According to a new market research report, “Internet of Things (IoT) in Manufacturing Market by Software (Analytics, Network Management, Remote Monitoring, Security), Application (Predictive Maintenance, Logistics & Supply Chain Management), Platform, Service, & by Vertical – Global Forecast to 2020“, published by MarketsandMarkets, the IoT in manufacturing Market is estimated to grow from USD 4.11 Billion in 2015 to USD 13.49 Billion by 2020, at a compound annual growth rate (CAGR) of 26.9%.
Manufacturers are facing several challenges such as regulatory pressures, rising employer costs, and frequent breakdown of machines. This highlights the robust need for operational efficiency. With the augmented use of sensors, the demand for IoT solutions has also seen an upsurge.
Decreasing hardware and connectivity cost will drive the IoT in manufacturing market
The major forces driving the IoT in manufacturing market are growing need for operational efficiency, decreasing hardware and connectivity costs, and rise in the ICT and IoT adoption across different industry verticals. With the shrinkage in the prices of connectivity and hardware, the use of sensors has seen a massive advancement, which allows the real-time data transfer through automation. Furthermore, increasing penetration of connected devices has unleashed the growth potential through predictive maintenance, security, and analytics which is expected to drive the market growth during the forecast period.
RFID to play a significant role in the IoT in manufacturing market
Radio Frequency Identification (RFID) would dominate the connectivity technology in the IoT in manufacturing market during the forecast period. This growth is driven due to decrease in the cost of connectivity devices and hardware across North America, Europe and Asia-Pacific regions. NFC is one of the latest short-range wireless technologies and is expected to witness the highest growth due to its compatibility with contactless infrastructure and other devices.
North America dominates the IoT in manufacturing market during the forecast period
The Internet of Things (IoT) in Manufacturing Market segments the global market on the basis of regions, which includes North America, Asia-Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. North America is expected to hold the largest share of the IoT in manufacturing market during the forecast period due to technological advancements and early adoption of IoT in the region. APAC market is expected to grow at the highest CAGR between 2015 and 2020. The primary driving forces for this growth are increasing technological adoption and huge opportunities in the manufacturing countries, especially China and Japan.
The report also encompasses different strategies such as mergers & acquisitions, partnerships & collaborations, and product developments adopted by major players to increase their share in the market. Some of the major technology vendors include Cisco Systems, General Electric, Intel, IBM, Siemens AG, PTC Inc., Computer Sciences Corporation, Microsoft, Zebra Technologies, SAP SE, and Bosch Software Innovations GmbH.
The scope of the report covers detailed information regarding the major factors influencing the growth of the security analytics market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations and recent developments associated with the security analytics market.
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