IoT in Manufacturing – What is the Hype About?

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.

Need for Predictive Management to Contribute in Growth of Global IoT in Manufacturing Market

IoT division is spinning the face of several industries such as healthcare, automobiles, construction, and so on. The global IoT in manufacturing market is prognosticated to witness significant rise in span of coming years. The major reason behind the growth of IoT in manufacturing market is the increasing requirement for predictive management and centralized monitoring of manufacturing infrastructure. Moreover, increasing need for agile production, operational efficiency, and connected devices are some more factors driving the growth in global market.

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Demand for Agile production Supports Market Growth

The demand regarding agile production to enhance the operational efficiency is one of the important factor stimulating the market demand for IoT in manufacturing. Nevertheless, there are certain factors pulling back the growth of the market. price of integrating IoT in factories, rising cases of cyber attacks, and problem in estimating the return of investment are the major hindering elements contributing in the decline of demand on the global scale.

North America to Lead Due to Presence of Well-established Firms in Terms of Revenue

Geographically, North America region is estimated to lead the global IoT in manufacturing market in the forthcoming years. The nations such as Canada and the US are the dominant ones contributing majorly in the regional growth of the market. These nations have well-established in terms of economy and receive consistent incentives from the North America government regarding the adoption of new technologies.

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The market scenario is foreseen to be highly fragmented owing to the presence of various key players operating in the global IoT in manufacturing market. Both small and big players are competing against each other. The firms are getting in mergers and acquisitions and collaboration with smaller firms to sustain their market position. They are also investing significantly into research and development activities to increase their global reach.

IoT in Manufacturing Market to Perceive Substantial Growth by 2025

Global IoT in Manufacturing Market: Snapshot

The global IoT in manufacturing market is driven by an increasing need for centralized monitoring and predictive maintenance of manufacturing infrastructure. The growing demand for operational efficiency, agile production, operational control, and connected logistics will also support the growth of the IoT in manufacturing market. The global IoT in manufacturing market is highly fragmented with the presence of both large and small companies in high numbers. The players which are well established, those that provide internet services and network services, as well as core M2M vendors are increasingly participating in mergers and acquisitions so as to extend their presence. Several new players are also expected to enter in the global IoT in manufacturing industry. This in turn shall intensify the competition level of the market

The automated management of inventory, predictive maintenance, and self optimized production are key reasons that will boost the demand of IoT in manufacturing industries. Manufacturing companies are increasingly interested in finding out how IoT can help them to increase the satisfaction of customers, reduce cost, improve quality, and support new business models. The growing use of location-based sensors in the manufacturing sector for tracking and managing inventories will bolster the growth prospects of the IoT market for manufacturing in the period from 2017 to 2025.

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Global IoT in Manufacturing Market: Overview

The Internet of Things (IoT) is revolutionizing several sectors, such as healthcare, automotive, or food and beverage. In manufacturing, IoT is changing business models and automating several processes, which are leading to increasing output. Manufacturers across all areas, such as pharmaceutical, chemical, durable goods, and electronics are currently investing actively for the IoT integrate processes and consequently, the global IoT in manufacturing market is projected for a robust CAGR during the forecast period of 2017 to 2025.

This report on global market for IoT in manufacturing is an exhaustive overview of the current scenario and based on an analysis of all the factors that are expected to influence the demand over the course of next few years, it estimates the future state of the market. The report also highlights a few trends that must be utilized by the existing and new players of the market to gain advantage over their competitors. One of the key features of the report is the section on company profiles wherein a number of prominent players have been analyzed for their market share, technological strength, product portfolio, geographical presence, and recent strategic developments.

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The global IoT in manufacturing market can be segmented on the basis of software, platform, service, application, vertical markets, and geography. By software, the market can be divided into network and application security, network and bandwidth security, remote monitoring system, data management, and smart surveillance. On the basis of platform, it can be categorized into device management, application management, and connectivity management. Management services and professional services can be the segments in terms of service, while on the basis of application, it can be classified into predictive maintenance, business process optimization, asset tracking and management, logistics and supply chain management, real-time workforce tracking and management, automation control and management, and emergency and incident management and business communication. Automotive, industrial equipment, electronics and communication equipment, chemicals and materials equipment, and food and agriculture equipment are the industries using IoT in manufacturing. Geographically, the report studies the opportunities available in the regions of North America, Europe, Asia Pacific, and Rest of the World.

Global IoT in Manufacturing Market: Trends and Opportunities

The demand for agile production in order to improve efficiency is the primary driver of this market. With IoT in manufacturing, centralized monitoring along with predictive maintenance within the manufacturing base is possible. IoT not only helps the manufacturers to improve production and analyze the areas that have a scope of improvement, it also assists in detecting faults in vast infrastructures, consolidate their control rooms, and increase analytical functionalities. IoT in manufacturing also helps in bringing transparency to the supply chain and other connected logistics. Moreover, increased investment in the field of IoT by manufacturers is expected to escalate continuously, which will further boost the demand during the forecast period. However, some of the barriers for this market from attaining its full potential are: increasing threat of a cyber attack, cost of integrating IoT into a factory, and difficulty in determining return of investment (ROI).

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Global IoT in Manufacturing Market: Regional Outlook

Currently, the region of North America serves the maximum demand, with the U.S. and Canada dominating as country-wide markets. These well-established economies gain consistent incentives from the government too for the adoption of new technology. The advent of small and medium enterprises is another factor favoring the the growth of the North American market.

Companies mentioned in the research report

IBM 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, and Rockwell Automation are some of the key companies currently active in global IoT in Manufacturing market.

Rising Maker’s Interest in IoT to Fuel Global IoT in Manufacturing Market

San Francisco, California, October 18, 2017 – The global IoT in manufacturing market is anticipate to witness a significant growth during the forecast period due to increased usage of Internet of Things (IoT) in manufacturing industry. The market is propelled by the increased need for predictive maintenance of manufacturing framework, and centralized monitoring. The report authored by a market research company titled, “IoT in Manufacturing Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” provides all the drivers to fuel the demand, restraints that are likely to hamper the market growth, overall market figures, and future scope of growth within the forecast period. As per the latest in-depth analysis by TMR Research is foreseeing the growth in IoT in manufacturing sector due to the availability of features such as self-optimized production and predictive maintenance, which is in turn anticipating the surge in demand of IoT technology. Besides, operational effectiveness, the requirement for agile development, and control, and associated logistics and demand driven supply chain are likewise a portion of the components which are driving the market.

The worldwide IoT in assembling market is exceptionally divided with the emergence of both substantial and little organizations in high numbers. The players which are well-known and successful, core M2M merchants and those that give web services and in addition to system administrations are progressively taking part in mergers and acquisitions in order to broaden their quality. A few new players are additionally anticipated that would enter in the worldwide IoT in manufacturing industry. This thus might heighten the opposition level of the market. The developing interest for operational productivity, agile development, and operational control will likewise bolster the development of the IoT in assembling market.

The predictive maintenance, automated management of inventory, and self-upgraded production are key reasons that will help the deamnd of IoT in manufacturing market. Manufacturing organizations are progressively inspired by discovering how IoT can enable them to build the customer satisfaction, to diminish the expenses, enhance quality, and bolster new plans of action. The developing utilization of area-based sensors in the manufacturing industry to track and overseeing inventories will reinforce the development prospects of the IoT market for manufacturing in the forecast period from 2017 to 2025. Additionally, expanded interest in the field of IoT by makers is relied upon to heighten persistently, which will additionally support the request amid the predicted time frame. In any case, there are a portion of the boundaries for this market from accomplishing its maximum capacity, such as cost of incorporating IoT into an industrial facility, expanding risk of cyber-attack, and trouble in deciding return of investing (ROI). These factors are expected to bring down the market growth to some extent.

On the basis of geographical regions, the entire IoT in manufacturing market is broadly segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). North America is required to hold the biggest piece of the pie and overwhelm the IoT in assembling market in the estimated time frame. This area has the real strength with maintainable and entrenched economies, enabling them to unequivocally put resources into the R&D exercises, in this way adding to the advancement of new innovations. These settled economies increase predictable incentives from the government bodies for the selection of new innovation. Because of the early selection of slanting innovations, for example, big data, IoT, portability, DevOps, makers are quick to coordinate IoT advancements in their procedures, keeping in mind the end goal to mechanize the assembling operations to expand the effectiveness and efficiency.

Microsoft, Fanuc, Zebra Technologies, Stanley Black and Decker, Epson, KUKA Systems Group, Gartner, PTC, Inc., General Electric, Rockwell Automation, IBM Corporation, TATA Consultancy Services, PWC, Lockheed Martin, Intel, and Cisco Systems, Inc. are some of the well-known players in the IoT in manufacturing market.

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