vancouver, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The global market size for monitoring solutions provided by Original Equipment Manufacturers (OEMs) reached USD 11.95 Billion in 2022. It is projected to exhibit a Compound Annual Growth Rate (CAGR) of 8.0% in terms of revenue throughout the forecast period. This analysis, conducted by Emergen Research, highlights that the growth in revenue within the OEM monitoring solutions market can be attributed to several factors.
The increasing demand for predictive maintenance practices is a key driver. Industries are recognizing the value of anticipating equipment issues before they occur, leading to enhanced operational efficiency and reduced downtime. Additionally, there is a growing focus on improving equipment efficiency and productivity, as well as addressing the complexities inherent in modern industrial processes.
The advancement of Internet of Things (IoT) technologies and improved connectivity solutions contribute significantly to this revenue growth. These technologies facilitate the seamless collection of data from a variety of devices, encompassing software, actuators, and sensors. Through comprehensive data analysis, potential issues, emerging trends, and areas necessitating enhancement can be identified.
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Furthermore, the OEM monitoring solutions market is benefiting from the expanding emphasis on remote monitoring and management, particularly in domains such as patient care. These solutions enable OEMs to effectively oversee their products and ensure their optimal functioning. This involves the assimilation of tools and services that enable data collection, analysis, and proactive identification of opportunities for improvement.
In essence, the OEM monitoring solutions market is experiencing robust growth due to factors like predictive maintenance, equipment efficiency enhancement, IoT advancements, and the rise of remote monitoring and management practices. These trends collectively contribute to the market's positive trajectory.
The advent of the Internet of Things (IoT) has ushered in fresh opportunities for conventional Original Equipment Manufacturers (OEMs) in the digital era. Even industries that have traditionally been less inclined toward technology adoption, such as the furniture and home equipment sector, are now leveraging technological advancements prompted by IoT. This has prompted OEMs to envision new possibilities and redefine the capabilities of their products. In today's landscape, even a seemingly ordinary tabletop can be equipped with wireless charging stations and occupancy sensors, showcasing the transformative potential of IoT integration.
Within the realm of the Industrial Internet of Things (IIoT), notable progress has been made. This includes enhancing existing equipment with IoT-enabled remote monitoring capabilities, integrating sensors for predictive maintenance, and offering software solutions that provide valuable insights into productivity and efficiency. Prominent manufacturers of industrial equipment, including industry giants like Hitachi, Siemens, and Bosch, have embarked on the integration of sensors into their devices. This strategic move empowers their clients with comprehensive information pertaining to equipment upkeep and performance, consequently driving the growth of market revenue.
Nevertheless, despite these positive trends, there exist certain challenges that could impede the trajectory of revenue growth in this market. The implementation and maintenance of OEM monitoring solutions may involve substantial initial expenditures, posing a potential barrier for adoption. Additionally, concerns surrounding data security and privacy represent valid apprehensions. These factors have the potential to limit the pace of market revenue expansion.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 11.95 Billion |
| CAGR (2023–2032) | 8.0% |
| Revenue Forecast to 2032 | USD 25.95 Billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Component, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Medtronic, Nonin., Masimo., Sentec AG, RONSEDA ELECTRONICS CO., LTD, Omnia Health, Halma plc, Zug Medical Systems SAS, Fresenius Kabi AG., Smiths Group plc |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global Original Equipment Manufacturer (OEM) monitoring solutions market is fairly fragmented, with a number of large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major companies included in the global Original Equipment Manufacturer (OEM) monitoring solutions market report are:
- Medtronic
- Nonin.
- Masimo.
- Sentec AG
- RONSEDA ELECTRONICS CO., LTD
- Omnia Health
- Halma plc
- Zug Medical Systems SAS
- Fresenius Kabi AG.
- Smiths Group plc.
Strategic Development
- On 1 December 2022, Baxter International Inc., a global pioneer in nutrition treatment, announced the ExactaMix Pro Automated Compounder, which will be available to clients in the United States in early 2023.
- On 12 January 2022, An Original Equipment Manufacturer (OEM) partner collaboration agreement has been signed by Proserv Controls, a leading global controls technology company, and Viper Innovations, a specialist provider of electrical distribution and asset integrity services for the subsea energy industry. The agreement relates to the supply of hardware and services for electrical line insulation integrity monitoring and recovery.
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Some Key Highlights From the Report
- The software segment accounted for a significantly large revenue share in 2022. Software for OEM monitoring solutions is necessary for several reasons, including avoiding outages by recognizing and correcting potential issues before they cause downtime. By identifying and removing performance bottlenecks, this monitoring tool also helps businesses increase the performance of their software systems. This can result in greater productivity. Therefore, driving revenue growth of this segment.
- The healthcare segment accounted for largest revenue share in 2022. The need for OEM monitoring solutions is rising as a result of prevalence of chronic diseases including diabetes, stroke, and renal disease. For instance, according to the World Health Organization (WHO), 422 million people worldwide have diabetes. In addition, a rise in the need for monitoring devices that measure, transmit, record, and display a variety of biometric data, such as blood pressure, temperature, and blood oxygen saturation level, is driving revenue growth of this segment.
- The market in North America accounted for largest revenue share in 2022. The presence of a highly managed and advanced healthcare system can be associated with the region's revenue growth. In addition, the utilization of remote patient monitoring has grown in this field as a result of expanding presence of top market players such as Abbott, GE Healthcare, Thermo Fisher Scientific, Inc., and Ortho Clinical Diagnostics, Inc., among others. Furthermore, availability of new products due to the existence of potent competitors in the market is driving market revenue growth in this region. For instance, numerous U.S.-based companies, such as Abbott, Dexcom, and Eversense, manufacture the Abbott Freestyle Libre 2, Dexcom G6, and Eversense CGM System, as well as other advanced patient monitoring equipment. Increased product launches and the presence of several top-tier businesses in the region are expected to fuel intense competition in North America.
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Emergen Research has segmented the global Original Equipment Manufacturer (OEM) monitoring solutions market on the basis of component, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Software
- Hardware
- Services
- End-Use Outlook (Revenue, USD Billion; 2019-2032)
- Manufacturing
- Energy and utilities
- Healthcare
- Transportation and logistics
-
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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