IoT in Manufacturing Market Size to exceed $160bn by 2024
Published Date: August 16, 2019 Authors: Preeti Wadhwani, Prasenjit Saha
IoT in Manufacturing Market size is set to exceed USD 160 billion by 2024; according to a new research report by Global Market Insights, Inc.
The growing awareness related to IoT-based production systems to gain optimization, management, and digital benefits is developing the IoT in manufacturing market. With the interconnection of various devices in the advanced internet infrastructure, these solutions offer high safety, efficiency, and product innovation benefits. The increasing penetration of sensors, cloud computing, and robust internet across various sectors is adding up to the industry growth prospects. These components and services aid manufacturers in gaining real-time and crucial information for decision making & management. Moreover, several government initiatives in the countries including India, Italy, etc., for the development of the existing manufacturing sector and the introduction of intelligent solutions are expanding the industry.
The unavailability of skilled employees is a major factor concerning the industrial IoT market growth. These solutions include a combination of hardware & software components, which require proper handling & controlling. Managing IoT hardware requires a skilled workforce. The collaboration of hardware & software has to be done efficiently by a skilled technician, who understands the device processing & communication of the data to the cloud. Lack of professional workforce in underdeveloped regions will hamper the industry growth.
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The application management platform in the IoT in manufacturing market includes managing and monitoring various applications such as production, assembly, cloud platforms, etc. These applications deploy several hardware & software combinations and need regular monitoring. Companies are focusing on developing specific application-based management solutions that aid manufacturers in handling the in & out of store operations efficiently. The solutions provide regular notifications to manufacturers for software & device upgrades, application development, and scalability of the IoT networks. Additionally, the increasing adoption of various applications in new production lines for controlling, optimizing, and managing the overall process creates the need for this platform.
In the industrial IoT market, sensors are expected to have a high demand due to the presence of advanced sensing capabilities offered by them. IoT platforms deliver large amounts of data to the connected devices & communication networks by deploying several sensors such as temperature, image, proximity, pressure, chemical, level, and IR sensors. Different sensing components offer varied advantages in several IoT applications including automotive, retail, electronics, etc. The declining cost of sensors across the globe enables companies to deploy them in even smaller IoT solutions. The key function of these components in IoT devices is to collect the surrounding information and forward it to the management systems.
Browse key industry insights spread across 170 pages with 154 market data tables & 30 figures & charts from the report, “IoT in Manufacturing Market Size By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software [Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management], Service [Professional Service, Managed Service]), By Application (Machinery, Automotive, Food & Beverages, Pharmaceuticals), Industry Analysis Report, Regional Outlook, Industry Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024”in detail along with the table of contents:
In the IoT in manufacturing market, the pharma application was valued at over USD 4 billion in 2017 and is growing rapidly owing to the requirements such as remote fleet management, controlling the cold chain conditions, and connected equipment management. These solutions play a very vital role in aggregating the data across multiple manufacturing lines and the supervision of the production operations from various locations apart from the industry floor. Real-time monitoring capabilities offer high equipment utilization, lowers the production cost, and minimizes the amount of waste. Additionally, these solutions aid in complying with the stringent regulations applied in the pharma sector across various countries by increasing efficiency, safety, and supporting environmental parameters.
Latin America IoT in manufacturing market is expected to grow at over 26% CAGR. The rapidly developing manufacturing sector in Brazil and Mexico is creating several growth opportunities for the industry. The emergence of several automotive and electronics manufacturers in Latin America due to the adoption of favorable regulatory & economic environment creates the solution demand. There is a need for the production sector to limit its power consumption and carbon emissions to support environmental conservation initiatives. The power consumption in Latin America is expected to double by 2030 and it requires investments in hundreds of billions of dollars to meet the demand. As a result, government & manufacturer initiatives to limit energy usage are adding up to the industry expansion prospects.
Key players operating in the IoT in manufacturing market are Microsoft Corporation, Intel Corporation, Honeywell International Inc., IBM Corporation, ABB Ltd., SAP SE, NEC Corporation, Hitachi Ltd., Robert Bosch GmbH, Qualcomm Technologies, etc. Players are trying to apply backward integration of hardware, software, and integration services, to integrate the entire IoT system deployment process. Key players are also focusing on providing solutions that cater to the growing demand of the manufacturing sector. For instance, in April 2017, IBM announced a partnership with ABB Limited with an aim to combine IBM Watson IoT with ABB’s digital offering, with an aim to serve customers in the transport & infrastructure and utilities & industries.
The IoT in manufacturing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
- Network Management
- Device Management
- Application Management
- Connectivity Technology
- Professional Service
- Managed Service
- Food & Beverages
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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