IoT in Manufacturing Market Ongoing Trends and Recent Developments | Key Players like Cisco, IBM, PTC, General Electric and SAP

According to recent research "IoT in Manufacturing Market by Solution (Network Management, Data Management, Device Management, Application Management, Smart Surveillance), Platform, Service (Professional and Managed), Application, Vertical Market, and Region - Global Forecast to 2022", The IoT in manufacturing market size is projected to grow from USD 12.67 Billion in 2017 to USD 45.30 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 29.0% during the forecast period of 2017–2022.

Major forces driving IoT in manufacturing market are the growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure. The increasing need for agile production, operational efficiency, and control, and demand-driven supply chain and connected logistics are also expected to drive the market.

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IoT in manufacturing has been instrumental in connecting heterogeneous processes, personnel, resources, and procedures in a cohesive way to attain optimum resource usage and enhance the productivity of business processes.

Various regulatory mandates have been issued by governments and organizations to avoid privacy issues and enhance security. Europe and North America have been following the IoT standards introduced by the major regulatory bodies. The European Technical Standards Institute (ETSI), an independent organization, imposes global applicable ICT standards on equipment makers and network operators, and covers mobile, broadcast, and internet technologies. TR 1030290, TR 103 315, and TR 102 857 are some of the standards imposed by the ETSI team, which help to regulate IT and RFID deployments. IEEE 802.3 for Ethernet and IEEE021451-7 for sensors interface, actuators, and RFID systems also affect the business landscape.

IoT consulting service is the fastest growing professional service in the IoT in manufacturing market during the forecast period

Consulting and advisory services play a significant role in achieving the zero trust security model through IoT in manufacturing. They provide strategic insights for the operational, organizational, and technological transformation to various verticals depending upon their requirements. Moreover, these services offer an innovative service-layer framework to help establish a next generation security architecture. They help organizations in planning and identifying technical aspects of IoT in manufacturing implmentation, thereby achieve the improved agility, security, and compliance.

Data management segment is expected to hold the largest market share in the IoT in Manuafacturing market during the forecast period

Data management is the most important solution in the IoT segment, as IoT devices produce large volumes of data. It poses a challenge for the providers to deal with efficiently. As devices and sensors integrate which results in large data volumes, legacy data management infrastructure and techniques will no longer be sufficient to fully influence IoT. These organizations embed data management into the devices and sensors generating data to facilitate a smooth and steady stream of information in manufacturing operation, thereby boosting the effeciency of manuafacturing operations.

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North America is expected to contribute the largest market share in the IoT in manufacturing market during the forecast period

North America is expected to hold the largest market share and would dominate the IoT in manufacturing market from 2017 to 2022. This region has the major dominance with sustainable and well-established economies, empowering them to invest significant resources in the R&D activities, thereby contributing to the development of new technologies. Due to the early adoption of trending technologies, such as IoT, big data, DevOps, and mobility, manufacturers are keen to integrate IoT technologies in their processes to automate the manufacturing operations to enhance efficiency and productivity. The start-up culture in North America is growing fast. Further, the advent of SMEs and increasing digitization in manufacturing by large enterprises drive the North American IoT in manufacturing market.

The major vendors in the IoT in manufacturing market include IBM (US), Cisco Systems (US), PTC (US), and General Electric (US).

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