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IoT in Manufacturing Market worth $87.9 billion by 2026 - Exclusive Research by MarketsandMarkets™
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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.
By Organization 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.
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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.
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.
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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 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.
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