DUBLIN--(BUSINESS WIRE)--The "Manufacturing Execution System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment, and Industry Type" report has been added to ResearchAndMarkets.com's offering.
The global manufacturing execution system market was valued at US$ 11,880.90 million in 2021 and is projected to reach US$ 24,286.32 million by 2028; it is expected to grow at a CAGR of 10.8% from 2021 to 2028.
The manufacturing execution system (MES) plays an essential role in synchronizing manufacturing operations, logistics, equipment automation, and sales and planning. The MES can synchronize various functions and provide a holistic view to help enterprises improve their performances and regulatory compliance.
Several healthcare and pharmaceutical manufacturers face unprecedented challenges due to expectations regarding shorter time-to-market (TTM) for products and increased regulatory complexities associated with product approval. Thus, healthcare and pharmaceutical manufacturers need innovative solutions to overcome these challenges in a timely and efficient manner.
The MES helps them achieve regulatory compliance, including Good Manufacturing Practice (GMP) requirements and Food and Drug Administration (FDA) mandates for electronic records and electronic signatures. The systems also enable manufacturers to document automated and manual procedures adopted throughout the production process, which helps improve the accuracy of batch records.
Thus, the growing need for manufacturing execution systems for ensuring compliance with stringent regulation is fueling the manufacturing execution system market progress. With some industries going for cloud MES faster, cloud computing was expected to be one of the growth drivers of MES usage, along with digital transformation, IIoT, and more integrated ways to leverage connected data, including advanced data and analytics platforms.
The evolution towards cloud MES and other manufacturing applications in the cloud goes hand in hand with the cloud's inherent benefits in having a scalable infrastructure that enables to get the most out of corresponding data and rapidly realize integrations fast. It is also linked to the changes in the cloud market, IoT platforms, and other applications used in smart manufacturing.
42Q; AVEVA Group plc; Dassault Systemes SE; EAZYWORKS INC.; Emerson Electric Co.; General Electric Company; Honeywell International Inc.; Oracle Corporation; SAP SE; and Rockwell Automation, Inc. are a few key players profiled during the study of the global manufacturing execution system market.
In addition, several other essential market players were studied and analyzed to get a holistic view of the manufacturing execution system market and its ecosystem.
IMPACT OF COVID-19 PANDEMIC ON MANUFACTURING EXECUTION SYSTEM MARKET
The tremendous spread of SARS-CoV-2 has urged governments worldwide to impose strict restrictions on vehicles and human movement. Due to travel restrictions, mass lockdowns, and business shutdowns, the COVID-19 pandemic has affected economies and countless manufacturing and production industries in various countries. The lockdown imposition has reduced the production of commodities, goods, and services.
During the COVID-19 pandemic in 2020, multiple supply chains disruptions occurred across various industries. The manufacturing execution system market was adversely affected due to the discontinuation of operations of several industries, including process and discrete industries.
According to the World Manufacturing Production Statistics by the United Nations Industrial Development Organization (UNIDO), for the second quarter (April-June) in 2020, the manufacturing outcome of Europe decreased by 19.3%, making it the worst-affected industrialized region. Most manufacturing companies temporarily closed their factories or minimized production operations, which resulted in global trade loss. These factors hindered the manufacturing execution system market in Europe in 2020.
Key Industry Dynamics
Key Market Drivers
- Growing Implementation of Technology and Automation in Manufacturing Sector
- Growing Need for Adherence with Stringent Regulatory Compliances
Key Market Restraints
- High Implementation and Upgrading Costs
Key Market Opportunities
- High Degree of Integration with Other Solutions
Future Trends
- Integration of Artificial Intelligence in MES Solutions
Company Profiles
- 42Q
- AVEVA Group plc
- Dassault Systemes SE
- EAZYWORKS INC.
- Emerson Electric Co.
- General Electric Company
- Honeywell International Inc.
- Oracle Corporation
- SAP SE
- Rockwell Automation, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/6i665s
