IoT in Manufacturing Market Overview:
IoT in Manufacturing industry was valued at $424 billion in 2016, and is expected to reach $994 billion by 2023, registering a CAGR of 13.1% from 2017 to 2023. Internet of Things (IoT) in manufacturing Market provides various software and services that enable manufacturing companies to provide IoT-based solutions such as predictive maintenance, supply chain management, quality management, and others. Further, introduction to connected operational intelligence and real-time asset monitoring assist the manufacturers to boost the manufacturing process.
Global IoT in Manufacturing Market Segmentation
The global IoT in manufacturing market is segmented on the basis of component, application, and geography. On the basis of component, it is bifurcated into software and services. Based on application, it is divided into predictive maintenance, asset performance management, quality management, cognitive process & operations management, supply chain management, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global IoT in manufacturing market was valued at $424 million in 2016 and is expected to reach at $994 million by 2023, growing at a CAGR of 13.1% from 2017 to 2023. The major factors that drive the market growth are advancement in technologies such as smart sensors and virtual reality & augmented reality; low operation cost; rise in demand for real-time asset monitoring; inadequate IT infrastructure; introduction to connected operational intelligence; and rise in adoption of cloud-based deployment model in countries such as India, China, Brazil, Mexico, and Russia.
North America generated the highest revenue in the global IoT in manufacturing market in 2016, owing to deployment of advanced technologies, such as smart sensors and connected devices, and growth in demand for IoT in the manufacturing industry. Moreover, Asia-Pacific is expected to grow at the highest CAGR, due to rise in ICT expenditure in South Korea, Australia, Japan, and Singapore.
The key players operating in the global IoT in manufacturing market include Cisco Systems Inc., Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.
Rise in Demand of Real-time Asset Monitoring
Real-time asset monitoring facilitates enterprises to monitor the changes occurring in workshops in real time, thus minimizing the manufacturing defect and increasing the operational efficiency in the IoT in manufacturing market.
Inadequate IT Infrastructure
Developing nations across the world are yet to transform into technologically advanced hubs with rich IT infrastructure and digital content. This factor is expected to hinder the market growth of IoT in manufacturing industry during forecast period.
Growth in Adoption of Cloud-based Deployment Model
Demand for cloud-based services has increased significantly due to benefits such as low cost, easy availability to data resources, and high demand for enterprise mobility management is expected to provide opportunity area for the growth of IoT in manufacturing market.
- Qualitative analysis is performed to understand current IoT in manufacturing market scenario.
- The report includes an in-depth analysis of the global IoT in manufacturing market, outlining the possible drivers, restraints, and opportunities.
- The report provides highlights of top investment pockets, key impacting factors, and wining strategies.
- Key players are identified with their market strategies such as product launch, mergers & acquisitions, and partnerships.
Iot In Manufacturing Market Key Segments:
- Predictive Maintenance
- Asset Performance Management
- Quality Management
- Cognitive Process & Operations Management
- Supply Chain Management
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
- Cisco Systems Inc.
- Hitachi Ltd.
- IBM Corporation
- Microsoft Corporation
- PTC Inc.
- Robert Bosch GmbH
- SAP SE
- Software AG
- Texas Instruments
- Zebra Technologies