UK is the world's eighth largest manufacturing nation and it is expected to enter into the top five by 2021. The demand for internet of things (IoT) in manufacturing is surging at a high rate in order to maintain security & data privacy and to reduce operation cost and product cycle time. Hence, due to these, the IoT in manufacturing market is anticipated to grow at a significant rate in the forthcoming years. In addition, the burgeoning investment toward cloud deployment, growing demand for predictive maintenance, and rising awareness about IoT-based production systems to gain optimization are vital factors projected to lead to an optimistic impact on the growth of IoT in manufacturing market in the forecast period.
According to MarkNtel Advisors’ research report “UK IoT in Manufacturing Market Analysis, 2020”, the UK IoT in Manufacturing market is anticipated to grow at a considerable CAGR of during 2020-25. Based on Application, the demand for predictive maintenance escalated at a significant rate in 2019. The IoT-based predictive maintenance helps in managing the high-valued factory equipment of the factory or manufacturing plant by monitoring production data. Thus, this further helps in preventing assets failure by estimating concerns before they happen. It is widely used in oil & gas companies in order to detect potential failures and surge the production of highly critical assets.
“UK 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 country. 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.
Automotive Acquired Considerable Market Share
Based on End-User, Automotive acquired the considerable market share in the UK IoT in Manufacturing in 2019. Automobile sector is considered one of the biggest manufacturing industries in the world. IoT deployment in automotive manufacturing enables the companies to take maintenance decisions in real time through any mobile device which would speed up the overall maintenance and production processes of the vehicle. Along with this, the deployment also reduces the production cost and human involvement which can lead to the growth of the market in the coming years as stated in MarkNtel Advisors’ research report “UK IoT in Manufacturing Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the UK 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: