The Global IoT in manufacturing market is propelling at a robust rate owing to the factors such as burgeoning demand for internet of things (IoT) in manufacturing among verticals such as automotive, aerospace, and healthcare to reduce the operation cost, and surging funding toward the cloud deployment. Apart from these, extensive demand for centralized monitoring and predictive maintenance in order to maintain security and data privacy, and growing awareness about connected operational intelligence to boost manufacturing process are anticipated to place a positive influence on the growth of IoT in manufacturing market in the forecast period.
According to MarkNtel Advisors’ research report “Global IoT in Manufacturing Market Analysis, 2020”, the Global IOT in Manufacturing market is anticipated to grow at a CAGR of 29% during 2020-25. Based on End User, Automotive acquired the largest market share in the Global IoT in Manufacturing in 2019. Automobile sector is among the early adopters of IoT in the manufacturing in order to speed up the production processes, reduce manufacturing cost and lessen manual involvement. Automotive companies such as Volkswagen, Toyota, Hyundai, General motors have efficiently deployed IoT in manufacturing.
“Global IoT in Manufacturing Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for IoT in Manufacturing providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Europe Acquired Considerable Market Share
Europe acquired the considerable market share in the Global IoT in Manufacturing in 2019. The growth of the segment is attributed to robust growth in machinery, healthcare, food & beverage, and manufacturing sectors, rising inclination toward the adoption of digitized & internet-based solutions, and increasing government initiatives and investment toward IoT development.
Moreover, Asia-Pacific is expected to grow at the highest CAGR during the forecast period on account of burgeoning ICT expenditure and surging adoption of advance technologies such as artificial intelligence (AI)-based smart robots in the manufacturing. Furthermore, extensive investment toward the expansion of the manufacturing and automotive sectors is expected to strongly contribute towards the growth of the market in the coming years as stated in MarkNtel Advisors’ research report "Global IoT in Manufacturing Market Analysis, 2020".
According to MarkNtel Advisors, the key players with a considerable market share in the Global IoT in Manufacturing market are IBM, Cisco Systems, PTC, Microsoft, General Electric, SAP, Siemens AG, Bosch, Zebra Technologies etc.
Key questions answered in the study: