IoT in Manufacturing Market to Grow at a CAGR of 14.5% through 2032
According to a recent analysis issued by FMI, the IoT in manufacturing market share is likely to reach US$ 399.08 billion by 2026, up from US$ 175.3 billion in 2020, accounting for 14.50% CAGR through 2022-2032. The ecosystem’s diversity of significant stakeholders has resulted in a competitive and diversified adoption of IoT in manufacturing market. The Internet of Things enables industrial units to automate their operations, which results in cost savings, faster time to market, mass customisation, and increased safety.
The IoT
devices and next-generation manufacturing industry has experienced a
tremendous increase in industrial automation in recent years. As a
result, IoT gateway manufacturers are more concerned with generating
high volume and quality products due to increased market rivalry and end-user
demand.
As a result,
they’ve decided to concentrate on the factory’s essential areas, such as
the IoT sensors for manufacturing, asset monitoring, and asset
maintenance and support. As a result, manufacturers would be able to minimize
direct human labor costs and expenses, boost productivity, improve a process or
product consistency, and produce high-quality goods by using automation.
Control systems,
such as computers or robots, are used in industrial automation
processes to monitor and control machinery. In the manufacturing
IoT sensors industry, a critical role is played by improving the
process of industrial automation.
The global economy
has been influenced by COVID-19. Energy, oil and gas, transportation and
logistics, manufacturing, and aviation are among the financial and industrial
sectors with a large economic influence. As a result, the world economy is
expected to enter a recession due to the loss of billions of dollars.
“Economic activity is diminishing as a result of an increasing number of
nations implementing and prolonging lockdowns, which will have an impact on the
global economy. To boost flexibility and offer better production, IoT helps
produce cooperative communications and interaction from IoT solutions for
manufacturing industry field input or output including actuators, robots,
and analyzers.”—opines an FMI analyst.
Key Takeaways:
·
The increased demand for automated machinery and IoT devices for
manufacturing will accelerate IoT adoption. In addition, demand for
customization, simpler and easy-to-use machinery, and reliable data will drive
the IoT in the future.
·
North America now has the largest market share with the growing number
of start-ups and the widespread implementation of machine learning algorithms
in both software and hardware equipment, which will contribute to the regional
market’s growth.
·
The services category is a critical component of the IoT in
manufacturing market, as it focuses on optimizing company processes and
lowering needless expenditures and overheads for manufacturing firms.
·
Apart from North America, the Asia Pacific market will expand
significantly in the future years. The increasing acceptance of sophisticated
and automated concepts, as well as the following demand for them, would add to
the market in the Asia Pacific.
·
Several factors have contributed to the market’s recent expansion, such
as industrial market competition has been extensively studied. The research
also indicates the current strong demand and application areas for the product.
Competitive Landscape
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 (US). To extend their portfolios and market
shares in the worldwide IoT in manufacturing market, these
companies have used various organic and inorganic growth tactics, such as new
product releases, partnerships and collaborations, and acquisitions.
·
Cisco and Telstra inked a new deal in September 2021 to collaborate and
continue their bridging regions with the strong IoT network to assist various
industries, including retail, financial services, and government.
·
IBM and Boston Dynamics teamed in October 2021 to deliver mobile edge
analytics to industrial operations. IBM will leverage this cooperation to offer
data analysis at the edge, assisting industrial firms to enhance worker safety,
optimize field operations, and increase maintenance productivity in places like
manufacturing plants, power plants, and warehouses.
For more information:
https://www.futuremarketinsights.com/reports/iot-in-manufacturing-market
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