Pune, June 01, 2020 (GLOBE NEWSWIRE) -- The global IoT in manufacturing market size is projected to reach USD 136.83 billion by 2026, exhibiting a CAGR of 22.1% during the forecast period. Vast potential of Industry 4.0 will be a key driving factor for this market’s growth, observes Fortune Business Insights™ in its report, titled “Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis, By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2026”. The emergence of Industry 4.0 has led to wide-ranging and long-term positive disruptions in the global manufacturing sector. Integration of IoT and Artificial Intelligence (AI) in manufacturing activities can lead to substantial increases in production and revenues. For instance, in its assessment report of Industry 4.0, the European Parliament has estimated that Industry 4.0 can effectively raise manufacturing efficiency between 6% and 8%. Furthermore, IoT in manufacturing can add value worth USD 1.3 trillion by 2020 in global manufacturing. Thus, steady adoption of Industry 4.0 technologies will be a crucial determinant of growth for this market.
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As per the report, the market value stood at USD 27.76 billion in 2018. The report also provides the following:
- Valuable insights into the market drivers and trends;
- Detailed evaluation of the market segments;
- Careful study of the market restraints; and
- Comprehensive analysis of the regional and competitive dynamics of the market.
Market Driver
Expanding Investments in Digital Manufacturing to Stoke Market Growth
Industrial IoT is set to transform manufacturing operations by enabling increased productivity, higher flexibility, better efficiency, superior product quality, and mass customization. Recognizing the plethora of benefits that concepts such as smart factories have to offer, countries and trade blocs are making prudent investments and policies to promote the adoption of digital manufacturing, particularly in regions where labor is less abundant. For example, in 2014, European Union (EU) members launched the Horizon 2020, a research-focused scheme aimed at integrating information & communication technologies in manufacturing. Under the scheme, the EU committed to provide around €80 billion to bring digital transformation of factories and plants in the continent. Programs such as these are fueling the Internet of Things in manufacturing market growth.
Regional Analysis
Growth in Automotive Manufacturing to Propel the Market in Asia-Pacific
Asia-Pacific is anticipated to present highly lucrative opportunities for market players during the forecast period owing to the rapid growth in the automotive sector in the region. Furthermore, manufacturers in India and China are willingly investing monies to integrate advanced automation technologies with their production processes.
In North America, the market size stood at USD 12.25 billion in 2018. The region is expected to lead the Internet of Things in manufacturing market share in the coming years on account of rapid adoption of core technologies such as Big Data and Machine Learning (ML), along with staged deployment of 5G across the US and Canada. The market in Europe will be primarily driven by the heavy investments being made to enhance digital manufacturing capabilities in major European economies such as Germany.
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Competitive Landscape
Strong Presence of Tech Veterans to Monopolize Market Competition
Players in this market are tech giants such as Microsoft, SAP, and IBM. Strong financial foundations, diverse product portfolios, and a deeply entrenched presence in the world of technology of these companies have monopolized competition in this market. However, new entrants focusing on innovation have wide scope to grow as there are ample opportunities in the market.
Industry Developments:
- April 2019: Microsoft and BMW joined forces to create a novel platform to facilitate exchange of ideas pertaining to the manufacturing sector. Named as Open Manufacturing Platform (OMP), the innovation is built on Microsoft’s Azure industrial IoT cloud and aims at breaking down knowledge barriers that are hindering innovation in the manufacturing sector.
- March 2019: Cisco, Panduit, and Rockwell Automation unveiled the Manufacturing Advanced Technology Center (MATC), a product of their joint efforts, in Mexico City. Built with assistance from Unified, EY, and Tecnologico de Monterrey, the center will display how players in the cementing, food & beverages, mining, and automotive industries can leverage Industry 4.0 technologies to transform their businesses.
List of Companies Profiled in the Internet of Things in Manufacturing Market Report:
- HITACHI LTD.
- SOFTWARE AG
- Microsoft Corporation
- Intel Corporation
- IBM Corporation
- ZEBRA TECHNOLOGIES
- SAP SE
- Siemens AG
- General Electric Company
- Cisco Systems, Inc.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Internet of Things (IoT) in Manufacturing Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Platform
- Device Management
- Application Management
- Network Management
- Market Analysis, Insights, and Forecast – By Software & Services
- Software Solution
- Data Management
- Streaming Analytics
- Smart Surveillance
- Remote Monitoring
- Network Band Management
- Services
- Software Solution
- Market Analysis, Insights, and Forecast – By Application
- Predictive Maintenance
- Asset Tracking and Management
- Logistics and Supply Chain Management
- Real-Time Workforce Tracking and Management
- Emergency and Incident Management
- Others (Business Process Optimization, Business Communication, among others)
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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