Global Market Insights, Inc. presents an extensive report on IoT in manufacturing market that offers qualitative information about prevailing trends and a detailed analysis of the growth trajectory of this industry. It also includes a study of the historical data and detailed statistics that will help determine the future scope of the industry in terms of commercialization opportunities.
IoT in Manufacturing Market growth will be propelled by increasing demand of the automotive IoT market is expected due to the rising implementation of advanced digital technologies in the vehicles to offer enhanced customer experience. Rising number of automotive OEMs from the emerging markets have intensified the competition in terms of quality and begin targeting the developed regions. Increasing competition and emerging customer demand are putting pressure on OEMs to provide innovative vehicle features that offer enhanced digital connectivity and attract younger consumers.
Rising events of cyber-attacks across various industries poses challenge to the IoT in manufacturing market growth over the forecast timeline. Data security & privacy concerns associated with the huge volume of data fashioned from number of devices in the network making it susceptible to security breaches. Lack of standards associated with interoperability of connected devices might restrain the industry growth.
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Increasing implementation of IoT solutions across the manufacturing sector to leverage control over the supply chain as well as the operations contributes to the IoT in manufacturing growth. In order to streamline the process, virtual tracking enables completes visibility of the firm operations, assets, processes and operations resulting in optimized industrial supply & demand. Furthermore, surge in adoption of cloud deployment models across several industries provide impetus to the IoT in manufacturing market growth.
In the United States, growing consciousness regarding the benefits of IoT among manufacturers has generated considerable demand for IoT solutions. With the adoption of internet-connected devices, manufacturers across U.S. have been rather successful in increasing their output by cutting the overall production cost drastically, pertaining to the capability of IoT solutions to analyze complex manufacturing processes within a shorter duration. An IoT implemented manufacturing process essentially allows companies to maintain a high level of connectivity in manufacturing operations by minimizing the error and operational time, which will stimulate IoT in manufacturing market size.
Considering the benefits of IoT, many manufacturing giants have been collaborating with internet companies, as is witnessed across IoT in manufacturing market in recent times. For instance, National Instruments Alliance partner Averna has announced a partnership with PTC to expand its reach from testing to manufacturing via IoT. Many other companies have also been increasingly adopting connectivity technologies such as WiFi, M2M, and industrial networks to link plant automation assets such as RFID and robots to end user applications like PLM, ERP, and MES for more precision, which would undeniably have a major impact on IoT in manufacturing industry share. This is quite evident from the estimates – IoT in manufacturing industry size has been forecast to cross a valuation of close to USD 150 billion by 2024.
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