IoT in Manufacturing Market worth $53.8 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 15, 2020 /PRNewswire/ -- According to a new market research report "IoT in Manufacturing Market by Component (Solutions (Network Management and Data Management) and Services (Professional and Managed)), Deployment Mode, Organization Size, Application, Vertical (Process and Discrete), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the IoT in Manufacturing Market size is projected to grow from USD 33.2 billion in 2020 to USD 53.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period.
The major factors driving the growth of the IoT in Manufacturing Market include growing demand for industrial automation in the manufacturing industry, rising need for centralized monitoring and predictive maintenance of assets, rise in the number of cost-effective and intelligent connected devices and sensors, increasing need for reliable, secure, and high-speed network connectivity, and increased adoption of cloud computing platforms.
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Based on services, the managed services segment to grow at a higher CAGR during the forecast period
Managed services are an approach to outsource specific manufacturing operations to a service provider and focus on improving business operations and reducing unnecessary expenses and overheads. The growth of the managed services segment is expected to be driven by the increased monitoring and security requirements, improved regulatory compliances, enhanced productivity, and improved data integrity while meeting strict SLAs. In manufacturing industries, advanced sensors, control systems, and software applications work together to obtain and share real-time information as finished goods make their way down the production line. MSPs connect people across all business functions and regions and provide them with relevant information related to intelligent design, operations, and maintenance as well as offer higher quality of services and safety.
Based on organization size, large enterprises is expected to lead the market during the forecast period
Large enterprises are witnessing an increased need to deploy IoT in manufacturing solutions and services to efficiently manage their large number of assets spread across geographies. The adoption of IoT in manufacturing solutions and services in large enterprises is high as compared to SMEs. The high adoption is due to the affordability and high economies of scale of large enterprises that enable organizations to leverage IoT in manufacturing solutions and services. In today's highly competitive world, large enterprises particularly leave no stone unturned to capture a larger market share. Hence, large enterprises spend significant amounts on becoming technologically proficient.
Based on application, the real-time workforce tracking and management segment is expected to grow at a higher CAGR during the forecast period
It is a big challenge to ensure workers' safety, remotely track them, and achieve improved regulatory compliance. Organizations are constantly looking to execute the activities of a worker more effectively while improving efficiency, reducing non-productive work, and providing a safe work environment. IoT-enabled workforce management provides visibility that connects data and people together to ensure effective deployment of staff and improved service delivery. Workforce management automates activities, such as scheduling tasks and assigning field resources and equipment to various employees on the respective manufacturing floor.
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North America to hold the highest market size during the forecast period
Owing to the early adoption of trending technologies, such as IoT, big data, edge computing, and mobility, manufacturers in North America are keen to integrate IoT technologies into their manufacturing processes. The increasing adoption of smart, secure, and connected technologies for asset-centric applications is expected to increase the market growth. The advent of SMEs and the adoption of digitization in manufacturing are expected to drive the growth of the market in North America. Cisco, IBM, PTC, Microsoft, and GE are some of the leading vendors of IoT in manufacturing solutions and services operating across the North American market. For instance, Cisco DNA improves the way manufacturers design, build, and manage enterprise and production facilities.
Major vendors operating in the IoT in Manufacturing Market include Cisco (US), IBM (US), PTC (US), Microsoft (US), General Electric (US), SAP (Germany), Siemens (Germany), Huawei (China), Bosch.IO (Germany), Atos (France), HCL Technologies Limited (HCL), Intel (US), Oracle (US), Schneider Electric (France), Zebra Technologies (US), Software AG (Germany), Telit (UK), Wind River (US), ClearBlade (US), Litmus Automation (US), Uptake (US), HQSoftware (Estonia), ScienceSoft ( US), Mocana (US), and Impinj (US).
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