In a recent published report, Kenneth Research has updated the market report for IoT in Process Manufacturing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IoT in Process Manufacturing Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
IoT in Process Manufacturing Market – Global Drivers, Opportunities, Trends, and Forecasts to 2022
Brief:
Globally, the increasing pressure to improve production activities and performance has led the process manufacturing industry players to adopt IoT in their business units. IoT in process manufacturing allows the companies to gather more data from the production operations by connecting smart devices to their networks.
Understanding the various aspects of IoT in process manufacturing helps the manufacturers to address security issues, improves operation efficiency, reduces the operation costs, improves business operations & intelligent decision making, and helps to offer better customer service. It will enhance the smart features such as smart monitoring, production integration, remote diagnosis, and predictive maintenance. Globally, IoT players are coming up with new innovations to increase the IoT adoption rate in process manufacturing industries.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Market Analysis
the “IoT in process manufacturing market will witness a CAGR of 46.3% during the forecast period 2016–2022.
The market is segmented by types, applications, technology, verticals, and regions. The increasing demand for real-time monitoring applications and customized IoT solutions are the major drivers for the market growth. In addition, rising implementation of machine learning, big data, analytics, sensor technology, and cloud technology are supporting the IoT in process manufacturing market.
Technology Analysis
Technologies play a key role in implementing IoT in process manufacturing industry. The major technologies covered in this report are Wi-Fi, 3G, 4G, Bluetooth & BLE, and Ethernet. These technologies assist the manufacturers in machine-to-machine communications (M2M), asset tracking & inventory management, logistics maintenance, and other processes in manufacturing plant. Wi-Fi is the major technology that is being implemented by process manufacturing players and has huge market share, growing at a CAGR of 47.7% during the forecast period 2016–2022.
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Services & Applications Analysis
The services covered in the report are professional services, managed services, system integrations, and others. Professional services is dominating in the service segment and its market revenue is expected to reach $4,752.8 million by 2022.
The professional service helps to adapt to changes in business process, provides operational effectiveness by combining CRM and ERP in the production process, provides real-time visibility into the operations, and also increases the profit of the companies.
Applications
The applications covered in this report are predictive maintenance, assets tracking & inventory management, supply chain & logistics, remote monitoring & control, process automation, and others.
The process manufacturers are benefiting from the implementation of advanced IoT applications. Predictive maintenance applications are in demand as it reduces the downtime & maintenance cost, increases equipment efficiency by maximizing the equipment uptime, increases the quality of the production, and enhances the supply chain process.
Verticals Analysis
More than 40% of the manufacturers are using the data generated from the connected devices and more than 15% of the manufacturers are planning to use the data in the next 5 years. The verticals covered in this report are FMCG, life sciences, oil & gas, pharmaceuticals, chemical industry, and others. The FMCG market is expected to grow at a CAGR of 43.3% during the forecast period 2016–2022. Life sciences and oil & gas industries hold the business opportunities for the key stakeholders. The chemical industry will be the emerging market in the next 6–7 years.
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Regional Analysis
In the Americas, North America is the fastest-growing region, where a lot of technologies are emerging and being implemented by various organizations. SMEs in the region are adopting and demanding for IoT technology when compared to other regions. The IT organizations in North America are investing in R&D to innovate IoT solutions in the process manufacturing industry. The Americas is expected to be the major contributor in the IoT in process manufacturing market followed by Europe due to increase in the demand for the connected devices and adoption of advanced technologies.
Asia Pacific is expected to grow at a faster rate in the next 5 years due to increase in government initiatives for encouraging the deployment of IoT solutions, and MEA is an emerging market for key stakeholders specific to oil & gas industry.
Key Players & Competitive Analysis:
Some of the key players are PTC Inc., Cisco Systems Inc., IBM Corporation, GE, SAP SE, Intel Corp., Microsoft Corp., and others. At present, big players are acquiring small and start-up players to increase their market share. Also, they are focusing on offering customized IoT solutions to the manufacturers at competitive price to improve the operation performance and flexibility in the production process.
Benefits:
The report provides an in-depth analysis of the demand and the adoption rate of technologies, applications, services, and software of IoT technology in the process manufacturing industry.
The study covers and analyzes the “Global IoT in Process Manufacturing” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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