The IoT in the Manufacturing market is gradually propelling on an account of surging demand for customization considering the complexity of the supply chain. Moreover, the need for reducing operating costs and product cycle time are the key factors contributing to the growth in demand for IoT in the Manufacturing in the market. Also, the deployment of IoT in the Manufacturing helps to make a safer workplace by efficiently monitoring the hazardous activities by monitoring development cycles, manage warehouses and inventories that also help in predictive maintenance as it helps to determine the condition of in-service equipment to estimate when maintenance should be performed. For instance, IoT is used in the oil and gas industry to monitor gas leakage in pipelines.
According to the MarkNtel Advisors’ research report titled “Global IoT in Manufacturing Market Analysis, 2020”, the market of IoT in manufacturing is expected to grow with a CAGR of around 29% during 2020-25. The market is expected to surge due to the growing need for predictive maintenance in the industries. Moreover, extensive cloud adoption and the need for centralized monitoring in the manufacturing sector are some of the key factors contributing to the growth of the IoT in the manufacturing sector.
North America Dominated the market, but APAC Estimated to Grow at the Highest CAGR in Forthcoming Years
North America has been at the forefront in the adoption of IoT solutions due to robust penetration of high-speed internet, massive manufacturing ecosystem, and continuous rise in research and development activities. The massive growth in the start-up ecosystem, venture capital investments, and angel funding in North America have been soaring the innovation and evolution of disruptive technologies.
The cloud-based deployment is expected to grow at a rapid pace in comparison to on-premise solution premises due to ease of use and low installation cost. Moreover, other benefits such as high data mobility, flexibility, and rapid and simple installation are further attracting manufacturers toward adopting cloud-based IoT across the world. Moreover, the managed services segment would grow in the forthcoming years on an account of the rising number of connected devices across the globe, as stated in the MarkNtel Advisors’ in their research report, “Global IoT in Manufacturing Market Analysis, 2020”.
According to the MarkNtel Advisors, the major leading players are IBM, Cisco Systems, PTC, Microsoft, General Electric, SAP, Siemens AG, Bosch, Zebra Technologies, etc. The companies are doing strategic alliances to remain competitive in the industry..
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Revenue, Market Segmentation, Market Shares) of Global IoT in Manufacturing Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global IoT in Manufacturing Market?
4. Who are the key competitors or market players and how they perform in Global IoT in Manufacturing Market, competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global IoT in Manufacturing Market study?