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Oct 09, 2018 (Heraldkeeper via COMTEX) — IoT in Manufacturing Market growth will be driven by increasing adoption of these solutions across the automotive sector. It is attributed to the advantages such as anticipation & prevention of potential failure in the operations by optimizing the efficiency of equipment & assets in a cost-effective manner. Emerging trend of connected automotive coupled with increasing use of improvised digital technologies in vehicles is expected to offer opportunities to the IoT in the manufacturing market. Intensified competition coupled with the rising customer demand are leading the OEMs to offer improvised digital connectivity and advanced vehicle features.
IoT in Manufacturing Market is expected to grow at over 20% CAGR to reach USD 150 billion by 2024. Increasing requirement to improve the operational competence and optimize costs related to various processes will propel the IoT ithe n manufacturing market. The technology is capable to improvise the operational visibility across the manufacturing industry. This is credited to its capability of obtaining real-time insights into each step of the supply chain process along with the production line.
Increasing implementation of IoT solutions across the manufacturing sector to leverage control over the supply chain as well as the operations contributes to the IoT in manufacturing growth. In order to streamline the process, virtual tracking enables completes visibility of the firm operations, assets, processes and operations resulting in optimized industrial supply & demand. Furthermore, a surge in adoption of cloud deployment models across several industries provides impetus to the IoT in manufacturing market growth.
IoT in Manufacturing Market in software segment growth is credited to the rising implementation of solutions such as data management & remote management software solutions. Industries located in manually inaccessible areas requiring remote monitoring solutions is expected to fuel the demand for software solutions.
Rising events of cyber-attacks across various industries poses a challenge to the IoT in manufacturing market growth over the forecast timeline. Data security & privacy concerns associated with the huge volume of data fashioned from a number of devices in the network making it susceptible to security breaches. Lack of standards associated with interoperability of connected devices might restrain the industry growth.
Asia Pacific IoT in the manufacturing market is predicted to grow substantially over the forecast timeline. This is attributed to the emerging manufacturing sector in countries such as India, Taiwan, China and South Korea. The Indian automotive industry contributes over seven percent to the country’s GDP. Improving infrastructure and Make in India initiative are attracting potential investments in the automotive sector. Furthermore, the growing trend of smart factories across the Asia Pacific region provide lucrative growth opportunities for the industry.
Companies operating in the IoT in manufacturing market include Microsoft Corporation, Siemens AG, IBM Corporation, Rockwell Automation, Bosch GmbH, Intel Corporation, Huawei Technologies, Cisco Systems, Inc., Schneider Electric, Zebra Technologies and PTC Inc. The industry players are increasingly focusing on improving the operational efficiency helping the users in terms of maintenance & operations, safety & security as well as production asset management.
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