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IoT in Manufacturing Market Expected to Reach $994 Billion, Globally, by 2023

 
 

quote The IoT in manufacturing global market is in its growth phase, and is expected to witness average growth rate of 13.1% during the forecast period, due to technological advancements and various machine-to-machine communication and cloud computing initiatives. quote

Manish Kashyap
Research Analyst, ICT & Media at AMR

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Allied Market Research recently published a report, titled, IoT In Manufacturing Market. According to the research, the IoT in manufacturing market was valued at $424 billion in 2016, and is expected to register a CAGR of 13.1% in the period of 2017-2023. The report is an essential tool to understand the current market trends and future market potential.

The research offers an in-depth study of the overall market size, sales, and forecast of the market trends. It analyzes the scope of the market, regional analysis, key segments, revenue comparisons, and company profiles. The report is an essential source of information for stakeholders, business analysts, and entry-level organizations to understand the market growth.

The recent developments in technology and deployment of IoT technologies such as virtual reality and augmented reality have boosted the growth of the IoT in manufacturing market. Moreover, increased number of internet users, reduced costs of powerful controller & sensors, and rise in the government funding to develop new IoT-based applications supplemented the growth of the IoT in manufacturing market. The rapid growth in communication & technology and bandwidth & connectivity drives the IoT in manufacturing market. The rise in smartphone usage in the developing countries in the Asia-Pacific regions will create lucrative opportunities in the near future.

The report includes in-depth analysis of segmentation and sub-segmentation of the IoT in manufacturing market. The market is divided into component, application, and geography. Based on component, the market is bifurcated into software and services, of which, IoT services has made remarkable growth in the recent years. Based on application, the market is divided into predictive maintenance, asset performance management, quality management, cognitive process & operations management, and supply chain management. According to the report, the market has shown an inclination toward cognitive process & operations management, which in turn boosted its CAGR of 16.9% in the period of 20172023. The report includes the detailed analysis of the market with respect to regions such as North America, Europe, Asia-Pacific, and LAMEA. The report compares the revenue generated in each region to understand the region-wise growth of the market. The countries showed the inclination toward IoT, which boosted the IoT in manufacturing market by a CAGR of 14.1%.

The IoT in manufacturing market report profiled the active leading companies to understand the strategies required to maintain the top position in the market. The key market players in the IoT in the manufacturing industry are Cisco Systems Inc., IBM Corporation, PTC Inc., SAP SE, Texas Instruments, Hitachi Ltd., Microsoft Corporation, Robert Bosch GmbH, Software AG, and Zebra Technologies. The report analyzes the revenue generated by each market player. In addition, these market players adopted various strategies such as mergers & acquisitions, new product launches to expand their business in the IoT in manufacturing market.

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quote IoT in Manufacturing Market by Component (Software and Services) and Application (Predictive Maintenance, Asset Performance Management, Quality Management, Cognitive Process & Operations Management, Supply Chain Management, and Others) - Global Opportunity Analysis and Industry Forecast, 2017 - 2023 quote

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