IoT in manufacturing market is expected to reach $994 billion by 2023 | Key industry players - Cisco Systems Inc., IBM Corporation, PTC Inc., SAP SE, Texas Instruments, Hitachi Ltd,Microsoft Corporation, Robert Bosch GmbH

The global IoT in manufacturing market garnered $424 billion in 2016 and is expected to reach $994 billion by 2023, registering a CAGR of 13.1% through 2023. The report offers an in-depth analysis of the market, covering aspects such as the key investment pockets, drivers, restraints, & opportunities, major market segments, strategic developments, and competitive landscape.

The IoT in manufacturing global market is in its growth phase, and is expected to witness average growth rate of 13.1% during the forecast period, due to technological advancements and various machine-to-machine communication and cloud computing initiatives.

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Advancement in technologies such as smart sensors and virtual reality & augmented reality, low operation cost, rise in demand for real-time asset monitoring, inadequate IT infrastructure, and introduction to connected operational intelligence drive the growth of the global IoT in manufacturing market. On the other hand, developing nations across the world are yet to transform into technologically advanced hubs with rich IT infrastructure and digital content and this factor hampers the market growth. Nevertheless, the rise in adoption of cloud-based deployment model in countries such as India, China, Brazil, Mexico, and Russia is expected to create lucrative opportunities for the market players in the coming years.

The IoT in manufacturing market in North America held more than one-third of the market share in 2016 and would maintain its dominance through the study period. However, the Asia-Pacific market would grow at the fastest CAGR of 14.1% during the forecast period. The other regions that the study covers include Europe and LAMEA (Latin America, Middle East, and Africa).

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The key players analyzed in the IoT in manufacturing market report include Cisco Systems Inc., IBM Corporation, PTC Inc., SAP SE, Texas Instruments, Hitachi Ltd., Microsoft Corporation, Robert Bosch GmbH, Software AG, and Zebra Technologies. These players have adopted various market strategies such as partnerships, collaboration, mergers & acquisitions, new product launch to strengthen their foothold in the industry.

Among components, the services segment captured more than half of the total market share in 2016 and would dominate the market during the study period. It is also likely to witness the fastest CAGR of 13.8% from 2017 to 2023.

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Based on applications, the supply chain management segment was the largest in 2016, contributing TO 18% of the IoT in manufacturing market share. However, predictive maintenance would dominate the market through 2023. The same segment would grow at the fastest CAGR of 17.6% during the study period. The report also analyzes asset performance management, quality management, cognitive process & operations management, and others (logistics, performance benchmarking & remote monitoring).

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