Digital Transformation of Industries to Drive Adoption of MOM Software
Industry 4.0 – a buzzword across verticals, which has become popular in recent years, fosters what can be considered a ‘smart factory’. Smart manufacturing incorporates the use of manufacturing operations management (MOM) systems for managing end-to-end manufacturing processes directly, positively impacting the evolution of the manufacturing operations management software market.
With the introduction of robotic process automation (RPA) on factory floors and business process automation becoming the standard, manufacturing companies across industries have started investing in IT solutions to enhance quality and production capability. This has had a consequent positive influence on the growth of the manufacturing operations management software market. Manufacturing operations management software provides critical support for managing processes that involve end-to-end manufacturing. Based on functionality, MOM software includes inventory management, process and production intelligence, labour management, manufacturing execution systems, quality process management, and more. Of these, MES accounted for the largest share of ~50% by value, and is set to increase at a CAGR of ~9% during the forecast period.
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High Initial Investment to Restrain Growth
The acceptance and adoption of MOM software across industries has been widespread, particularly as companies increasingly turn to digital services and solutions, which can be attributed to its many advantages, including improving operational efficiency. However, there is resistance in some cases among end users that could negatively impact the market. This reluctance comes due to the high initial costs required to set up and install MOM software, which involves expensive hardware and software. This is anticipated to be a low-impact restraint on the growth of the global manufacturing operations management software market during the forecast period.
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Healthcare and Pharmaceuticals to Remain Lucrative Sectors
The healthcare and pharmaceuticals sectors held a significant share of ~20% in the global manufacturing operations management software market in 2018, which is expected to double over the forecast period. Operations management has become indispensable within healthcare, and the primary function of MOM software includes applications to manage the short-term scheduling of operations and long-term planning for data analysis. Also contributing to the growth of the MOM software market is the requirement of real-time analytics of operations within these sectors. This demand has led to players in the manufacturing operations management software market finding lucrative prospects by focusing on software solutions to cater to the needs of healthcare and pharmaceuticals industries.
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