As part of manufacturing, the global IoT for process manufacturing market is booming. In a new report, Internet of Things (IoT) Technologies for Process Manufacturing: Global Markets, BCC Research estimates the market to easily triple in value from $750.4 million in 2017 to $2.7 billion by 2021, corresponding with a compound annual growth rate (CAGR) of 28.7%.
As organizations turn to leaner, more-efficient methods of production, new network-based solutions have come to the forefront and created more automation and new resource capabilities. IoT has recently entered the manufacturing world, and this technology will change process manufacturing companies’ internal processes, as well as the products and services they offer.
The expansion of the overall global IoT for process manufacturing market relies on the health of local and international markets. Consequently, sales of these products have been largely seen in the world’s more advanced business epicenters: Europe, the U.S., China and Japan.
- Globally, growth will be most pronounced in IoT for process manufacturing software, which will see a CAGR of 31% through 2022, followed by hardware at 26.8%.
- Europe and North America historically have led manufacturing, but shifting dynamics favor the Asia-Pacific region during the forecast period.
- Among IoT technology types, the software market leads hardware and networking segments with a 31% CAGR.
“The Internet of Things is game-changing technology, one that will dramatically impact the industrial automation market,” said Paul Korzeniowski, BCC Research analyst and author of this report. “The potential is enormous as technology has driven change in many markets, but IoT technology is extremely complex and in a nascent stage of development; its impact will be slow, initially. IoT will first be implemented in new operations. As the benefits are seen and the technology improves, it will then be used in existing plants.”
Paul Korzeniowski will present a BCC Research Member-exclusive webinar and Q&A on February 15, 2018, at 1 p.m. EST sponsored by the Sensors Expo and Conference. Qualified members of the press are invited to attend.