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IoT in Manufacturing Market in software segment is predicted to witness significant growth till 2024

Author : Ronak Bora | Published Date : 2019-03-06 

IoT in Manufacturing Market is driven by increasing requirement to improve the operational competence and optimize costs related to various processes. The technology is capable to improvise the operational visibility across the manufacturing industry. This is credited to its capability of obtaining real-time insights into each step of the supply chain process along with the production line. Rising implementation of IoT in the manufacturing sector to gain control over the operations and the supply chain process is anticipated to drive the industry over the forecast timeframe. Increasing adoption of cloud platforms across various industries offer lucrative growth opportunities to the industry growth. The technology has a huge potential to enhance the visibility in industrial operations by gaining insights to every step of the production and supply chain process in real-time.

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IoT in Manufacturing Market is expected to grow at over 20% CAGR to reach USD 150 billion by 2024. 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. The partnership intends to exploit Hitachi’s Lumada technology and artificial intelligence across all the manufacturing operations.

According to experts, the utilization of IoT in manufacturing industry would lead to a renewed realm of connectivity, where every operation is interconnected with the other. The paradigm shift in operational interlinking would have logistics at the crossroads, which would technically make the domain rather complicated. Despite the fact that IoT in manufacturing market would potentially reduce inventories, manufacturers would require to liaison with more and more parties across the globe, since IoT would interconnect multiple factories in multiple regions. In order to combat the prospective challenges that logistics may face in the ensuing years, IoT must be deployed to generate a global, user-friendly architecture with the help of predicative algorithms, that would enable logistics players to harness the power of IoT in manufacturing industry, without getting embroiled in the maze of zillion interconnections.

Growing demand of the automotive IoT market is expected due to the rising implementation of advanced digital technologies in the vehicles to offer enhanced customer experience. Rising number of automotive OEMs from the emerging markets have intensified the competition in terms of quality and begin targeting the developed regions. Increasing competition and emerging customer demand are putting pressure on OEMs to provide innovative vehicle features that offer enhanced digital connectivity and attract younger consumers.
 
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North America is expected to witness considerable growth over the forecast timeline. This is attributed to the presence of large number of manufacturing facilities coupled with the early technology adoption in the region. Increasing awareness of players operating in the region related to the benefits of implementing IoT in industries is expected to propel the market growth.

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. 

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.  
 
Key players in the IoT in manufacturing industry include IBM Corporation, Intel Corporation, Microsoft Corporation, Cisco Systems, Siemens AG, Huawei Technologies and Rockwell Automation. Other prominent players in the industry include Schneider Electric, PTC Inc., Bosch and Zebra Technologies. The industry is currently witnessing entry of new players coming up with advanced and innovative products.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology. 
 

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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