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08 April, 2021, New York, USA – The manufacturing executive systems market will grow at robust pace during 2021-2028 period, as low deployment costs, growing consumer base, and increased advancements in supporting technologies like automation will guide growth. The market reached a promising valuation of 10.3 billion in 2020, thanks to rising interest among global manufacturers as industry 4.0 set in major countries like the US, China, and Europe region. Furthermore, the growing innovation in pharmaceutical, automotive, power, and trends like e-commerce disrupting the conventional manufacturing sector will also remain key drivers to growth during the 2021-2028 period. The market also remains a promising short-term prospect as policies disrupting supply chains, and logistics and dealing with regulation continue to open new avenues for growth for players in the manufacturing execution systems market.
Growing Incentives by Regional Financial Institutions to Drive Growth
Many countries have adopted flexible policies to incentivise manufacturing through financial incentives. Prime example of these include the USD 2 trillion package in United States. Furthermore, the European Union also launched a scheme to provide manufacturers with 809 billion package during the pandemic. The packages include a major portion to avert financial risks associated with disruptions in supply chains, and increase manufacturing despite tremendous risks in production in the manufacturing execution systems market. The growing incentives, and need to respond to policy formulation will drive growth for small, and large businesses alike during the pandemic. The incentives through fiscal policies will be key in optimizing production, as labor shortages, supply chain disruptions continue to plague large, and small businesses across the globe. The rising demand to deal with uncertainty, and increased collaborations among all stakeholders will drive tremendous growth for players in the manufacturing execution systems market.
Rising Demand for PLP and ERP to Remain Key Opportunities
Trends like e-commerce continue to grip the conventional world of manufacturing globally. According to the US department of commerce, e-commerce registered record sales in 2020, while traditional retail remained behind in growth, even faltering in sales number. The e-commerce sector continues to gain larger share of retail sales, as even older consumer today increasingly turn to e-commerce to buy essential goods. The increased adoption of digitalization, increasing comfort with e-commerce, and growing need for social distancing to stay safe during the pandemic remain key drivers to growth of manufacturing. Furthermore, the e-commerce remains a game-changer for retail as branded value of goods becomes increasingly less reliable, and increased transparency through consumer feedback continues to remain key driver of productivity, and efficiency globally. Furthermore, the low-valuation of products, and increased investment in innovation, and decreased loyalty among employees also drive growth of supporting technologies like PLM and ERP in the manufacturing sector. The growing demand for technologies like ERP and PLM will remain major drivers of growth in established regions like North America, wherein innovation remains a key priority among manufacturers.
Covid-19 Uncertainty to Increase as Virus Variants Spread Globally
The covid-19 crisis was expected to end with the development of new vaccination. However, the emergence of new virus variants has increased long-term risks, and uncertainty manifold. On one hand, this puts the global demand at risk, as manufacturers continue to fight disruptions in supply chains with growing number of fatalities, losses due to sickness, and increased demand for essential goods. However, this also remains a promising opportunity for players in the MES market, as technologies like automation, machine learning, and 3D printing will likely make their way faster into manufacturing due to increased pressure on supply chains. The technologies like 3D printing have already proven their efficacy in various arenas including automotive manufacturing, development of artificial organs, with low overheads, and tremendous improvements in product quality. The growing demand for inclusion of advanced technology to mitigate supply chain risks, and growing reliance on automation to solve key challenges like health risks will drive new avenues for growth for players in the MES market during the 2021-2028 period.
Growing Demand for Pharmaceutical in APAC Region to Remain a Promising Driver of Growth
The covid-19 crisis, and increased penetration of chronic diseases in the global population has been a major driver of innovation in the pharmaceutical, and life sciences industry. Chronic diseases like cancer, diabetes, AIDS, and cardiovascular diseases remain the leading cause of deaths worldwide. Furthermore, the MES systems allow pharmaceutical companies to engage in transnational corporations, which is becoming important for outsourcing research, promotion, or branding needs for various new products. this has led to significant cost reduction, opening up of new markets with collaboration, and growing demand for patented products across the globe. The rising demand for innovation has been taken up a notch in countries like China, where increased streamlining of approvals, increased investment in research, and growing demand for managing transnational operations remains key to growth for players in the global manufacturing execution systems market.
The large manufacturing base for a wide range of industries in Asia Pacific, large consumer population, and increased disposable income in the region will also make it a key region for growth during the 2021-2028 period. The region is expected to drive the fastest growth in the manufacturing execution systems market during the forecast period. Furthermore, the potential for revamping old legacy systems with trends like automation, 3D printing, among others also remains a major potential draw for growth during the forecast period. The growing demand for MES software in China, and pharmaceutical industry in countries like India remains a strong driver of growth.
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