Dublin, March 08, 2022 (GLOBE NEWSWIRE) -- The "Global IoT in Manufacturing Market by Component (Solutions (Network Management, Data Management) and Services (Professional, Managed)), Deployment Mode, Organization Size, Application, Vertical (Process, Discrete), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
This research report forecasts the global IoT in Manufacturing market to grow from USD 50 billion in 2021 to USD 87.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period.
The presence of various key players in the ecosystem has led to competitive and diverse market. IoT in manufacturing is a technique of digital transformation that the manufacturing companies adopt for their efficient working of machines and their employees. This employs a network of sensors to collect critical production data and cloud and analytics software are used to convert these data collected to useful information for effective decision-making about the manufacturing operations. This adoption of IoT enables manufacturing units to automate their processes and are used for reducing cost, shorter time to market, mass customization, and improve safety. Connected sensors and actuators enable companies to pick up on inefficiencies and problems sooner and save time and money, while supporting BI efforts.
The services to record a higher growth rate during the forecast period
In the IoT in Manufacturing market by component, the services is expected to record a higher growth rate during the forecast period. Services play a vital role in the IoT in Manufacturing market, as they enable manufacturing enterprises to establish digitized and connected manufacturing processes with mass customization and a self-configuring, automated manufacturing floor. The services segment is considered an important component of the IoT in Manufacturing market, as it majorly focuses on improving the business operations and reducing unnecessary expenses and overheads of the manufacturing enterprises.
Large Enterprises are expected to hold a larger market size during the forecast period
By Organisation size, large enterprises are expected to hold the largest market size in the present market. The high adoption is due to the affordability and high economies of scale of large enterprises that enable organizations to leverage IoT in manufacturing solutions and services. In today's highly competitive world, large enterprises particularly leave no stone unturned to capture a larger market share. Hence, large enterprises spend significant amounts on becoming technologically proficient.
Cloud Deployment is expected to have a higher growth rate during the forecast period
By Deployment Mode, cloud is expected to have a higher growth rate. The implementation of the cloud-based IoT in manufacturing software facilitates SMEs and large enterprises to focus on their core competencies rather than IT processes. With the help of cloud-based IoT in manufacturing solutions, organizations can avoid costs related to software, storage, and technical staff. The cloud-based IoT in manufacturing solutions offer a centralized way to integrate the system and its components with web and mobile applications and helps organizations in asset management, asset maintenance, and asset productivity in the manufacturing industry.
Asset control and management is expected to have a higher growth rate during the forecast period
By Application, Asset control and management is expected to have a higher growth rate. Asset tracking and management streamlines operations, reduces costs and increases productivity. By tracking non-fixed assets in a factory environment, organizations automatically keep on top of available assets. Knowing where assets are located and what condition they are in helps minimize asset downtime, optimize asset productivity and maintenance of resources and control inventory costs. Most manufacturing companies that have their valuable assets distributed across a large geographical area have to contend with a host of problems that affect their operational efficiencies, productivity, costs, staffing, and ultimately their bottom line, among other things.
APAC to have a higher growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The IoT in Manufacturing market in APAC is expected to experience strong growth in the coming years, due to the constant economic growth, increasing the young workforce, and the usage of tablets and smartphones for business purposes will lead toward the adaptation of enterprise mobility solutions to meet the growing demand for securing and protecting critical data. The major reason for this high growth in APAC is the increasing digitalization among people and the rising infusion of automation at industries and government initiatives to promote technology adoption across the region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 North American Market, 2021
4.3 Asia-Pacific Market, 2021
4.4 Market, by Country
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Industrial Automation in the Manufacturing Industry
5.2.1.2 Rising Need for Centralized Monitoring and Predictive Maintenance of Assets
5.2.1.3 Rise in the Number of Cost-Effective and Intelligent Connected Devices and Sensors
5.2.1.4 Increasing Need for Reliable, Secure, and High-Speed Network Connectivity
5.2.1.5 Increased Adoption of Cloud Computing Platforms
5.2.2 Restraints
5.2.2.1 Issues Related to Data Security and Privacy in IoT
5.2.2.2 Absence of Standardization in IoT Protocols
5.2.2.3 Integration with the Traditional Systems and the Lack of a Technically Skilled Workforce
5.2.3 Opportunities
5.2.3.1 Rising Number of Data Centers
5.2.3.2 Emerging 5G Technology to Help IoT Adoption Globally
5.2.3.3 Increase in Smart Manufacturing Initiatives Worldwide
5.2.3.4 Rising Demand for IoT-Enabled Digital Transformation of Businesses
5.2.3.5 Growing Demand for System Integrators
5.2.4 Challenges
5.2.4.1 Lack of Skilled Workforce for Operating IoT-based Equipment
5.2.4.2 Huge Initial Investments Required for Implementing IoT in Smart Manufacturing
5.2.4.3 Interoperability Issues of Legacy Infrastructure and Communication Networks
5.3 Industry Trends
5.3.1 Value Chain Analysis
5.3.2 Ecosystem
5.3.3 Porter's Five Forces Model
5.3.4 Technology Analysis
5.3.5 Patent Analysis
5.3.6 Average Selling Price Analysis
5.3.7 Use Case Analysis
5.3.8 Key Conferences and Events in 2022-2023
5.4 COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
5.4.1 Overview
5.4.2 Drivers and Opportunities
5.4.3 Restraints and Challenges
5.4.4 Cumulative Growth Analysis
6 IoT in Manufacturing Market, by Component
6.1 Introduction
6.2 Solutions
6.2.1 Solutions: Market Drivers
6.2.2 Solutions: COVID-19 Impact
6.3 Services
6.3.1 Services: Market Drivers
6.3.2 Services: COVID-19 Impact
7 IoT in Manufacturing Market, by Solution
7.1 Introduction
7.2 Network Management
7.2.1 Network Management: Market Drivers
7.2.2 Network Bandwidth Management
7.2.3 Network Security Management
7.2.4 Network Performance Monitoring and Management
7.2.5 Network Configuration Management
7.3 Data Management
7.3.1 Data Management: Market Drivers
7.3.2 Data Integration
7.3.3 Data Security
7.3.4 Data Migration
7.3.5 Data Analytics and Visualization
7.3.6 Metadata Management
7.3.7 Data Governance
7.3.8 Data Orchestration
7.4 Device Management
7.4.1 Device Management: Market Drivers
7.4.2 Device Provisioning and Authentication
7.4.3 Device Configuration Management
7.4.4 Monitoring and Troubleshooting
7.5 Application Management
7.5.1 Application Management: IoT in Manufacturing Market Drivers
7.6 Smart Surveillance
7.6.1 Smart Surveillance: Market Drivers
7.6.2 Central Monitoring System
7.6.3 Video Analytics and Events
8 IoT in Manufacturing Market, by Service
8.1 Introduction
8.2 Managed Services
8.2.1 Managed Services: Market Drivers
8.2.2 Infrastructure Management Services
8.2.2.1 Infrastructure Management Services: Market Drivers
8.2.3 Security Management Services
8.2.3.1 Security Management Services: Market Drivers
8.2.4 Network Management Services
8.2.4.1 Network Management Services: Market Drivers
8.2.5 Data Management Services
8.2.5.1 Data Management Services: Market Drivers
8.2.6 Device Management Services
8.2.6.1 Device Management Services: IoT in Manufacturing Market Drivers
8.3 Professional Services
8.3.1 Professional Services: Market Drivers
8.3.2 IoT Consulting Services
8.3.2.1 IoT Consulting Services: IoT in Manufacturing Market Drivers
8.3.2.2 Technology Consulting Services
8.3.2.3 Business Consulting Services
8.3.2.4 Operational Consulting Services
8.3.3 IoT Infrastructure Services
8.3.3.1 IoT Infrastructure Services: IoT in Manufacturing Market Drivers
8.3.3.2 Network Services
8.3.3.3 Deployment Services
8.3.3.4 Cloud Services
8.3.4 System Designing and Integration Services
8.3.4.1 System Designing and Integration Services: IoT in Manufacturing Market Drivers
8.3.4.2 Platform Development and Integration Services
8.3.4.3 Mobile and Web Application Development Services
8.3.5 Support and Maintenance Services
8.3.5.1 Support and Maintenance Services: IoT in Manufacturing Market Drivers
8.3.6 Education and Training Services
8.3.6.1 Education and Training Services: Market Drivers
9 IoT in Manufacturing Market, by Deployment Mode
9.1 Introduction
9.2 On-Premises
9.2.1 On-Premises: Market Drivers
9.2.2 On-Premises: COVID-19 Impact
9.3 Cloud
9.3.1 Cloud: Market Drivers
9.3.2 Cloud: COVID-19 Impact
10 IoT in Manufacturing Market, by Organization Size
10.1 Introduction
10.2 Large Enterprises
10.3 Small and Medium-Sized Enterprises
11 IoT in Manufacturing Market, by Application
11.1 Introduction
11.2 Predictive Maintenance
11.3 Business Process Optimization
11.4 Asset Tracking and Management
11.5 Logistics and Supply Chain Management
11.6 Real-Time Workforce Tracking and Management
11.7 Automation Control and Management
11.8 Emergency and Incident Management, and Business Communication
12 IoT in Manufacturing Market, by Verticals
12.1 Introduction
12.1.1 Verticals: COVID-19 Impact
12.2 Process Manufacturing
12.2.1 Process Manufacturing: Market Drivers
12.2.2 Process Manufacturing: COVID-19 Impact
12.2.3 Energy and Utilities
12.2.4 Chemicals and Materials
12.2.5 Food and Beverage
12.2.6 Water and Waste Management
12.2.7 Other Verticals
12.3 Discrete Manufacturing
13 IoT in Manufacturing Market, by Region
14 Competitive Landscape
15 Company Profiles
15.1 Key Vendors
15.1.1 Cisco
15.1.2 IBM
15.1.3 PTC
15.1.4 Microsoft
15.1.5 Siemens
15.1.6 GE
15.1.7 SAP
15.1.8 Huawei
15.1.9 Atos
15.1.10 HCL
15.1.11 Intel
15.1.12 Oracle
15.1.13 Schneider Electric
15.1.14 Zebra Technologies
15.1.15 Software AG
15.1.16 Wind River
15.1.17 Samsara
15.2 SME/Startup Players
15.2.1 Telit
15.2.2 ScienceSoft
15.2.3 Impinj
15.2.4 Bosch.IO
15.2.5 Litmus Automation
15.2.6 Uptake
15.2.7 Mocana
15.2.8 HQSoftware
15.2.9 FogHorn
15.2.10 ClearBlade
16 Adjacent/Related Market
17 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/r4okhs
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