Report : Middle East & Africa Real Time Production Monitoring Market Forecast to 2030 - Regional Analysis - By Component (Solution and Services), Deployment (On-Premise and Cloud), Enterprise Size (Large Enterprise and SMEs), and Industry (Process Manufacturing and Discrete Manufacturing)
At 10.4% CAGR, the Middle East & Africa Real Time Production Monitoring Market is Projected to be Worth US$ 809.16 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the Middle East & Africa real time production monitoring market was valued at US$ 366.84 million in 2022 and is expected to reach US$ 809.16 million by 2030, registering a CAGR of 10.4% from 2022 to 2030. Integration of artificial intelligence and machine learning in manufacturing and advent of industry 4.0 are among the critical factors attributed to the Middle East & Africa real time production monitoring market expansion.
Industry 4.0 is transforming how businesses manufacture, improve, and distribute their goods. Manufacturers incorporate cutting-edge technology into their operations and manufacturing facilities, such as the Internet of Things (IoT), cloud computing and analytics, AI, and machine learning. Artificial intelligence (AI) and machine learning (ML) allow manufacturers to fully utilize the volume of information generated on the factory floor, across the business units, and from partners and third-party sources. AI and ML can create insights, providing predictability, visibility, and automation of operations and business processes. With the increase in data inputs, the integration of AI and ML in manufacturing is increasing. The real-time production monitoring system can be made significantly smarter by incorporating rules and algorithms (with user-defined parameters). By doing this, manufacturers are able to use the power of computers to quickly evaluate massive amounts of data in real time and make regular choices without the involvement of humans. A system powered by artificial intelligence (AI) can independently make conclusions in the event of the smallest deviations in manufacturing and is able to identify complex patterns and linkages in manufacturing processes. Thus, integrating AI and ML in manufacturing creates immense opportunities for the real-time production monitoring market, as real-time production monitoring allows the authority to be updated with updates on the shop floor.
To fully realize the power of AI in MES, it is imperative to ensure the quality and maturity of the data recorded during production. To prevent potential problems and maximize the efficiency of AI-driven solutions in MES, real-time optimization and informed decision-making across the production cycle will require constant monitoring and maintenance of data quality. Thus, integration of AI and ML in manufacturing may become trend in real-time monitoring market.
On the contrary, cost constraints in deploying solutions in SMEs hampers the growth of Middle East & Africa real time production monitoring market.
Based on component, the Middle East & Africa real time production monitoring market is bifurcated into solution and services. The solution segment held 85.8% share of the Middle East & Africa real time production monitoring market in 2022, amassing US$ 314.72 million. It is projected to garner US$ 703.35 million by 2030 to expand at 10.6% CAGR during 2022-2030.
By deployment, the Middle East & Africa real time production monitoring market is bifurcated into on-premise and cloud. The on-premise segment held 68.3% share of the Middle East & Africa real time production monitoring market in 2022, amassing US$ 250.52 million. It is projected to garner US$ 416.04 million by 2030 to expand at 6.5% CAGR during 2022-2030.
By enterprise size, the Middle East & Africa real time production monitoring market is bifurcated into large enterprise and SMEs. The large enterprise segment held 86.9% share of the Middle East & Africa real time production monitoring market in 2022, amassing US$ 318.96 million. It is projected to garner US$ 693.31 million by 2030 to expand at 10.2% CAGR during 2022-2030.
By industry, the Middle East & Africa real time production monitoring market is bifurcated into process manufacturing and discrete manufacturing. The process manufacturing segment held 61.6% share of the Middle East & Africa real time production monitoring market in 2022, amassing US$ 226.13 million. It is projected to garner US$ 518.44 million by 2030 to expand at 10.9% CAGR during 2022-2030.
Based on country, the Middle East & Africa real time production monitoring market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East and Africa. Saudi Arabia held 41.0% share of Middle East & Africa real time production monitoring market in 2022, amassing US$ 137.63 million. It is projected to garner US$ 361.96 million by 2030 to expand at 11.6% CAGR during 2022-2030.
Key players operating in the Middle East & Africa 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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