NEW YORK , Jan. 31, 2017 /PRNewswire/ --"Growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure is boosting the growth of the IoT in manufacturing market"
The Internet of Things (IoT) in manufacturing market size is expected to grow USD 6.17 billion in 2016 to USD 20.59 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 27.2% from 2016 to 2021. Predictive maintenance plays a significant role in managing high valued factory equipment. The predictive maintenance techniques are designed to determine the condition of in-service manufacturing equipment in order to predict when the maintenance should be performed.
This approach promises cost savings over routine or time-based preventive maintenance because tasks are performed only when required. Load balancing with centralized monitoring solution improves the distribution of additional workloads across the manufacturing operations to enable smoother functioning and allocation of resources to multiple manufacturing processes, thereby boosting the manufacturing efficiency and productivity. Furthermore, lack of standards for interconnectivity and interoperability between IoT devices is one of the biggest restraining factor for the IoT in manufacturing market. In addition, data security & privacy concerns, and shadow IT risk are the other factors restraining the growth of the IoT in manufacturing market.
"Business consulting services is projected to gain maximum traction during the forecast period"
Business consulting services play a significant role in IoT in manufacturing, as enterprises find it suitable to consult with the business professionals before implementing IoT platforms and solutions in manufacturing processes. Most of the IoT vendors offer business consulting services to their commercial clients, including manufacturing companies, and monitor the impact analysis of production cost, quality, flexibility, service levels, and control. These services provide a clear understanding of the current and future product portfolio, core capabilities & needs of the organizations, and future footprint & capacity plan, including which sites should be closed, consolidated, or prioritized for manufacturing operation optimizations.
"Asia-Pacific (APAC) is projected to grow at the highest rate during the forecast period"
North America is expected to hold the largest market share during the forecast period. Major IoT in manufacturing vendors in this region such as IBM Corporation, Cisco System, Inc., General Electric, and PTC Incorporation offer a number of reliable and enhanced IoT platforms and services to cater to the various needs of the enterprises and their commercial clients. The APAC market is expected to witness exponential growth and is projected to be the fastest-growing region for the IoT in manufacturing market. It has witnessed advanced and dynamic adoption of new technologies and has always been a lucrative market. The APAC region includes early adopters of evolving technology such as the countries of Australia, India, China, Japan, and Singapore. In addition, they are taking aggressive initiatives to upsurge the IT infrastructure enabling commercial users to adopt the cutting-edge technology. Initiatives such as incubation centers (National Centre of Excellence) with industry associations, Industrial Value Chain Initiative (IVI), and Made in China 2025' strategy are expected to help and boost the IoT in manufacturing market in APAC.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40% and Tier 3 – 30%
- By Designation: C level – 72%, Director level – 14%, Others – 14%
- By Region: North America – 57%, Europe – 14%, APAC – 29%
The IoT in manufacturing ecosystem comprises the major vendors such as IBM Corporation (U.S.), Cisco System, Inc. (U.S.), PTC Incorporation. (U.S.), General electric (U.S.), and SAP SE (Germany), Zebra Technologies (U.S.), Rockwell Automation (U.S.), Siemens AG (Germany), Huawei (China), Microsoft Corporation (U.S), and Bosch Software Innovation GMBH (Germany).
The report includes in-depth competitive analysis of these key players in the IoT in manufacturing market, with their company profiles, SWOT analysis, recent developments, and key market strategies. The research report segments the IoT in manufacturing market by platform, software, services, application, vertical markets, and region.
Reasons to buy the Report
The IoT in manufacturing market has been segmented on the basis of software, platform, service, application, vertical markets, and region. The report will help the market leaders/new entrants in this market in the following ways:
1. The overall IoT in manufacturing market in this report has been defined as the markets of software, services, and platforms offered by IoT vendors, inclusive of professional and managed IoT services.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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