Pune, June 16, 2020 (GLOBE NEWSWIRE) — The IoT in manufacturing market is anticipated to gain traction from their ability to provide the organizations with comprehensive visions to examine complexities that often arise at the intermediate points of manufacturing processes. IoT solutions are also capable of developing real-time adjustments for the manufacturers. This information is given by Fortune Business Insights™ in a published report, titled, “Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis, By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2026.” The report further states that the IoT in manufacturing size stood at USD 27.76 billion in 2018 and is projected to reach USD 136.83 billion by 2026, thereby exhibiting a CAGR of 22.1% during the forecast period.
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Highlights of This Report:
- In-depth analysis of the growth drivers, hindrances, and dynamics.
- Elaborate information about the competitive landscape.
- Profiles of all the reputed companies present in the market and the strategies adopted by them to increase sales.
- Insights into the segments and regions in the market.
Drivers & Restraints-
Rising Adoption of Innovative Technologies to Boost Growth
The rising adoption of novel technologies, such as artificial intelligence- (AI) based smart robots and industry 4.0 in the manufacturing industry is set to contribute to the IoT in manufacturing market growth. These are aiding the manufacturers in enhancing reliability and quality, as well as lowering the overall manufacturing cost. Prominent companies are presently aiming to engage in mergers and acquisitions to get hold of more opportunities by using IoT in manufacturing.
Moreover, the ongoing developments in the prominent field of industry 4.0 are expected to drive the market growth in the near future. The industry giants are investing hefty amounts of money in the creation and implementation of IoT in manufacturing processes.
Predictive Maintenance Segment to Dominate in the Coming Years
In terms of application, the market is divided into emergency & incident management, real-time workforce tracking & management, logistics & supply chain management, asset tracking & management, and predictive maintenance. Out of these, the emergency & incident management segment procured 20.1% IoT in manufacturing market share in 2018. The predictive maintenance segment is likely to dominate the market by gaining the largest share owing to its dependence on the valuable information and insights that are achieved by the persistent equipment condition monitoring systems.
Increasing Number of Start-ups to Drive Growth in North America
Regionally, North America held USD 12.25 billion in terms of revenue in 2018 on account of the increasing adoption of state-of-the-art technologies, namely, 5G network, DevOps (software development (Dev) and information-technology operations (Ops)), big data, and machine learning. Also, the rising number of emerging start-up companies in this region would boost growth.
Asia Pacific, on the other hand, is expected to show the highest CAGR in the forthcoming years owing to the expansion of the manufacturing and automotive sectors. Besides, the higher demand for IoT solutions for unique automation processes would augment growth in this region. Coupled with this, the increasing engagement of key companies in mergers and acquisitions with the other enterprises would affect the market positively.
Key Players Focus on Collaboration Strategy to Strengthen Position
The market houses a large number of companies that are persistently striving to gain a competitive edge. To do so, they are engaging in strategic collaborations or partnerships for developing technologically advanced IoT solutions. Below is one of the key industry developments:
- July 2018: Microsoft broadened its partnership with GE. The latter revealed its plan to standardize its Predix solutions by integrating it with Microsoft Azure’s cloud capabilities. It would consist of Azure Data Analytics and Azure IoT. Both companies will soon start co-selling and delivering their end-users high-quality IoT solutions.
Fortune Business Insights™ presents a list of all the companies operating in the IoT in manufacturing market. They are as follows:
- Cisco Systems, Inc.
- IBM Corporation
- General Electric Company
- Intel Corporation
- Siemens AG
- Microsoft Corporation
- SAP SE
- SOFTWARE AG
- Zebra Technologies
- Hitachi Ltd.
- Other key market players
Quick Buy – IoT in Manufacturing Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101677
Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Internet of Things (IoT) in Manufacturing Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Platform
- Device Management
- Application Management
- Network Management
- Market Analysis, Insights, and Forecast – By Software & Services
- Software Solution
- Data Management
- Streaming Analytics
- Smart Surveillance
- Remote Monitoring
- Network Band Management
- Software Solution
- Market Analysis, Insights, and Forecast – By Application
- Predictive Maintenance
- Asset Tracking and Management
- Logistics and Supply Chain Management
- Real-Time Workforce Tracking and Management
- Emergency and Incident Management
- Others (Business Process Optimization, Business Communication, among others)
- Market Analysis, Insights, and Forecast – By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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