IoT in Manufacturing Market Size, Share, Growth, Trends, Applications, and Industry Strategies

The burgeoning demand for centralized monitoring and predictive maintenance of manufacturing facilities is fueling the demand for the internet of things (IoT) technology in the manufacturing sector. For example, centralized monitoring of manufacturing processes is carried out in the automotive industry with the help of indoor location systems. Radio communication systems are used for incorporating process operators, manufacturing devices, and various other related equipment in these location systems. With the help of the radio triangulation method, the location of all resources and parts that are used in the manufacturing process is determined.

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The internet of things (IoT) devices use routers, switches, and other supporting networking instruments and generate large volumes of data for conducting predictive maintenance, which, in turn, assists in the management of several high-value devices in a factory. Besides this, the mushrooming requirement for transparency and traceability in business operations is also driving the growth of the internet of things (IoT) in manufacturing market.

Across the globe, North America is predicted to hold the largest share in the IoT in manufacturing market in the forthcoming years. Regional countries (Canada and the U.S.) are making huge investments in research and development (R&D) activities for integrating advanced technologies in manufacturing operations, thereby driving the expansion of the manufacturing sector. Furthermore, the increasing adoption of several core technologies such as machine learning, big data, 5G network, and information technology operations is also fueling the progress of the market in this region.

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The major IoT in manufacturing market players are actively focusing on launching partnerships for integrating the IoT technology in the manufacturing sector in order to strengthen their position in the industry, as per the observations of the market research company, P&S Intelligence. For example, BMW AG and Microsoft Corporation announced in April 2019 that they have teamed up for launching the Open Manufacturing Platform (OMP). This initiative is aimed at supporting the adoption of smart factory solutions that will be shared by the OMP participants in the automotive and other manufacturing industries.

Hence, it is safe to say that the rising requirement for greater efficiency in manufacturing operations and predictive maintenance and centralized monitoring of manufacturing facilities is driving the integration of IoT solutions in the manufacturing sector.

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This release was published on openPR.