IoT in Manufacturing Market : Top Players – ABB Ltd., Honeywell International Inc., IBM Corporation, Intel Corporation, PTC Inc., SAP SE, Microsoft Corporation, Hitachi Ltd., Dell Inc., Robert Bosch GmbH, and NEC Corporation

How will broad application scope in the pharmaceutical sector augment IoT in manufacturing industry growth?

IoT in manufacturing market size is significantly bolstered by the rising awareness of IoT based systems to effectively manage and optimize production activities along with myriad digital advantages. IoT based production systems offer numerous benefits including security, productivity and innovation with the effective interlinking of many devices in the sophisticated internet infrastructure.

Growth in the industry can be ascribed to the advent of cloud computing, rising prevalence of sensors and strong internet connectivity across numerous sectors. IoT in manufacturing systems present manufacturers the opportunities to attain critical, real time-data pertaining to effective decision making and management.

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Also, favorable government reforms by countries including Italy, India and more, promoting rapid progression of the manufacturing industry and initiating the implementation of smart digital solutions are anticipated to drive IoT in manufacturing market dynamics.

How is India's thriving auto sector expected to influence APAC IoT in manufacturing market outlook?

In terms of application, the automotive segment of the IoT in manufacturing market is likely to witness substantial growth owing to proliferating use of cutting-edge digital technologies in the vehicles consequently enriching customer experience. As competition and customer expectations surge, the onus is on emerging automotive OEMs to develop unique product features that appeal to a younger, more digitally savvy consumer audience by offering advanced digital connectivity.

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In the APAC region, the IoT in manufacturing industry is expected to amass considerable proceeds owing to emerging trends in the auto sector across myriad countries including India, China, Taiwan and South Korea, among others. As a matter of fact, the Indian automotive industry holds over 7% of the GDP. Advancements in the domestic industry, infrastructural reforms and favorable government initiatives like Make in India are encouraging growing investments in the sector, thereby sustaining the adoption of advanced digital technologies, impelling IoT demand in the region.

What application segment is expected to accrue considerable gains for the IoT in manufacturing industry over the projected timeline?

The pharmaceutical segment in the IoT in manufacturing market registered revenue of over $4 billion in 2017 and is expected to witness considerable growth in the years ahead. This progress can be attributed to proliferating demands for cold chain condition control, remote fleet management and management of connected equipment.

IoT solutions facilitate the aggregation of data across numerous manufacturing functions as well as effective monitoring of production activities from locations besides industry floor. These monitoring facilities augment equipment utilization, minimize production costs and mitigate wastage generated during the manufacturing process.

Furthermore, the solutions are highly acquiescent with stringent policies pertaining to manufacturing in the pharma industry across the globe and help improve efficiency, security and environmental compliance.

How are rapid industrial developments in Latin America expected to drive IoT in manufacturing market expansion?

The booming manufacturing sector across nations like Brazil and Mexico is presenting a wealth of business opportunities for the IoT in manufacturing market in Latin America. In fact, the Latin America IoT in manufacturing industry is predicted to depict a CAGR of over 26% through 2024.

Economic advancements and increasing support from regulatory authorities have led to the emergence of many electronics and automotive manufacturers in Latin America, adding impetus to IoT in manufacturing market expansion.

Budding measures for environmental conservation call for significant mitigation of power consumption and emissions from the production sector.

Consumption of power in Latin America is likely to double by 2030, necessitating hundreds of billions of dollars in investments to fulfil the demand. Consequently, measures to cut back energy usage undertaken by manufacturers and government bodies will positively influence growth prospects for the IoT in manufacturing industry in the region.
According to reports from Global Market Insights, Inc, the IoT in manufacturing market share is anticipated to surpass $160 billion by 2024.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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