From GlobeNewswire: 2024-07-30 08:00:00

The global industrial software market is booming, valued at USD 21.5 billion in 2024 and expected to reach USD 46.6 billion by 2029 with a CAGR of 16.7%. Key drivers include digital transformation technologies like IoT and AI, with trends moving towards AI integration for automation and digital twins for simulation. Challenges primarily arise from cybersecurity and legacy system integration, but new market entrants offer innovative solutions.

Manufacturing Execution Systems (MES) are set to dominate the industrial software market due to their role in improving production efficiency, quality, and compliance. MES solutions enable real-time monitoring, control, and optimization of manufacturing processes, aiding industries in adopting smart manufacturing and Industry 4.0 practices for agile and responsive environments.

Industries like automotive, aerospace, and electronics are expected to contribute significantly to the industrial software market. These sectors require advanced software solutions to manage complex production workflows, ensure quality control, and comply with regulatory standards. The automotive and aerospace industries rely on sophisticated software for design, simulation, and manufacturing execution.

Asia Pacific is projected to experience the fastest growth in the industrial software market, driven by rapid industrialization and urbanization. Countries like China, India, and Southeast Asia are investing in Industry 4.0 technologies to enhance productivity and competitiveness, with government policies supporting digital transformation initiatives. The region’s growing base of SMEs digitalizing operations also fuels market expansion.

The rapid adoption of Industry 4.0/5.0 technologies in manufacturing and process industries is transforming the industrial software market. Integrating IoT, AI, and data analytics enhances automation, operational efficiency, and decision-making capabilities. This shift towards more advanced technologies prompts companies to invest in sophisticated software solutions to optimize production processes and ensure high-quality outputs.



Read more at GlobeNewswire: Industrial Software Market Forecast to Be Valued at $46.6