The Worldwide IoT in Manufacturing Industry is Expected to REach $87.9 Billion by 2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Worldwide IoT in Manufacturing Industry” report has been added to ResearchAndMarkets.com’s offering.

This research report forecasts the global IoT in Manufacturing market to grow from USD 50 billion in 2021 to USD 87.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period.

The services to record a higher growth rate during the forecast period

In the IoT in Manufacturing market by component, the services is expected to record a higher growth rate during the forecast period. Services play a vital role in the IoT in Manufacturing market, as they enable manufacturing enterprises to establish digitized and connected manufacturing processes with mass customization and a self-configuring, automated manufacturing floor. The services segment is considered an important component of the IoT in Manufacturing market, as it majorly focuses on improving the business operations and reducing unnecessary expenses and overheads of the manufacturing enterprises.

Large Enterprises are expected to hold a larger market size during the forecast period

By Organisation size, large enterprises are expected to hold the largest market size in the present market. The high adoption is due to the affordability and high economies of scale of large enterprises that enable organizations to leverage IoT in manufacturing solutions and services. In today’s highly competitive world, large enterprises particularly leave no stone unturned to capture a larger market share. Hence, large enterprises spend significant amounts on becoming technologically proficient.

Cloud Deployment is expected to have a higher growth rate during the forecast period

By Deployment Mode, cloud is expected to have a higher growth rate. The implementation of the cloud-based IoT in manufacturing software facilitates SMEs and large enterprises to focus on their core competencies rather than IT processes. With the help of cloud-based IoT in manufacturing solutions, organizations can avoid costs related to software, storage, and technical staff. The cloud-based IoT in manufacturing solutions offer a centralized way to integrate the system and its components with web and mobile applications and helps organizations in asset management, asset maintenance, and asset productivity in the manufacturing industry.

Asset control and management is expected to have a higher growth rate during the forecast period

By Application, Asset control and management is expected to have a higher growth rate. Asset tracking and management streamlines operations, reduces costs and increases productivity. By tracking non-fixed assets in a factory environment, organizations automatically keep on top of available assets. Knowing where assets are located and what condition they are in helps minimize asset downtime, optimize asset productivity and maintenance of resources and control inventory costs. Most manufacturing companies that have their valuable assets distributed across a large geographical area have to contend with a host of problems that affect their operational efficiencies, productivity, costs, staffing, and ultimately their bottom line, among other things.

APAC to have a higher growth rate during the forecast period

APAC is expected to grow at the highest CAGR during the forecast period. The IoT in Manufacturing market in APAC is expected to experience strong growth in the coming years, due to the constant economic growth, increasing the young workforce, and the usage of tablets and smartphones for business purposes will lead toward the adaptation of enterprise mobility solutions to meet the growing demand for securing and protecting critical data. The major reason for this high growth in APAC is the increasing digitalization among people and the rising infusion of automation at industries and government initiatives to promote technology adoption across the region.

Market Dynamics

Drivers

• Growing Demand for Industrial Automation in the Manufacturing Industry
• Rising Need for Centralized Monitoring and Predictive Maintenance of Assets
• Rise in the Number of Cost-Effective and Intelligent Connected Devices and Sensors
• Increasing Need for Reliable, Secure, and High-Speed Network Connectivity
• Increased Adoption of Cloud Computing Platforms

Restraints

• Issues Related to Data Security and Privacy in IoT
• Absence of Standardization in IoT Protocols
• Integration with the Traditional Systems and the Lack of a Technically Skilled Workforce

Opportunities

• Rising Number of Data Centers
• Emerging 5G Technology to Help IoT Adoption Globally
• Increase in Smart Manufacturing Initiatives Worldwide
• Rising Demand for IoT-Enabled Digital Transformation of Businesses
• Growing Demand for System Integrators

Challenges

• Lack of Skilled Workforce for Operating IoT-based Equipment
• Huge Initial Investments Required for Implementing IoT in Smart Manufacturing
• Interoperability Issues of Legacy Infrastructure and Communication Networks

Companies Mentioned

• Atos
• Bosch.IO
• Cisco
• ClearBlade
• FogHorn
• GE
• HCL
• HQSoftware
• Huawei
• IBM
• Impinj
• Intel
• Litmus Automation
• Microsoft
• Mocana
• Oracle
• PTC
• Samsara
• SAP
• Schneider Electric
• ScienceSoft
• Siemens
• Software AG
• Telit
• Uptake
• Wind River
• Zebra Technologies

For more information about this report visit https://www.researchandmarkets.com/r/6zdz5q

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