17.4% CAGR, Work Instruction Software Market to Reach $1,468.41 Million by 2027

November 29 20:44 2021
17.4% CAGR, Work Instruction Software Market to Reach $1,468.41 Million by 2027
The Insight Partners
Work Instruction Software Market is emerging with Rising Demand for Training Programs Across Manufacturing Industry by 2027

According to The Insight Partners’ latest market study on “Work Instruction Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Deployment Type (On-Premise, Cloud); Organization Size (SMEs and Large Enterprise), and Geography,” the market was valued at US$ 416.00 million in 2019 and is projected to reach US$ 1468.41 million by 2027; it is expected to grow at a CAGR of 17.4% from 2020 to 2027.

The work instruction software market players mainly focus on several strategy to expand their business and maintain their brand name globally. For instance, in 2020, SwipeGuide partnered with XMReality to deploy Digital Work Instructions using remote support. This will influence the adoption of the same among manufacturing industries in order to comply with the social distancing norms laid down by the government.

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North America dominated the work instruction software market in 2019 with a share of 34.6%. North America comprises developed economies, such as the US, Canada, and Mexico. The technological advancements across North America have led to a highly competitive market for all industries. North America also attracts several technological developments from economically strong countries. The companies in the region are continuously enhancing the overall business processes to meet customer demands for high-quality products and services in the best possible way. Rise in investments by North American countries, such as the US and Canada, in improving and innovating business processes to offer premium quality products is increasing the need for providing continuous training or real-time assistance to their employees in order to ensure error-free process execution. This is increasing the demand for work instruction software across the region. This software also enables employees to self-train themselves with the help of on-screen instructions provided through the software.

Impact of COVID-19 on Work Instruction Software Market

According to latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are a few of the worst-affected countries due to the COVID-19 outbreak. The outbreak was first reported in Wuhan, China, in December 2019, and since then, it has spread at a fast pace across the globe. The COVID-19 crisis is affecting the industries worldwide, and the global economy took the worst hit in 2020. Moreover, the business functions of SMEs are disturbed due to temporarily business shutdown and lockdown. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the business operations of SMEs, further hampering the manufacturing of various products. However, the major application of the software is in the manufacturing sector, where the same is applied for imparting training to the employees regarding the functioning of certain machineries. Thus, the closure of all manufacturing units across both developed and developing nations are expected to impact the growth of the work instruction software market adversely.

The key factor driving the market is constantly changing business and production complexities. The adoption of mixed model production process to enhance the overall organization’s manufacturing productivity is creating the need for enhanced training and development among employees. This is thus, fueling the adoption of work instruction software across the manufacturing sector. The need for employee training to improve the productivity is leading to the adoption of technologically advanced solutions across the enterprises. The increased complexity in working process across industries such as manufacturing, automotive, healthcare, and retail are rising the demand for work instructions among employees and labourers to perform their task independently and efficiently. For instance, Augmentir, Inc. offers artificial intelligence powered connected workforce platform to help employees with digital workflows and remote guidance throughout the work process.

Strategic Insights:

Players operating in the Work instructions software market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the work instructions software market. A few developments by key players of the work instructions software market are:

  • In April 2020, SwipeGuide partnered with XMReality to deploy Digital Work Instructions using remote support.
  • In October 2019, Georg Fischer Signet implemented Lifecycle Technology Ltd’s AssemblyX for work instrumentation.

 

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