Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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.
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.