According to a new market report pertaining to the global manufacturing operations management software market published by Transparency Market Research the global manufacturing operations management software market is projected to reach a value of US$ 17 Bn by 2027. The MOM software market is projected to expand at a CAGR of ~10% from 2019 to 2027. Growth of the market can be attributed to the shift of manufacturing toward digitization. Asia Pacific is anticipated to dominate the manufacturing operations management software market at a CAGR of ~11% during the forecast period.
In terms of revenue share, the manufacturing operations management software market is dominated by North America, followed by Europe. In 2019, the software segment is estimated to be valued at ~US$ 5 Bn in the global manufacturing operations management software market, and see an opportunity of ~US$ 10 Bn in terms of revenue from 2019 to 2027, reflecting a CAGR of ~9% during the forecast period.
Manufacturing Heading Toward Digital Transformation to Promote MOM Software Market Growth
Today, manufacturing companies use a range of digital services to manage their operations, and more than 70% of the analysis and monitoring of their routine processes takes place using software solutions. The implementation of advanced software-based solutions, such as MOM, is on the rise in order to overcome technical errors.
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Moreover, MOM plays a vital role in integrating information systems on the shop floor, with business systems in corporate offices, leading to a gradual phasing-out of traditional paper-based systems. The demand for manufacturing operations management software is expected to increase during the forecast period due to these advantages offered by these systems.
MOM Software Market: Regional Outlook
In terms of region, the global manufacturing operations management software market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The MOM software market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. Asia Pacific is one of the fastest growing markets in the global manufacturing operations management software market, as this region is witnessing increased adoption of new technologies. The manufacturing operations management software markets in North America and Europe are also expected to expand rapidly during the forecast period.