IoT in Manufacturing Market Scope
Internet of Things (IoT) has combined hardware and software with the Internet to form a more technically-driven environment. IoT in manufacturing supports the monitoring of production lines initial from the refining process to the packaging of final products. The manufacturers are widely using tracked analytics data using various connected devices to analyze procedures and recognize optimization potentials. The use of IoT in manufacturing equipment has enabled to have condition-based maintenance alerts. The IoT enabled machinery are able to transmit the operational information to the partners like OEMs and to field engineers. This offers the advantage of process automation and optimization.
The market study is being classified by Type (Network Management, Data Management, Device Management, Application Management and Smart Surveillance), by 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 and Incident Management and Business Communication) and major geographies with country level break-up. According to AMA, the Global IoT in Manufacturing market is expected to see growth rate of 17.12% and may see market size of USD589.25 Billion by 2024.
In IoT in Manufacturing Market, it has been observed that most of the companies are upgrading or introducing innovative products and services. The growing adoption of industry 4.0 is creating new opportunities for IoT in manufacturing providers. They rely on strategies such as mergers & acquisitions, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share.The Players having a strong hold in the market are Cisco Systems, General Electric, Intel, IBM, SAP and Siemens. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global IoT in Manufacturing market throughout the predicted period.
Cisco Systems (United States), PTC (United States), General Electric (United States), IBM (United States), SAP (Germany), Zebra Technologies (United States), Bosch (Germany), Schneider Electric (France), Siemens (Germany), Huawei (China), Microsoft (United States) and Wind River (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Clearblade, Inc. (United States), Konux (Germany), Mocana (United States), Impinj (United States) and Litmus Automation (United States).
AdvanceMarketAnalytics has segmented the market of Global IoT in Manufacturing market by Type, Application and Region.
On the basis of geography, the market of IoT in Manufacturing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In 2018, IBM completed the acquisition of Oniqua Holdings Pty Ltd., a provider of Maintenance Repair and Operations (MRO) inventory optimization solutions and services. This acquisition strengthens IBM’s leading IoT capabilities to help businesses proactively maintain vital assets.
In October 2019, Cisco along with Tech Mahindra launched 5G-enabled secure and wireless solutions. This solution will enable manufacturers to achieve industry 4.0 goals by providing end-to-end business and technology solutions.
In 2018, the United Kingdom government has introduced a Code of Practice (CoP) for the Internet of Things (IoT) security that aims to improve the baseline security and advance industry-wide ‘security by design’ approach for those contributing to the IoT.
- Increasing Adoption of the Cloud
- Convergence in Operational Technology and Information Technology
- Rising Need for Centralized Monitoring and Predictive Maintenance of the Manufacturing Infrastructure
- Improving the Manufacturing Sector in Emerging Countries such as China and India
- Expanding Demand for Intelligent Connected Devices
- Growing Need for Operational Efficiency and Agile Production
- Lack of Standardization
- Concerns Related To Data Privacy and Security
- Data Immigration Challenges
Key Target Audience
IoT Platform Providers, IoT Service Providers, Communication Service Providers, Application Providers, Managed Service Providers, Third-Party System Integrators, Hardware Vendors, Regulatory Agencies and Government
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