BANGALORE, India, Jan. 21, 2021 /PRNewswire/ — The IoT in Manufacturing Market is Segmented by Type (Network Management, Data Management, Device Management, Application Management), Application (Industrial Equipment Manufacturing Electronic Products, Communications Equipment Manufacturing, Chemical, Material Equipment Manufacturing, Food, Agricultural Equipment Manufacturing, Other): Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Software & Services Category.
The global IoT in Manufacturing market size is projected to reach USD 1038.8 Million by 2026, from USD 567.2 Million in 2020, at a CAGR of 10.6% during the forecast period 2021-2026.
Major factors driving the growth of IoT in Manufacturing Market size are the growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure, agile production, operational efficiency, and increasing adoption of the cloud.
The study provides an in-depth global IoT in Manufacturing market size analysis along with current trends and future estimations to elucidate the imminent investment pockets. The report also provides information on key drivers, restraints, and opportunities, along with their impact analysis.
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TRENDS INFLUENCING THE IOT IN MANUFACTURING MARKET SIZE
Due to growing competition and demand from end-users, manufacturers are more concerned about manufacturing high volume and high-quality goods. This, in turn, led them to concentrate on key areas, such as the manufacturing process, asset monitoring, and the repair and support of equipment in the factory. Automation will allow manufacturers to increase productivity, enhance consistency of processes or products, and improve quality by eliminating errors and reducing variability. These advantages by IoT are expected to drive the growth of IoT in Manufacturing.
The rise in demand for real-time asset monitoring is expected to increase the growth of IoT in manufacturing market size. Real-time asset tracking makes it easier for businesses to track changes in workshops in real-time, thereby minimizing manufacturing defects and increasing operational performance.
IoT maintains low operation costs in manufacturing by using predictive maintenance principles, increasing worker safety during training and repairs, and identifying and resolving bottlenecks. This, in turn, is expected to boost the growth of IoT in manufacturing market size.
Furthermore, advancements in technologies such as smart sensors, virtual & augmented reality are expected to fuel IoT in Manufacturing market size. The introduction of smart sensors into industrial machinery has allowed manufacturers to reduce operating costs by 50% and is expected to decrease further during the forecast period.
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IoT in MANUFACTURING MARKET SHARE ANALYSIS
North America is expected to hold the largest IoT in manufacturing market share during the forecast period. North America’s dominance is attributed to the early adoption of trending technologies, such as IoT, big data, edge computing, and mobility by manufacturers in this region. The rising adoption of smart, safe, and connected technologies for asset-centric applications is expected to increase IoT in this region’s Manufacturing market size. Furthermore, the emergence of small and medium-sized companies and the implementation of digitization in manufacturing are expected to drive business growth in North America.
Asia Pacific region is expected to witness the highest growth rate during the forecast period. This is due to the rise in ICT(Information and Communication Technology) expenditure in South Korea, Australia, Japan, and Singapore.
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IOT IN MANUFACTURING MARKET SEGMENTATION
IoT in Manufacturing Market segment by Type, the product can be split into
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Network Management
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Data Management
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Device Management
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Application Management
IoT in Manufacturing Market segment by Application, split into
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Industrial Equipment Manufacturing
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Electronic Products, Communications Equipment Manufacturing
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Chemical, Material Equipment Manufacturing
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Food, Agricultural Equipment Manufacturing
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Other
The key players covered in this study
“We can also add the other companies as you want”
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SIMILAR REPORTS :
– IoT Device Management Market
The global IoT Device Management market size is projected to reach USD 6254.6 Million by 2026, from USD 1838.3 Million in 2020, at a CAGR of 22.6% during 2021-2026.
Major factors driving the growth of IoT device management market size are growing demand for IoT services needs for digitalization, increasing investments in R&D activities for the development of technologically advanced IoT systems.
– Industrial IoT (IIoT) Market
The Global Industrial IoT Market Size to grow from USD 65,452.15 Million in 2018 to USD 118,413.63 Million by 2025, at a CAGR of 8.83% During the Forecast Period.
Major factors driving the growth of Industrial IoT (IIoT) Market size are increasing demand for machine-to-machine systems, the need to contextualize the Process Technology (OT) data, and the preference for predictive maintenance.
– Predictive Maintenance for Manufacturing Market
The global Predictive Maintenance for Manufacturing market size is projected to reach USD 2456.8 Million by 2026, from USD 2097.2 Million in 2020.
– Internet of Things Devices Market
The global IoT Devices Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type ( Sensor, RFID, Industrial Robotics, Distributed Control System, Condition Monitoring, Smart Meter, Smart Beacon, Yield Monitoring, Electronic Shelf Label, Camera), By Application (Manufacturing, Energy, Oil & Gas, Metals and Mining, Healthcare, Retail, Transportation, Agriculture) and Regional Opportunity Analysis and Industry Forecast.
– IoT Market
In 2018, the Global IoT market size was USD 164 Billion and it is expected to grow with a CAGR of 38.62% between 2018 and 2025.
– IoT Node and Gateway Market
The global IoT Node and Gateway market size is projected to reach US$ 35280 million by 2026, from US$ 10010 million in 2020, at a CAGR of 23.4% during 2021-2026.
Major factors driving the growth of IoT Node and Gateway Market size are improved internet connectivity, growth in the use of wireless sensors and their networks, and growth in application-specific microcontroller units (MCUs).
– Digital Twins in IoT Market
The global Digital Twins in IoT Market Size, Share, Trends, Growth, Industry Analysis, Forecast 2020 to 2026. The Report contains segmentation by Type ( Digital Twin of the Product, Digital Twin of Production, Digital Twin of Performance, Other), By Application (Manufacturing, Healthcare, Transport, Information and Communication, Energy & Utilities, Other) and Regional Opportunity Analysis and Industry Forecast.
– Intelligent Pump Market
The global Intelligent Pump market size is projected to reach USD 545.1 Million by 2026, from USD 440.2 Million in 2020, at a CAGR of 3.6% during 2021-2026.
– Connected Logistics Market
The global Connected Logistics market size is projected to reach USD 17740 Million by 2026, from USD 14850 Million in 2020
– Digital Logistics Market
The global Digital Logistics market size is projected to reach USD 11530 Million by 2026, from USD 10230 Million in 2020
– Bring Your Own Device Market
The Global Bring Your Own Device Market size is expected to grow from USD 43,468.97 Million in 2019 to USD 99,000.11 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 14.70%.
– Smart Manufacturing Market
The Global Smart Manufacturing Market is expected to grow from USD 157,289.47 Million in 2019 to USD 314,839.98 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 12.26%.
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