Industrial automation software market, IoT and MOM, to reach $11bn by 2024

There is a potential combined market value of $11 billion by 2024 from IIoT (Industrial Internet of Things) and MOM (Manufacturing Operations Management) software markets, according to Cambashi, the research, consulting, and training company.

According to the Cambashi Market Exports, MOM software has become increasingly important to industrial automation for manufacturers to enable digital transformation and smart factories. At a time of growth, IIoT supports new ‘connected applications’ that present both opportunities and threats to established MOM software providers.

Cambashi MOM and IoT Observatories – which assess market trends, growth by country and industry and competitor performance – reveal that advances in industrial IoT technology provide support for smart manufacturing and increased efficiency using cloud platforms, ‘as-a-service’ business models, smart devices, edge connectivity, and analytical tools.

According to Simon Hailstone, Head of Research for Cambashi: “IIoT/Connected Applications providers were negatively impacted by the manufacturing slowdown in 2020, more so than MOM software providers, but we saw a dramatic recovery in 2021. The Connected Production part of the IIoT/Connected Applications market is set to grow to over $3 billion by 2024 and, when projected MOM revenues are combined with the additional IIoT/Connected Production market, we are forecasting an overall market size of over $11 billion by 2024.”

“Connected Applications are key to digital transformation initiatives,” said Alan Griffiths, Lead Analyst at Cambashi. “Established MOM providers need to pay close attention to not only the new growth opportunities but also the risks to market share resulting from the intersection between traditional MOM and burgeoning IIoT/Connected Production capabilities.”

To request Cambashi’s 2022 research paper, The impact of the industrial IoT on the Manufacturing Operations Management software market, click HERE.