IoT in Manufacturing Market to 2023 (Expeditious CAGR Recorded) - Global Industry Analysis, Segmentation, Growth Drivers, Trends, Forecast and Prominent Key Players Profiled

The IoT in manufacturing global market is in its growth phase and is expected to witness an average growth rate of 13.1% during the forecast period, due to technological advancements and various machine-to-machine communication and cloud computing initiatives. According to the research, the IoT in the manufacturing market was valued at $424 billion in 2016 and is expected to register a CAGR of 13.1% in the period of 2017-2023. The report is an essential tool to understand the current market trends and future market potential.

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North America was the highest revenue contributor to the global IoT in the manufacturing market in 2016, owing to the deployment of advanced IoT technologies such as Industry 4.0, virtual reality, and augmented reality. In addition, the enhanced internet penetration, decreased the cost of powerful sensors & controllers, rapid growth in communication & technology and bandwidth & connectivity, and rise in expenditure by government in the several developed and the developing regions, including North America, Europe, and Asia Pacific, drive the IoT in manufacturing market growth. However, Asia-Pacific is anticipated to witness a significant growth rate, due to increase in the number of IoT connected devices; rise in smartphone penetration; convergence of technologies including analytics, cloud, and big data; and exponential social media adoption.

In 2016, the services segment accounted for the highest share in the IoT in manufacturing market, while the predictive maintenance segment is anticipated to witness the highest growth rate, owing to automation of manufacturing processes to deliver a better experience to their end users.

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The key players profiled in the global IoT in manufacturing market are Cisco Systems Inc., Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to expand their businesses in the IoT in manufacturing industry.

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