Market Overview

IoT in Manufacturing Market to Reach US$150 Billion by 2024

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IoT in Manufacturing Market to Reach US$150 Billion by 2024

Asia Pacific IoT in Manufacturing Market is expected to grow significantly in the coming years due to the increasing adoption of advanced technologies in manufacturing facilities coupled with the high adoption across industrial hubs such as China, India and Japan.

PR Newswire

SELLBYVILLE, Del., April 12, 2018 /PRNewswire-iReach/ --  According to a latest research report by Global Market Insights, Inc. "Internet of Things (IoT) in Manufacturing Market is predicted to be valued USD 150 billion by 2024." Rising implementation of IoT in the manufacturing sector to gain control over the operations and the supply chain process is anticipated to drive the industry over the forecast timeframe. Increasing adoption of cloud platforms across various industries offer lucrative growth opportunities to the industry growth. The technology has a huge potential to enhance the visibility in industrial operations by gaining insights to every step of the production and supply chain process in real-time.

The virtual tracking of the firm assets, operations, processes, products and other resources enables businesses to have complete visibility resulting in streamlined process and optimizing the industrial demand and supply. Rising demand for improvising the operational efficiency followed by reduction in costs associated with various manufacturing process is expected to propel the IoT in manufacturing market growth.

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Rising cyber-attacks across the industry is anticipated to challenge the IoT in manufacturing market growth. Enormous volume of data is generated from the devices making it vulnerable to breaches, raising concerns regarding data security & privacy. Lack of standards followed by the low number of skilled staffs will further hamper the demand.

Complexities associated with IoT network coupled with lack of sufficient resources are expected to boost the demand for managed services across the users. Businesses are currently focusing on managed services pertaining to the cost-effectiveness associated with such services coupled with their growing IT infrastructure. Usage of managed services helps the valuable resources of various enterprises to focus more on their core competencies generating more revenue.

Growing demand of the automotive IoT market is expected due to the rising implementation of advanced digital technologies in the vehicles to offer enhanced customer experience. Rising number of automotive OEMs from the emerging markets have intensified the competition in terms of quality and begin targeting the developed regions. Increasing competition and emerging customer demand are putting pressure on OEMs to provide innovative vehicle features that offer enhanced digital connectivity and attract younger consumers.

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Asia Pacific IoT in manufacturing market is anticipated to witness growth owing to the emerging industrial sector in countries such as China, India, South Korea and Taiwan. The auto industry in India accounts for over 7% of India's GDP. Improving government framework, growing domestic industry, developing infrastructure and the Make in India initiative are attracting major investments in the auto sector which will allow the implementation of several digital technologies in the country driving the IoT demand. Moreover, rising consumer demand in the food & beverage sector in Asia Pacific require higher fulfilment agility that is resulting in rising demand of advanced technologies to have a proper real-time course correction and supply chain monitoring further, driving the IoT in manufacturing market.

Players in the IoT in manufacturing market include Huawei Technologies, Rockwell Automation, Siemens AG, Microsoft Corporation, IBM Corporation, Intel Corporation and Cisco Systems. Other prominent players include PTC Inc, Bosch GmbH, Schneider Electric and Zebra Technologies. The industry is witnessing entry of new players brining in innovations and advanced technologies resulting in increasing competition. High demand across various manufacturing facilities to streamline the business processes is anticipated to propel growth.

Buy this research report spread across 170 pages with 156 market data tables & 12 figures & charts from the report, "IoT in Manufacturing Market Size By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software [Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management]), By Service (Professional Service, Managed Service), By Application (Machinery, Automotive, Food & Beverages, Pharmaceuticals), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, South Korea, Malaysia, Singapore, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Industry Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024" in detail along with the table of contents: @

https://www.gminsights.com/securecheckout/paymenta/2098

Chapter 5.   IoT in Manufacturing Market, By Technology

5.1.  Global IoT in manufacturing market share by technology, 2016 & 2024

5.2.  Sensor

5.2.1. Market estimates and forecast, 2013 - 2024

5.2.2. Market estimates and forecast, by region, 2013 – 2024

5.3.  RFID

5.3.1. Market estimates and forecast, 2013 - 2024

5.3.2. Market estimates and forecast, by region, 2013 – 2024

5.4.  Connectivity technology

5.4.1. Market estimates and forecast, 2013 - 2024

5.4.2. Market estimates and forecast, by region, 2013 - 2024

5.5.  Others

5.5.1. Market estimates and forecast, 2013 - 2024

5.5.2. Market estimates and forecast, by region, 2013 – 2024

Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/iot-in-manufacturing-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Media Contact: Arun Hegde, Global Market Insights, Inc., +13028467766, sales@gminsights.com

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SOURCE Global Market Insights, Inc.

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