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(Wireless-NewsWire.Com, May 26, 2018 ) SUMMARY
Research Cosmos forecasts the global IoT in manufacturing market size to grow from USD 12.67 Billion in 2017 to USD 45.30 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 29.0%.
The major factors driving the growth of the IoT in manufacturing market are the growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure, the advent of latest communication technologies, and the need for agile production and operational efficiency. Furthermore, an increasing adoption of the cloud, convergence in operational technologies (OT) and IT, and growing number of intelligent connected devices with cost reduction are some of the other factors supporting the overall growth of the market.
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The IoT in manufacturing market is segmented on the basis of components (solutions, platforms, and services), application areas, verticals, and regions. IoT in manufacturing services are segmented into managed and professional services. Further, professional services include IoT consulting services, IoT infrastructure services, system designing and integration services, support and maintenance services, and education and training services.
The managed services segment is expected to grow at the highest CAGR during the forecast period. Managed service providers play a huge role in the deployment of IoT in manufacturing solutions according to the client’s requirements. Managed services include all the pre- and post-deployment queries and needs of the customers. These services may include planning, designing, testing, integrating, maintenance, and support, and mainly outsourced for on-time delivery, reduction of capital expenditure, operating expenses.
The IoT in manufacturing market by verticals is segmented into energy and utilities, automotive, food and bevergaes, aerospace and defense, chemicals and material, high-tech products, healthcare, and others (agriculture, and textile and leather). The energy and utilities vertical is expected to hold the largest market share during the forecast period. The energy and utilities vertical is a leading vertical with respect to the deployment of IoT in manufacturing solutions. The implementation of IoT in manufacturing in the energy and utilities vertical offers the overall plant automation, process optimization, supply chain optimization, increased safety, integrated business processes, and corporate social responsibility. With the adoption of IoT technologies, organizations may witness significant growth across all business networks to economically source the supplies and services, by minimizing the inventory cost and improving productivity.
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North America has two (the US and Canada) developed economies investing heavily in Research and Development (R&D) activities, thereby contributing to the development of new technologies. The number of startups is growing at a significant rate in North America. Due to the early adoption of trending technologies, such as IoT, Big data, DevOps, and Mobility, manufacturers in North America are keen to integrate IoT technologies in their processes. Growing number of SMEs and increasing digitization in manufacturing by large organizations have also aided the growth of the North American IoT in manufacturing market. SMEs are flexible in incorporating new technologies into their existing systems, whereas large manufacturers have heavy budgets for digitization. All these factors are driving the growth of the market in North America. With the technological advancement and increasing adoption of smart grids in the region, the market is expected to grow at a high rate.
Asia Pacific (APAC) has witnessed the advanced and dynamic adoption of new technologies, and it is a lucrative market. The region is expected to grow at the highest CAGR during the forecast period in the IoT in manufacturing market, as governments in APAC are investing in R&D of IoT in manufacturing services. Additionally, they are taking aggressive initiatives to enhance IT infrastructure, enabling commercial users to adopt the cutting-edge technology.
The growing demand for intelligent connected devices and advent of data analytics and data processing are some of the growth drivers for the IoT in manufacturing market in the APAC region. The lack of standards for interconnectivity and interoperability, and growing concerns over data security and privacy are some of the restraining factors in the market. However, the recent developments, including new product launches and acquisitions, undertaken by the major market players are boosting the growth of the market.
The study measures and evaluates the offerings and key strategies undertaken by the major market players, including PTC (US), Cisco Systems (US), General Electric (US), IBM (US), SAP (Germany), Zebra Technologies (US), Siemens (Germany), Huawei (China), Microsoft (US), Bosch (Germany), Schneider Electric (France), and Wind River (US).
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