According to a new market research report published by MarketsandMarkets, the IoT in manufacturing market is estimated to grow from USD 6.17 Billion in 2016 to USD 20.59 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 27.2%.
The major forces driving the IoT in Manufacturing Market are growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure. Moreover, the need for agile production, operational efficiency, & control, and demand driven supply chain and connected logistics are also some of the factors which are driving the market.
Application management platform is the fastest growing platform in the IoT in Manufacturing Market during the forecast period
Application management platforms are instrumental in managing distinct application provisioning and ensuring application-level security services. It eases the management of heterogeneous applications, including their packing, deployment, and a containerized Software Defined Environment (SDE). This platform caters to heterogeneous business entities such as application services, processes, and business methodologies for maintaining, enhancing, and managing custom-built applications, packaged software applications, and network-delivered applications. The goal of application management is to optimize cost and feasibility in a way that clientele do not suffer when developing applications that need to collect, manage, and begin the interpretation of data generated by a wide range of connected endpoints.
Data management is the most important software solution in the IoT segment as IoT devices produce enormous amounts of data that makes it difficult for the providers to deal with it efficiently. As devices and sensors integrate, it results in large data volumes, and legacy data management infrastructure and techniques would cease to be sufficient to fully address data management challenges. In order to overcome these challenges, most enterprises embed data management software into the devices and sensors generating data to facilitate a smooth and steady stream of information in manufacturing operation, thereby boosting the efficiency of manufacturing operations.
North America is expected to contribute the largest market share in the IoT in Manufacturing Market during the forecast period
North America is expected to hold the largest market share and dominate the IoT in Manufacturing Market from 2016 to 2021. This region has the major dominance with sustainable and well-established economies, empowering them to strongly invest in the R&D activities, thereby contributing to the development of new technologies. Due to the early adoption of trending technologies such as IoT, big data, DevOps, and mobility, manufacturers are keen to integrate IoT technologies in their processes, in order to automate the manufacturing operations to increase the efficiency and productivity. The start-up culture in North America is growing at a faster pace as compared to other regions. Further, the advent of small and medium enterprises and increasing digitization in manufacturing by large enterprises has aided the growth of the North American market.
The major vendors in the IoT in Manufacturing Market include IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), PTC, Inc. (U.S.), General Electric (U.S.), and Rockwell Automation (U.S.).
