January 08, 2021
According to the research report titled ‘Global IoT in Manufacturing Market Analysis, 2020‘, available with Market Study Report LLC, global IoT in manufacturing market is expected to amass 29% CAGR during 2020-2025
Rising demand for customization according to the complexity of supply chain is driving the growth of global IoT in manufacturing market. Further, requirement of lowering the operating costs and reducing product recycle time are contributing to the industry growth.
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Moreover, ability of IoT to ensure workplace safety by identifying hazardous activities by monitoring development cycles and managing warehouses, and inventories that help in predictive maintenance to determine condition of in-service equipment and to give idea of when maintenance should be performed is propelling the global IoT in manufacturing market growth.
In addition, increasing need for predictive maintenance in industries, rising adoption of cloud technology, and requirement of centralized monitoring in the manufacturing sector is positively influencing the global IoT in manufacturing market growth.
Based on deployment model, the cloud-based deployment segment in global IoT in manufacturing market is expected to experience rapid growth as compared to on-premise solutions during the forecast period mainly due to its ease of use and low installation cost. Moreover, several benefits of cloud-based model such as high flexibility, data mobility, as well as rapid and easy installation are fueling its segmental growth.
With respect to service, the managed services segment is expected to witness significant gains in coming years owing to increasing number of connected devices worldwide.
From a regional frame of reference, North America IoT in manufacturing market currently captures majority of industry share, owing to increasing adoption of IoT solutions due to emergence of high-speed internet, large manufacturing ecosystem, along with on-going research and development activities in the region. Further, rise in venture capital investments, and angel funding along with growing startup ecosystem is fueling the industry growth in North America. Whereas, APAC market is expected to witness highest growth rate in coming years
Major players influencing global IoT in manufacturing market trends are General Electric Company, PTC, Inc., Cisco Systems, Inc., Hitachi, Ltd., Zebra Technologies Corporation, Microsoft Corporation, Schneider Electric, SAP SE, IBM Corp, Siemens AG, Robert Bosch GmbH, AT&T Inc., Intel Corporation, Qualcomm Technologies, Inc., Honeywell International Inc., Hewlett Packard Enterprise Company, ABB Group, Verizon Communications Inc., Software AG, Huawei Technologies Co., Ltd., and Dell Inc.