Internet of Things (IoT) is taking over the world by storm. There is hardly any industry that is not touched by its potential thanks to growing technological adoption. And, it is not surprising considering it leads to better product quality and even better processes which are two things that are critical in defining growth in businesses.
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And, thus, over the coming few years, the global IoT in manufacturing market will grow. It will chart a steady CAGR (Compound Annual Growth Rate), which would translate to lucrative growth opportunities for market players to be hooked. It is a given that players who would make the most of these will grab large chunks of growth pie.
It is pertinent to explain here that as need for centralized monitoring increase in manufacturing, functionality of IoT increases too, leading to much growth in the respective market. Besides as predictive maintenance gains dominance, so does Internet of Things. It is a major contributor to operational efficiency, and agile production. To add to this it leads to connected logistics which is the need of the hour for businesses to be ahead of their game.
It is noteworthy that this market is highly fragmented with both regional and international players operating in the playfield. Some of the most prominent ones are BM Corporation, Microsoft, TATA Consultancy Services, Fanuc, Zebra Technologies, PWC, Stanley Black and Decker, Lockheed Martin, Epson, KUKA Systems Group, Intel, Gartner, Cisco Systems, Inc., PTC, Inc., General Electric, among others.
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Region-wise, North America and Europe will hold a dominant position as these regions see government support in terms of technology adoption to improve output. Another region that will have market players’ attention is going to be the Asia-Pacific (APAC) as it will generate untapped opportunities of growth. With manufacturing being a central focus, especially in developing economies, it would only be a natural outcome.