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IoT in Manufacturing Market (Solution - Application Security, Data Management and Analytics, Monitoring, Network Management, and Others; Services - Professional Services, and Managed Services; Connectivity - Satellite Network, Cellular Network, RFID, NFC, Wi-Fi, and Others; Application - Asset Tracking and Management, Business Process Optimization, Logistics and Supply Chain Management, Inventory Management, Predictive Maintenance, and Others; End User - Automotive, Chemicals and Material, Electrical and Electronics, Food and Beverages, Machinery Equipment, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2021

  • Rep Id : IA00113

  • Category : Industry Automation

  • Status : Published

A recent report published by Infinium Global Research on IoT in manufacturing market provides in-depth analysis of segments and sub-segments in the global as well as regional IoT in manufacturing market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional IoT in manufacturing market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global IoT in manufacturing market. According to the report, the global IoT in manufacturing market is projected to grow at a CAGR of 24.2% over the forecast period of 2020-2026.

 

IoT in Manufacturing Market


Market Insight

Industrial Internet of Things (IIoT) or Industry 4.0 is the fourth and ongoing industrial revolution specified by automated and smart processing. A network of sensors collects important data in IIoT and analyzes it to give valuable insights into the efficiency of the operations. IIoT enables industries to install a connected, flexible, and efficient system. It can help in creating autonomous self-learning machines and monitor inventories using machine learning. IoT in manufacturing helps automate the operations on production lines as well as inventories. Moreover, it helps in streamlining the business functions and increases the productivity of the manufacturing units. IoT in manufacturing also addresses issues such as shortage of labor, labor safety, and efficiency. Such advantages of IoT in manufacturing is supporting its popularity among the industries.

 

The spread of the COVID-19 pandemic has affected the technology industry fairly positively. As governments across the world imposed lockdowns in their respective countries and states, the citizens were compelled to stay at their homes. People avoided visiting outdoors and adopted different technologies to carry out various day-to-day functions. Similar to the civilians, businesses also adopted certain technologies to automate their daily functions and keep human interactions to the minimum. IIoT is one of the technologies used by industries to automate their business functions. IoT in manufacturing helped to tackle several problems faced during the pandemic including labor shortage, disrupted supply chain, and inventory management. Moreover, demand for IoT from industries such as food and beverage, pharmaceutical, and healthcare equipment increased as their sales plunged during the pandemic. This, in turn, augmented the growth of the IoT in the manufacturing market over the period of pandemic and it is expected to grow over the long term as well.

 

The growing adoption of connected devices and robots across the manufacturing sector is majorly driving the growth of the IoT in the manufacturing market. Manufacturing units in several industries are getting automated by installing various connected devices and robots. These devices and robots create an IIoT system in the manufacturing unit which helps in collecting vital data and analyze it to give meaningful insights. Moreover, the increasing demand for real-time centralized monitoring and predictive maintenance has led to the growing implementation of IoT in manufacturing. However, cybersecurity issues associated with connected devices are one of the major challenges faced by the IoT in the manufacturing market. The vital data in the manufacturing unit is prone to unauthorized access as well as the machinery and robots are vulnerable to hacking. On the other hand, the emergence of advanced technologies such as AI and 5G is anticipated to support the growth of the market over the forecast period.

 

The global IoT in the manufacturing market is segmented into North America, Europe, Asia Pacific, and the Rest of the World in terms of region. The North America region held the largest share in the global IoT in the manufacturing market. The domination of North America in the global market is mainly attributed to the presence of better technological infrastructure along with the large manufacturing sector in the region. Moreover, the higher adoption of advanced technologies in the manufacturing sector across the region is further supporting the growth of IoT in the manufacturing market in North America. Furthermore, the Asia Pacific region is anticipated to grow at the fastest rate owing to improving economic conditions and technological infrastructure in developing countries. Additionally, many local and multinational companies are setting up their manufacturing units in the Asia Pacific, which in turn, is augmenting the growth of the market.

 

Segment Covered

The report on global IoT in manufacturing market covers segments such as solution, services, connectivity, application, and end user. On the basis of solution, the sub-markets include application security, data management and analytics, monitoring, network management, and others. On the basis of services, the sub-markets include professional services, and managed services. On the basis of connectivity, the sub-markets include satellite network, cellular network, RFID, NFC, Wi-Fi, and others. On the basis of application, the sub-markets include asset tracking and management, business process optimization, logistics and supply chain management, inventory management, predictive maintenance, and others. On the basis of end user, the sub-markets include automotive, chemicals and material, electrical and electronics, food and beverages, machinery equipment, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as IBM Corporation, Microsoft Corporation, SAP SE, Robert Bosch GmbH, Cisco Systems Inc., Texas Instruments Inc., Hitachi Ltd., PTC Inc., Software AG, and Zebra Technologies Corporation.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of IoT in manufacturing market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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