IoT In Manufacturing Market Worth $147.49 Billion, Globally, by 2027 at 28.2% CAGR: Verified Market Research

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Global IoT In Manufacturing Market Overview

The demand for centralized monitoring and predictive maintenance is a key aspect for the IoT in manufacturing market. The central monitoring of the manufacturing process in the automotive industry is executed using indoor location systems. The IoT devices used in the transceivers interconnect with each other with the help of routers, switches, and other networking devices. IoT devices are being widely used in predictive maintenance, which plays a significant role in managing the high-valued factory equipment. The predictive maintenance technique is intended to determine the condition of the in-service manufacturing equipment to foresee when maintenance should be performed. The increased command of IoT in supply chain and connected logistics is bound to boost the market growth. Enhanced inventory management, due to the accessibility of real-time visibility of items and the capability to track and keep a note of inventory, is a vital consequence of the implementation of IoT in manufacturing industries.

The collection of manufacturing information, expiry date, manufacturing date, after sales status, and warranty period, using tracking devices, like RFID tags, will correct the efficiency in supply chain monitoring in the manufacturing process. There has been a rise in utility of the Cloud Computing in IoT. The IoT devices need a lot of storage to share information for valuable purposes.  It helps in storage and data analysis so that the enterprise can gain maximum benefit of an IoT infrastructure. Operational efficiency is achievable with the right combination of four components; the Operation OT engineer, the Competent Integrator partner, efficient support resources and the OT network. The Industrial Internet of Things (IIoT) is bringing emphasis to connecting sensor data in an agile manner and providing actionable intelligence. The convergence of OT and IT is the integration of information technology (IT) systems used for data-centric computing with operational technology (OT) systems used to monitor events, processes and devices and make adjustments in enterprise and industrial operations. The feature will fuel the market growth. Other factors such as cost effective, and advent of Artificial Intelligence in IoT will drive the market growth. The major players in the market are PTC (US), Cisco Systems (US), General Electric (US), IBM (US), SAP (Germany), Zebra Technologies (US), Siemens (Germany), Huawei (China), Microsoft (US), Bosch (Germany), Schneider Electric (France), and Wind River (US).

Verified Market Research has segmented the Global IoT In Manufacturing Market is segmented on the basis of Component, Solution, Service, Software, Connectivity, Application, End Use Verticle and Geography:

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