IoT in Manufacturing Market size to grow from $50.0 billion in 2021 to $87.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9%.
Northbrook, IL — (SBWIRE) — 03/09/2022 — According to a 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 2026″ published by MarketsandMarkets, the global IoT in Manufacturing Market size to grow from USD 50.0 billion in 2021 to USD 87.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period.
The presence of various key players in the ecosystem has led to competitive and diverse market. IoT in manufacturing is a technique of digital transformation that the manufacturing companies adopt for their efficient working of machines and their employees. This employs a network of sensors to collect critical production data and cloud and analytics software are used to convert these data collected to useful information for effective decision-making about the manufacturing operations. This adoption of IoT enables manufacturing units to automate their processes and are used for reducing cost, shorter time to market, mass customization, and improve safety. Connected sensors and actuators enable companies to pick up on inefficiencies and problems sooner and save time and money, while supporting BI efforts.
Browse 459 market data Tables and 57 Figures spread through 382 Pages and in-depth TOC on “IoT in Manufacturing Market”
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=129197408
The services to record a higher growth rate during the forecast period
In the IoT in Manufacturing market by component, the services is expected to record a higher growth rate during the forecast period. Services play a vital role in the IoT in Manufacturing market, as they enable manufacturing enterprises to establish digitized and connected manufacturing processes with mass customization and a self-configuring, automated manufacturing floor. The services segment is considered an important component of the IoT in Manufacturing market, as it majorly focuses on improving the business operations and reducing unnecessary expenses and overheads of the manufacturing enterprises.
Large Enterprises are expected to hold a larger market size during the forecast period
By Organisation size, large enterprises are expected to hold the largest market size Large enterprises hold a larger market size in the present market. 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.
Cloud Deployment is expected to have a higher growth rate during the forecast period
By Deployment Mode, cloud is expected to have a higher growth rate. The implementation of the cloud-based IoT in manufacturing software facilitates SMEs and large enterprises to focus on their core competencies rather than IT processes. With the help of cloud-based IoT in manufacturing solutions, organizations can avoid costs related to software, storage, and technical staff. The cloud-based IoT in manufacturing solutions offer a centralized way to integrate the system and its components with web and mobile applications and helps organizations in asset management, asset maintenance, and asset productivity in the manufacturing industry.
Asset control and management is expected to have a higher growth rate during the forecast period
By Application, Asset control and management is expected to have a higher growth rate. Asset tracking and management streamlines operations, reduces costs and increases productivity. By tracking non-fixed assets in a factory environment, organizations automatically keep on top of available assets. Knowing where assets are located and what condition they are in helps minimize asset downtime, optimize asset productivity and maintenance of resources and control inventory costs. Most manufacturing companies that have their valuable assets distributed across a large geographical area have to contend with a host of problems that affect their operational efficiencies, productivity, costs, staffing, and ultimately their bottom line, among other things.
Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=129197408
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global IoT in Manufacturing market during the forecast period. It have sustainable and well-established economies, empowering them to strongly invest in R&D activities, contributing to the development of new technologies. The US is the major contributor across North America, as the presence of a highly skilled workforce in manufacturing companies in the country is increasing the adoption of advanced technologies, including IoT and big data and analytics are the key factors driving the growth of the US market.
The key and emerging market players in the IoT in manufacturing market include Cisco (US), IBM (US), PTC (US), Microsoft (US), Siemens AG (Germany), GE (US), SAP (Germany), Huawei (China), ATOS (France), HCL (India), Intel (US), Oracle (US), Schneider Electric (France), Zebra Technologies (US), Software AG (Germany), Wind River (US), Samsara (US), Telit (UK), ScienceSoft (US), Impinj (US), Bosch.IO (Germany), Litmus Automation (US), Uptake (US), Mocana (US), HQ Software (Estonia), FogHorn(US), ClearBlade (US). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the global IoT in Manufacturing market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/iot-manufacturing.asp
For more information on this press release visit: http://www.sbwire.com/press-releases/iot-in-manufacturing-market-predicted-to-obtain-879-billion-by-2026-1354320.htm
Media Relations Contact
Email: Click to Email Amish Keswani