, the North America Real Time Production Monitoring Market is Projected to be Worth US$ 4,543.84 Million by 2030, Says Business Market Insights

According to Business Market Insights 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.

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