IoT in Manufacturing Market By 2024 Key Players: ABB, Cisco, Dell, GE, Hewlett Packard Enterprise, Hitachi, Honeywell, Huawei Technologies, IBM, Intel Corporation, Microsoft, SAP, Zebra Technologies, NEC Corporation, NXP Semiconductors, PTC
IoT in Manufacturing Market ]to exceed USD 150 billion, and will grow at more than 20% CAGR till 2024. Rising implementation of IoT in the manufacturing sector to gain control over the operations and the supply chain process is anticipated to drive the industry over the forecast timeframe. Increasing adoption of cloud platforms across various industries offer lucrative growth opportunities to the industry growth. The technology has a huge potential to enhance the visibility in industrial operations by gaining insights to every step of the production and supply chain process in real-time.
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The virtual tracking of the firm assets, operations, processes, products and other resources enables businesses to have complete visibility resulting in streamlined process and optimizing the industrial demand and supply. Rising demand for improvising the operational efficiency followed by reduction in costs associated with various manufacturing process is expected to propel the IoT in manufacturing market growth.
Rising cyber-attacks across the industry is anticipated to challenge the IoT in manufacturing market growth. Enormous volume of data is generated from the devices making it vulnerable to breaches, raising concerns regarding data security & privacy. Lack of standards followed by the low number of skilled staffs will further hamper the demand. Complexities associated with IoT network coupled with lack of sufficient resources are expected to boost the demand for managed services across the users. Businesses are currently focusing on managed services pertaining to the cost-effectiveness associated with such services coupled with their growing IT infrastructure. Usage of managed services helps the valuable resources of various enterprises to focus more on their core competencies generating more revenue.
Growing demand of the automotive IoT market is expected due to the rising implementation of advanced digital technologies in the vehicles to offer enhanced customer experience. Rising number of automotive OEMs from the emerging markets have intensified the competition in terms of quality and begin targeting the developed regions. Increasing competition and emerging customer demand are putting pressure on OEMs to provide innovative vehicle features that offer enhanced digital connectivity and attract younger consumers.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
5. Hewlett Packard Enterprise
8. Huawei Technologies
10. Intel Corporation
13. Zebra Technologies
14. NEC Corporation
15. NXP Semiconductors
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IoT in Manufacturing Market, By Platform
• Network Management
• Device Management
• Application Management
IoT in Manufacturing Market, By Technology
• Connectivity technology
IoT in Manufacturing Market, By Component
o Data Management
o Streaming Analytics
o Remote Monitoring
o Bandwidth Management
Asia Pacific IoT in manufacturing market is anticipated to witness growth owing to the emerging industrial sector in countries such as China, India, South Korea and Taiwan. The auto industry in India accounts for over 7% of India’s GDP. Improving government framework, growing domestic industry, developing infrastructure and the Make in India initiative are attracting major investments in the auto sector which will allow the implementation of several digital technologies in the country driving the IoT demand. Moreover, rising consumer demand in the food & beverage sector in Asia Pacific require higher fulfilment agility that is resulting in rising demand of advanced technologies to have a proper real-time course correction and supply chain monitoring further, driving the IoT in manufacturing market.
North America IoT in manufacturing market is expected to witness considerable growth over the forecast timeline. This is attributed to the presence of large number of manufacturing facilities coupled with the early technology adoption in the region. Increasing awareness of players operating in the region related to the benefits of implementing IoT in industries is expected to propel the market growth.
Players in the IoT in manufacturing market include ABB, Bosch Software Innovations, Cisco, Dell, GE, Hewlett Packard Enterprise, Hitachi, Honeywell, Huawei Technologies, IBM, Intel Corporation, Microsoft, NEC Corporation, NXP Semiconductors, PTC, SAP, Telit, and Zebra Technologies.
Browse key industry insights spread across 170 pages with 156 market data tables & 12 figures & charts from the report, IoT in Manufacturing Market in detail along with the table of contents:
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