IoT in Manufacturing Market Outlook 2024: Top Companies, Trends and Growth Factors Details for Business Development

Market Size Forecasters adds a new IoT in Manufacturing Market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a 20% CAGR to 2024.

IoT in Manufacturing Market is set to exceed USD 150 billion by 2024. Rising implementation of IoT in the manufacturing sector to gain control over the operations and the supply chain process is anticipated to drive the industry over the forecast timeframe. Increasing adoption of cloud platforms across various industries offer lucrative growth opportunities to the industry growth. The technology has a huge potential to enhance the visibility in industrial operations by gaining insights to every step of the production and supply chain process in real-time.

The virtual tracking of the firm assets, operations, processes, products and other resources enables businesses to have complete visibility resulting in streamlined process and optimizing the industrial demand and supply. Rising demand for improvising the operational efficiency followed by reduction in costs associated with various manufacturing process is expected to propel the IoT in manufacturing market growth.

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Rising cyber-attacks across the industry is anticipated to challenge the IoT in manufacturing market growth. Enormous volume of data is generated from the devices making it vulnerable to breaches, raising concerns regarding data security & privacy. Lack of standards followed by the low number of skilled staffs will further hamper the demand.

Growing demand of the automotive IoT market is expected due to the rising implementation of advanced digital technologies in the vehicles to offer enhanced customer experience. Rising number of automotive OEMs from the emerging markets have intensified the competition in terms of quality and begin targeting the developed regions. Increasing competition and emerging customer demand are putting pressure on OEMs to provide innovative vehicle features that offer enhanced digital connectivity and attract younger consumers.

Asia Pacific IoT in manufacturing market is anticipated to witness growth owing to the emerging industrial sector in countries such as China, India, South Korea and Taiwan. The auto industry in India accounts for over 7% of India's GDP. Improving government framework, growing domestic industry, developing infrastructure and the Make in India initiative are attracting major investments in the auto sector which will allow the implementation of several digital technologies in the country driving the IoT demand. Moreover, rising consumer demand in the food & beverage sector in Asia Pacific require higher fulfilment agility that is resulting in rising demand of advanced technologies to have a proper real-time course correction and supply chain monitoring further, driving the IoT in manufacturing market.

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Players in the IoT in manufacturing market include Huawei Technologies, Rockwell Automation, Siemens AG, Microsoft Corporation, IBM Corporation, Intel Corporation and Cisco Systems. Other prominent players include PTC Inc, Bosch GmbH, Schneider Electric and Zebra Technologies. The industry is witnessing entry of new players brining in innovations and advanced technologies resulting in increasing competition. High demand across various manufacturing facilities to streamline the business processes is anticipated to propel growth.

Internet of Things in manufacturing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:

IoT in Manufacturing Market, By Platform:
Network Management, Device Management, Application Management.

IoT in Manufacturing Market, By Technology:
Sensor, RFID, Connectivity technology, Others.

IoT in Manufacturing Market, By Component:
Software, Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management, Hardware.

IoT in Manufacturing Market, By Service:
Professional service, Managed service.

IoT in Manufacturing Market, By Application:
Machinery, Automotive, Food & beverage, Pharmaceutical, Others.

The above information is provided for the following regions and countries:
North America, U.S., Canada, Europe, UK, Germany, France, Italy, Spain, Russia, Asia Pacific, China, India, Japan, Australia, South Korea, Malaysia, Singapore.

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Related Report:

IoT Utilities Market Size By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software [Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management]), By Service (Professional Service, Managed Service), By Application (Electricity Grid Management, Gas Management, Water & Waste Management), Industry Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

IoT Utilities Market is set to exceed USD 15 billion by 2024.IoT Utilities Market is set to exceed USD 15 billion by 2024 IoT Utilities Market is set to exceed USD 15 billion by 2024 IoT Utilities Market is set to exceed USD 15 billion by 2024 Top of Form
The increasing need to enhance the operational efficiency in the utility sector is expected to boost the IoT utilities market growth. Increasing concerns to make the most effective use of energy in order to reduce the ever-increasing energy need contributes to the growth. The potential of IoT in the utility sector is huge owing to the benefits provided by these solutions such as gaining real-time visibility into every process in the facility.

https://marketsizeforecasters.com/iot-utilities-market/?utm_source=RR-PSR

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