The global IoT in manufacturing market is expected to grow from USD 12.67 billion in 2017 to USD 45.30 billion by 2022, at a CAGR of 29.0% during the forecast period. Growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure, agile production, and operational efficiency, and increasing adoption of the cloud are some of the drives of the global IoT in manufacturing market.
Advent of the latest communication technologies, and demand-driven supply chain and connected logistics are expected to further aid the IoT in manufacturing market growth. Lack of standards for interconnectivity and interoperability, and growing concerns over data security and privacy may restrict the growth of the IoT in manufacturing market
The managed services segment is expected to grow at the highest CAGR during the forecast period.
Managed services are being rapidly adopted by developed countries, such as the U.S. and Canada. Managed services play a huge role in the deployment of IoT in manufacturing solutions according to the client's requirements.
Managed services include all the pre- and post-deployment queries and needs of customers. These services may include planning, designing, testing, integrating, maintenance, and support.
These services are mainly outsourced for on-time delivery, and reduction of capital and operating expenditures. Managed service vendors connect people across all business functions and regions, and provide them with relevant information related to intelligent design, operations, and maintenance, as well as higher quality of service and safety
The energy and utilities vertical is expected to hold the largest market share in the IoT in manufacturing market during the forecast period.
In the MEA and APAC regions, the energy and utilities vertical is expected to grow at the highest CAGR. The IoT in energy and utilities is used to implement the IoT-based technology solutions and related services in the oil & gas and mining sectors.
The solutions are primarily aimed at achieving convergence of machines and intelligent data to enhance the operational efficiency targets being set by the energy companies. Energy companies can achieve benefits, such as improvised supply chain, enhanced asset monitoring and maintenance, and potential return on IoT investment implementing IoT across organizational processes. The implementation of IoT in manufacturing offers the overall plant automation, process optimization, supply chain optimization, increased safety, integrated business processes, and corporate social responsibility
Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period.
The APAC market is expected to witness significant growth and is projected to be the fastest growing region in the IoT in manufacturing market. APAC has witnessed the advanced and dynamic adoption of new technologies, and it has always been a lucrative market.
Governments in the APAC region are continuously investing in the R&D of IoT in manufacturing solutions and services. Expanding IT landscape is boosting the market growth in this region. In addition, increase mandate for regulatory compliance and advent of data analytics, and processing and intelligent machine applications are some of the growth drivers of the IoT in manufacturing market.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The breakup of the profiles of the primary participants is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
- By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
- By Region: North America – 57%, Europe – 14%, APAC – 29%
The IoT in manufacturing market includes various vendors, such as PTC (US), Cisco Systems (US), General Electric (US), IBM (US), SAP (Germany), Zebra Technologies (US), Siemens (Germany), Huawei (China), Microsoft (US), Bosch (Germany), Schneider Electric (France), and Wind River (US).
Research Coverage
The report includes an in-depth competitive analysis of the key players in the IoT in manufacturing market along with their company profile, recent developments, and key market strategies. The report segments the IoT in manufacturing market by component (solution, platform, and services), application area, vertical market, and region.
