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IoT in Manufacturing Market growth will be propelled increasing adoption of these solutions across the automotive sector

Author : Ronak Bora | Published Date : 2019-03-28 

IoT in Manufacturing Market growth is driven by increasing demand of the automotive sector is expected due to the rising implementation of advanced digital technologies in the vehicles to offer enhanced customer experience. Increasing adoption of these solutions across the automotive sector will propel the IoT in manufacturing market growth. It is attributed to the advantages such as anticipation & prevention of potential failure in the operations by optimizing the efficiency of equipment & assets in a cost-effective manner. Emerging trend of connected automotive coupled with increasing use of improvised digital technologies in vehicles is expected to offer opportunities to the IoT in manufacturing market. Intensified competition coupled with the rising customer demand are leading the OEMs to offer improvised digital connectivity & advanced vehicle features.

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Software segment is anticipated to witness considerable growth in IoT in manufacturing market over the forecast timeframe. The growth is credited to the rising implementation of solutions such as data management & remote management software solutions. Industries located in manually inaccessible areas requiring remote monitoring solutions is expected to fuel the demand for software solutions.

The virtual tracking of the firm assets, operations, processes, products and other resources enables businesses to have complete visibility resulting in streamlined process and optimizing the industrial demand and supply. Rising demand for improvising the operational efficiency followed by reduction in costs associated with various manufacturing process is expected to propel the IoT in manufacturing market growth.

The scope for IoT in manufacturing market has been on a tremendous high lately, owing to the massive deployment of IoT devices in numerous manufacturing operations for enhancing industrial productivity and working efficiency. The ongoing developments across numerous industry verticals stand testimony to the aforementioned fact. Recently, the Japan based conglomerate Hitachi, and the automotive giant Toyota inked a partnership to develop a high-efficiency production model using an IoT platform.

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Asia Pacific IoT in manufacturing market is predicted to grow substantially over the forecast timeline. This is attributed to the emerging manufacturing sector in countries such as India, Taiwan, China and South Korea. The Indian automotive industry contributes over seven percent to the country’s GDP. Improving infrastructure and Make in India initiative are attracting potential investments in the automotive sector. Furthermore, growing trend of smart factories across the Asia Pacific region provide lucrative growth opportunities to the industry.

In the United States, growing consciousness regarding the benefits of IoT among manufacturers has generated considerable demand for IoT solutions. With the adoption of internet-connected devices, manufacturers across U.S. have been rather successful in increasing their output by cutting the overall production cost drastically, pertaining to the capability of IoT solutions to analyze complex manufacturing processes within a shorter duration. An IoT implemented manufacturing process essentially allows companies to maintain a high level of connectivity in manufacturing operations by minimizing the error and operational time, which will stimulate IoT in manufacturing market size.

Considering the benefits of IoT, many manufacturing giants have been collaborating with internet companies, as is witnessed across IoT in manufacturing market in recent times. For instance, National Instruments Alliance partner Averna has announced a partnership with PTC to expand its reach from testing to manufacturing via IoT. Many other companies have also been increasingly adopting connectivity technologies such as WiFi, M2M, and industrial networks to link plant automation assets such as RFID and robots to end user applications like PLM, ERP, and MES for more precision, which would undeniably have a major impact on IoT in manufacturing market share. This is quite evident from the estimates – IoT in manufacturing industry size has been forecast to cross a valuation of close to USD 150 billion by 2024.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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