Pune, India, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The global IoT in manufacturing market size is projected to reach USD 136.83 billion by 2026. According to a report published by Fortune Business Insights™, 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 market size was USD 27.76 Billion in 2018. Driven by the growing popularity and widespread applications of IoT in manufacturing industry, the market will rise at a staggering 22.1% CAGR during the forecast period.
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A few of the other companies that are operating in the IoT in manufacturing market include:
- Intel Corporation
- Siemens AG
- Microsoft Corporation
- SAP SE
- SOFTWARE AG
- ZEBRA TECHNOLOGIES
- HITACHI LTD.
The concept of IoT or the ‘internet of things’ has gained rapid popularity in recent years. The use of IoT in applications across diverse industries has opened up a huge potential for the companies operating in this market. The growing demand for automated machines and equipment in the manufacturing industry will lead to a wider adoption of IoT concepts. Increasing demand for customization, growing expectations for simplified and easy-to-use machinery, and the need for efficient and reliable data will aid the growth of the IoT in manufacturing market in the coming years. Besides these applications, IoT is widely incorporated in several real-time concepts. The approaches such as predictive analysis and machine learning algorithms will create a huge platform for extensive IoT adoption.
The report encompasses several factors that have contributed to the growth of the market in recent years. Besides growth stimulators, it discusses a few of the factors that have restrained market growth. The competitive landscape of the IoT in manufacturing market has been discussed in detail. Forecast values for the market have been provided in the report for the period of 2019-2026. Additionally, the report identifies areas that have witnessed the highest demand and applications for the product in recent years. A few of the leading products, major companies, and major industry developments of recent times have been highlighted in this report.
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 22.1 % |
| 2026 Value Projection | USD 136.83 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 27.76 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 140 |
| Segments covered | By Platform, By Software & Services , By Application, By Region |
| Growth Drivers | Rising Demand for IoT-enabled Smart Devices |
| Emergence of Industry 4.0 in Manufacturing Industry Will Boost the Market Growth | |
| Companies are adopting IoT solutions in their manufacturing units because of the rising popularity of Platform-as-a-service | |
| Pitfalls & Challenges | High Investment And Complicated Process Will Hamper Market Growth |
Increasing Number of Company Mergers Will Contribute to Market Growth
Among all factors that have influenced the growth of the market in recent years, it has been observed that the increasing number of mergers and acquisitions have made a direct impact on the growth of the market in recent years. In June 2018, Robert Bosch announced a collaboration with Huawei Technologies for the development of cloud-integrated IoT services. Through this collaboration, the companies will aim to develop and deploy IoT-based solutions and services in major manufacturing plants across the world. The report includes mergers and acquisitions, similar to this activity and gauges their impact on the global market.
IBM’s Watson IoT Technology is a Major Highlight of Recent Years
The market derives growth from a few of the major product launches by leading companies across the world. Companies such as IBM, General Electric, and Cisco have all contributed through their respective products and services in the IoT in the manufacturing sector. IBM’s Watson IoT Technology has emerged as one of the leading products in the manufacturing sector.
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MARKET DRIVERS
The increasing implementation of technologies, namely, industrial 4.0, artificial intelligence (AI) based smart robots, and others in the manufacturing industry, help to reduce the overall manufacturing cost and offer enhanced quality and reliability. These drivers are very crucial for manufacturing companies to withstand a leading position in the competitive market. Key manufacturing companies are focused on strategic mergers and collaboration to discover new opportunities by adopting IoT technology-based models. For instance, in April 2019, BMW Group partnered up with Microsoft Corporation to enhance open industrial IoT development and build Industry 4.0 solutions. This partnership was completed to develop an ‘Open Manufacturing Platform (OMP)’ based on the Microsoft Azure Industrial IoT cloud platform. An open manufacturing platform provides a connectivity architecture with open source components based on the open industry standards and an open data model.
Ongoing developments in the field of Industry 4.0 also aid in driving progress in the automation industry and creating opportunities for disruptive industry models. Major countries are investing enormously in the development and deployment of smart manufacturing. For instance, during 2016 – 2018, the Austrian government invested around USD 300 Million for the development of IoT projects associated with Industry 4.0. It also launched the ‘SemI40’ (power semiconductor and electronics manufacturing 4.0) project. The project focuses on the development of intelligent production and cyber-physical production systems. Other drivers boosting internet of things (IoT) software and services in the manufacturing market include advancement in the industrial internet of things (IIoT), big data, upcoming industrial 5G model, and others
Key Industry Developments:
July 2018: GE and Microsoft announced a partnership, with a view to bettering their product portfolios. Through this agreement, GE plans to standardize its Predix solutions on Microsoft Azure.
North America Held the Highest Market Share; Increasing Use of Machine Learning Concepts to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America currently holds the highest market share. The increasing number of start-ups, coupled with the adoption of machine learning algorithms in software as well as hardware equipment, will aid the growth of the regional market. As of 2018, the IoT in manufacturing market in North America was worth USD 12.25 billion. Besides North America, the market in Asia Pacific will witness considerable growth in the coming years. The growing adoption and subsequent demand for advanced and automated concepts will contribute to the market in Asia Pacific.
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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
- North America 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 Country
- U.S.
- Canada
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