Manufacturing Operations Management (MOM) Software Market to grow at a CAGR of 12.88% during 2024-2028
The Manufacturing Operations Management (MOM) Software Market is expected to grow at a CAGR of 12.88% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 21430.1 million. Manufacturing Operations Management (MOM) software plays a pivotal role in managing and optimizing industrial processes. It streamlines various tasks such as product and resource management, scheduling, dispatching, data gathering, performance analysis, and data auditing. Integration of MOM software with Enterprise Resource Planning (ERP), Supply Chain Management (SCM), Warehouse Management Systems (WMS), Decision Support Systems (DSS), Business Intelligence, and e-commerce solutions ensures seamless operations and effective results. For instance, the integration of MOM with ERP and WMS facilitates accurate order management in the warehouse. Furthermore, the integration of production execution systems with Product Lifecycle Management (PLM) enhances planning capabilities and boosts productivity.
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Technavio analysts predict that the Automotive subsegment will lead the End-user segment during 2024 and 2028 The automotive sector, a significant contributor to the global manufacturing industry, experiences robust growth, with key players such as Toyota Motor Corporation (Toyota), Volkswagen AG (Volkswagen), Ford Motor Company (Ford), and General Motors Corporation (General Motors) leading the market. These companies manufacture chassis for automobiles and light-duty motor vehicles and assemble final automotive and light-duty motor vehicles, encompassing cars, cross utility vehicles (CUVs), sport utility vehicles (SUVs), pickup trucks, and vans. Optimizing production operations is a critical challenge for the automotive industry, necessitating the adoption of advanced Manufacturing Operations Management (MOM) solutions to enhance efficiency and productivity.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing demand for automation in industrial sectors
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The Manufacturing Operations Management (MOM) software market is experiencing significant growth as businesses in various industries, including the automotive segment, seek to streamline processes, improve production efficiency, and enhance operational efficiency. The market can be segmented into software, on-premise, cloud, services, and the automotive segment. The software segment includes Planning and scheduling, Execution systems, and PI System solutions. PI System, a popular choice, helps manufacturers collect, analyze, and act on real-time data to optimize production. The cloud segment is gaining popularity due to its flexibility and cost savings. However, privacy concerns and cyberattacks pose challenges. SaaS (Software as a Service) solutions offer an attractive alternative, ensuring data security and reducing the need for in-house IT infrastructure. The services segment includes consulting, implementation, and support services. Digitized technologies like IoT, AI, and machine learning are transforming MOM software, improving fulfillment accuracy, order taking, raw materials management, and customer satisfaction. Despite these benefits, MOM software implementation comes with risks such as data theft and damage to product quality. Companies must prioritize cybersecurity and privacy to protect their profits and maintain customer trust. In conclusion, MOM software is essential for businesses looking to optimize their manufacturing operations. It offers numerous benefits, from production efficiency to inventory management and customer satisfaction. However, it also comes with challenges, including privacy concerns, cyberattacks, and implementation risks. By carefully considering these factors, businesses can make informed decisions and reap the rewards of MOM software.
The IT software market encompasses businesses involved in the creation and distribution of application and system software. This sector comprises enterprises specializing in application software for business and consumer use, encompassing enterprise and technical software, as well as cloud-based solutions. Notably, it excludes entities producing interactive home entertainment software and those focused on systems or database management software. According to Technavio, the global IT software market size is determined by the consolidated revenue of all software providers, including those offering cloud-based applications.
The Manufacturing Operations Management (MOM) Software Market is experiencing significant growth, fueled by the increasing demand for automation in industrial sectors. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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