The IoT in manufacturing global market is in its growth phase, and is expected to witness average growth rate of 28.01% during the forecast period, due to technological advancements and network & application security, network bandwidth management, remote monitoring system, data management, and smart surveillance.
According to a new report published by Data Bridge Market Research Global IOT In Manufacturing Market, By Geography, Software, Platform, Service, Application, Vertical – Industry Trends and Forecast to 2024
The global IoT in manufacturing market accounted for USD 6.23 billion in 2016 growing at a CAGR of 28.01% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic year 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
IoT is changing the business models, increasing output across a number of industries. But this technology has greatly impacted over manufacturing market.
Manufacturing market is utilizing the IoT devices in order to improve overall productivity and efficiency. It is widely applicable in automotive manufacturing, industrial equipment manufacturing, electronics and communication equipment manufacturing, chemicals and materials equipment manufacturing, food and agriculture equipment manufacturing.
Growing need for agile production, efficiency, and control may act as the major driver in the growth of IoT in manufacturing market. On the other side, data security and privacy concerns may hamper the market.
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Major Market Drivers & Restraints:
- Demand-driven supply chain and connected logistics
- Need for agile production, operational efficiency, and control
- Advent of advanced data analytics and data processing
- Increase in regulatory compliances
- Lack of standards for interconnectivity and interoperability
- Data security and privacy concerns
- Shadow IT risk
On the basis of software
- Network & Application Security
- Network Bandwidth Management
- Remote Monitoring System
- Data Management
- Smart Surveillance
On the basis of platform
- Device Management Platform
- Application Management Platform
- Connectivity Management Platform
On the basis of service
- Professional Services
- Managed Services
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On the basis of application
- Predictive Maintenance
- Business Process Optimization
- Asset Tracking And Management
- Logistics And Supply Chain Management
- Real-Time Workforce Tracking And Management
- Automation Control And Management
- Emergency & Incident Management
- Business Communication
On the basis of vertical
- Automotive Manufacturing
- Industrial Equipment Manufacturing
- Electronics And Communication Equipment Manufacturing
- Chemicals And Materials Equipment Manufacturing
- Food And Agriculture Equipment Manufacturing
On the basis of geography, the global IoT in manufacturing market report covers data points for 28 countries across multiple geographies such as
- North America
- South America
- Middle East & Africa
Company Share Analysis:
The report for global IoT in manufacturing market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges, measure providers ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others.
The report also measures technology life line curve and market time line to analyze and do more affective investments.
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Major Market Competitors:
Some of the major players of the global IoT in manufacturing market are ABB, Cisco Systems, Inc., General Electric, Huawei Technologies Co. Ltd, IBM, Microsoft Corporation, PTC, Rockwell Automation, Inc., SAP SE, Siemens AG, Zebra Technologies, and others.
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