Report : Work Instruction Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Deployment Type (On-Premise, and Cloud); Organization Size (SMEs and Large Enterprise); and Geography
According to a latest research report titled “Work Instruction Software Market Forecast to 2027–COVID-19 Impact and Global Analysis” published by The Insight Partners, the global work instruction software market was valued at US$ 416.00 million in 2019, and it is expected to grow at a CAGR of 17.4% during 2020–2027 to reach US$ 1468.41 million by 2027.
APAC Work Instruction Software Market to Grow at Highest CAGR during Forecast Period
Rapid technological advances, digitalization of economies, and sufficient government support are among the key factors leading to the smooth evolution of these economies from a developing stage to a developed stage in terms of adoption of solutions with respect to job instruction.
The Asia Pacific region is called the manufacturing hub of the world with global companies setting up their manufacturing bases across the region mainly in China, Japan, India, Singapore, Taiwan and South Korea, among others. For instance, according to studies, the manufacturing segment accounts for 27% of the total national production of China, thereby accounting for 20% of the manufacturing capacity of the world. Similarly, manufacturing segment in Japan accounts for 19% of the country's national output and 10% of the world's total production. Huge presence of manufacturing industries in the APAC region is expected to influence the growth of the work instruction software market in the region over the forecast period.
Impact of COVID-19 Pandemic 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.
Key Findings of the Study
The rising trend of Bring Your Own Device (BYOD) coupled with remote working culture across the organizations especially in large enterprises is creating the need for work instruction solutions to ensure smooth functioning among the organization. Flexible work culture in the organizations have led to the non-presence of employees from office premises, which causes disruption in the work flow especially for junior level employees who require continuous assistance to learn and execute jobs for goal acquisition. The integration of work instruction solutions across organizations is thus enabling employers to instruct all employees without letting the physical barrier affect the production efficiency.
For instance, Production Software Integrated, LLC, offers product management integrated software to large enterprises, which help manage process and the steps involved in the same. The solution not only offers on screen visual work instructions to all machine operators but also assists employees to monitor employee performance and gather production related data. This rise in efficiency of workers with the integration of solution is enabling the enterprises to enhance production efficiency and reduce machine downtime. Thus, the above-mentioned factors are increasing the adoption of work instruction solutions across large enterprises; thereby, contributing to the market growth.