IoT in Manufacturing Market Analysis By Key Players: Zebra Technologies, Honeywell, Hitachi, Hewlett Packard Enterprise, Dell, GE, ABB, Huawei Technologies, Rockwell Automation, IBM, Intel, Cisco Systems, PTC, Schneider Electric, SAP
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In recent years, the advent of advanced digitalization and the prevalence of diversified customer requirements have changed the mindset of manufacturers toward the adoption of advanced technologies. In a bid to fulfill the growing demand for consumer products, manufacturers have been attempting to upgrade their production efficiency several notches higher, through automation and the internet of things, which would have a favorable impact on IoT in manufacturing industry share. Statistics, as a matter of fact, claim that in 2016, worldwide IoT in manufacturing market collected a revenue of USD 20 billion.
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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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.
In the United States, growing consciousness regarding the benefits of IoT among manufacturers has generated considerable demand for IoT solutions. With the adoption of internet-connected devices, manufacturers across U.S. have been rather successful in increasing their output by cutting the overall production cost drastically, pertaining to the capability of IoT solutions to analyze complex manufacturing processes within a shorter duration. An IoT implemented manufacturing process essentially allows companies to maintain a high level of connectivity in manufacturing operations by minimizing the error and operational time, which will stimulate IoT in manufacturing market size.
IoT in Manufacturing Market in Asia Pacific 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.
Browse key industry insights spread across 170 pages with 156 market data tables & 12 figures & charts from the report, Internet of Things (IOT) in Manufacturing Market in detail along with the table of contents:
Device management platforms in the market are forecast to witness growth on account of the high importance of the platform in managing several devices generating huge volume of data. In order to manage such enormous volume of data, device management platforms facilitate a smooth transition of information in the facility operations resulting in high efficiency. 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.
Software is predicted to witness significant growth over the future due to the increasing implementation of various software solutions such as remote management and data management. Increasing demand for remote monitoring of industries located at areas inaccessible manually is expected to boost the demand for such software solutions. In order to remain competitive in the market, various players are heavily investing on developing software solutions to the manufacturing industry.
Global Internet of Thing (IoT) in Manufacturing Market is set to exceed USD 150 billion by 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.
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.
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