The global Production Monitoring Market is gaining traction, as it collects and distributes real-time data of events on the shop floor in manufacturing enterprises. The production monitoring system not only provides data interpretation of production processes but also reporting and administration modules, where stored data can be analyzed to find trends, estimations, and projections for easy decision-making and production planning. The main aim of the production monitoring system is to collect, report, chart, and process the real-time shop floor manufacturing data, including OEE , cycle time, idle time, setup time, teardown time, and machine downtime.
The data management solution segment is expected to grow at the highest CAGR during the forecast period. The need for data management solutions is becoming a reality for manufacturing companies in the production process. Data management solutions enable product managers to monitor their assets very closely. Also, data management solutions deliver reports related to performance and production issues. Many manufacturing enterprises are using big data solutions to manage their production efficiently.
The support and maintenance services segment is projected to grow at a higher CAGR during the forecast period. Support and maintenance services include asset repair and maintenance services, production process management and training, and support for solutions deployed for production management tasks. They include functional support, technical support, remote support, and database support. Support and maintenance services are offered as packages that are subscription-based and provide 24/7 and 365 days support. With respect to asset maintenance, vendors provide on-demand maintenance, preventive maintenance, and predictive maintenance and support services for the production monitoring software solutions adopted and deployed by commercial customers. The vendors reduce the complexity of the production monitoring solutions by providing support and maintenance services.