At 9.3% CAGR, the South & Central America Real Time Production Monitoring Market is Projected to be Worth US$ 313.99 Million by 2030, Says Business Market Insights

According to Business Market Insights research, the South & Central America real time production monitoring market was valued at US$ 154.43 million in 2022 and is expected to reach US$ 313.99 million by 2030, registering a CAGR of 9.3% from 2022 to 2030. Need for energy efficiency and integration of artificial intelligence and machine learning in manufacturing are among the critical factors attributed to the South & Central America real time production monitoring market expansion.

Various organizations globally are planning for energy efficiency. Energy efficiency improvement and the usage of renewable energy receive the most attention in the International Energy Agency's (IEA) Sustainability Development Scenario (SDS), which focuses on reducing CO2 and methane emissions. By 2050, the goal is to use energy efficiency and renewable energy to meet 80% of the Paris Agreement's C02 emission reduction targets, with the remaining 10% coming from other sources, such as lowering upstream oil and gas activities, methane, nuclear power, carbon capture, fuel switching, and the least efficient coal power. Various enterprises might be inefficient in energy utilization as it has scalable operations. When it comes to cost-effective production, energy costs have become a deciding factor. Thus, several players across the globe are providing flexible energy management and production monitoring systems for enterprises. For instance, ABB Ltd. provides a software system solution called the Energy Monitor app, which was created for commercial use in energy-intensive sectors and manufacturing operations. Thus, the increasing need for energy efficiency is expected to provide an opportunity for the real-time production monitoring market, as it streamlines several other business procedures.

On the contrary, cost constraints in deploying solutions in SMEs hampers the growth of South & Central America real time production monitoring market.

Based on component, the South & Central America real time production monitoring market is bifurcated into solution and services. The solution segment held 87.2% share of the South & Central America real time production monitoring market in 2022, amassing US$ 134.71 million. It is projected to garner US$ 277.60 million by 2030 to expand at 9.5% CAGR during 2022-2030.

By deployment, the South & Central America real time production monitoring market is bifurcated into on-premise and cloud. The on-premise segment held 70.4% share of the South & Central America real time production monitoring market in 2022, amassing US$ 108.70 million. It is projected to garner US$ 174.85 million by 2030 to expand at 6.1% CAGR during 2022-2030.

By enterprise size, the South & Central America real time production monitoring market is bifurcated into large enterprise and SMEs. The large enterprise segment held 87.9% share of the South & Central America real time production monitoring market in 2022, amassing US$ 135.76 million. It is projected to garner US$ 272.89 million by 2030 to expand at 9.1% CAGR during 2022-2030.

By industry, the South & Central America real time production monitoring market is bifurcated into process manufacturing and discrete manufacturing. The process manufacturing segment held 63.0% share of the South & Central America real time production monitoring market in 2022, amassing US$ 97.36 million. It is projected to garner US$ 206.90 million by 2030 to expand at 9.9% CAGR during 2022-2030.

Based on country, the South & Central America real time production monitoring market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 58.2% share of South & Central America real time production monitoring market in 2022, amassing US$ 89.90 million. It is projected to garner US$ 191.87 million by 2030 to expand at 9.9% CAGR during 2022-2030.

Key players operating in the South & Central 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, sedApta Srl, and Siemens AG, among others.

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