IoT in Manufacturing Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

The Iot in manufacturing market size is projected to grow from USD 33.2 billion in 2020 to USD 53.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period. The major factors driving the growth of the Iot in manufacturing market include growing demand for industrial automation in manufacturing industry, rising need for centralized monitoring and predictive maintenance of assets, rise in the number of cost-effective and intelligent connected devices and sensors, increasing need for reliable, secure, and high-speed network connectivity, and increased adoption of cloud computing platforms.

Based on component, the solutions segment leads the Iot in manufacturing market during the forecast period
With the increased number of networked sensors growing across the production sector, logistics and supply chain manufacturers are getting into a new generation of systems that enable various solutions, such as data management, device management, application management, network management, and smart surveillance. The ubiquity of these solutions and connected devices is finding applicability across multiple segments of the manufacturing and supply chain industry throughout the value chain. Organizations across the manufacturing industry are adopting IoT solutions and services, as it enables them to monitor their assets and increase operational efficiency. Maintenance, repair, and operations of assets are of the utmost importance in any asset-intensive industry. The key objective is to maximize the RoI of the current asset base as well as to reduce the cost. IoT in manufacturing solutions enable organizations to track assets and receive notifications when the maintenance of assets is due. It helps enterprises perform regular maintenance, thereby increasing the productivity of the asset.

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The Final Report will cover the impact analysis of COVID-19 on this industry: IoT in Manufacturing Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis – Global Forecast to 2025

System designing and integration services offer a wide range of designs for IoT ecosystems and the integration of IoT solutions, which support the operational systems and business activities. System design service providers sketch the complete IoT system to reduce business complexities and enhance profitability. Service providers also design customized services based on clients’ needs and budgets to manage workflows and provide ease to their customers and employees. The customized services include IoT solutions and connectivity design, wireless network design, and IoT infrastructure design. On the other hand, integration services include the installation of IoT software and solutions into organizations’ IoT ecosystem.

Cloud-based deployment offers several benefits to organizations, such as scalability, flexibility in capacity, enhanced collaboration, cost-efficiency, reduced physical infrastructure, less maintenance cost, and 24/7 data accessibility of assets from anytime, anywhere. Asset-intensive organizations prefer cloud-deployed solutions, as it offers scalability and agility in organizations and provides more functions than on-premises solutions at an affordable cost. With rapid advancements in cloud technology, organizations are inclined toward implementing cost-effective cloud-based solutions.

The discrete industry is concerned with the manufacturing and production of distinct units, such as automobiles, furniture, toys, smartphones, and airplanes. The discrete industry comprises a variety of verticals, such as automotive, machine manufacturing, semiconductor and electronics, medical devices, and logistics and transportation. The growth of IoT is leading to improvements in discrete manufacturing. For discrete manufacturers, IoT-enabled smart connected products provide a way to increase product functionality and generate additional value for customers.

APAC, being an emerging economy, is witnessing dynamic changes in the adoption of new technologies and expected to record the highest CAGR during the forecast period. With the presence of emerging countries, such as China, Japan, and India, the region is expected to witness high growth in the IoT in manufacturing market. As the manufacturing industry in Asia is in its developing phase, the adoption capability is more as compared to North America and Europe. With a lower level of entrenched processes than their American or European counterparts, Asian manufacturing businesses have a greater ability to alter their operations. By integrating and adopting new technologies, companies can reduce their operating costs and increase efficiency across every industry. The increasing population and the growing per capita income, along with ongoing large-scale industrialization and urbanization, are some of the major factors driving the growth of the IoT in manufacturing market in APAC.

• By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
• By Designation: C-level – 38%, Directors – 30%, and Others – 32%
• By Region: North America – 40%, Europe – 15%, APAC – 35%, MEA – 5%, Latin America– 5%.

Research coverage
The market study covers Iot in manufacturing market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component (solutions and services), deployment mode, organization size, applications, verticals, and regions. The solutions segment is further segmented into network management, data management, device management, application management, and smart surveillance. The services segment is further segmented into professional and managed services. The deployment mode is segmented into cloud and on-premises.

The organization size segment is segmented into SMEs and large enterprises. Application areas include predictive maintenance, business process optimization, asset tracking and management, logistics and supply chain management, real-time workforce tracking and management, automation control and management, and emergency and incident management, and business communication. The verticals include process manufacturing and discrete manufacturing. The regional analysis of the Iot in manufacturing market covers North America, Europe, APAC, MEA, and Latin America. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall Iot in manufacturing market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

TABLE OF CONTENT

1 INTRODUCTION 36
1.1 INTRODUCTION TO COVID-19 36
1.2 COVID-19 HEALTH ASSESSMENT 36
FIGURE 1 COVID-19: GLOBAL PROPAGATION 36
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES 37
1.3 COVID-19 ECONOMIC ASSESSMENT 38
FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020 38
1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT 39
FIGURE 4 FACTORS IMPACTING GLOBAL ECONOMY 39
FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY 40
1.4 OBJECTIVES OF THE STUDY 41
1.5 MARKET DEFINITION 41
1.5.1 INCLUSIONS AND EXCLUSIONS 42
1.6 MARKET SCOPE 42
1.6.1 MARKET SEGMENTATION 43
1.6.2 YEARS CONSIDERED FOR THE STUDY 44

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