Global spend on industrial software to hit £20.7bn in 2024

The market for industrial and manufacturing software applications is set to grow from £13.4bn US$18bn in 2019 to £20.7bn $27bn in 2024, according to new research - an increase of more than 50%. The smart, connected factories of today run on data. To harness that resource, more and more manufactures are turning to to industrial software applications. Applications such as Electronic Resource Planning; Manufacturing Execution Systems; Manufacturing Operations Management; Product Lifecycle Management; Inventory Management, Customer Relationship Management, and Demand Planning. ERP systems currently account for more than 50% of the spend, according to new analysis ABI Research, providing businesses with a single solution to monitor activities on the production line, to understand the firm’s ability to fulfill orders as well as automate many back-office functions.