IoT in Manufacturing Market to Reach $136.83 Billion by 2026; Rising Demand for Cloud-based Solutions to Fuel Growth

The global Internet of Things (IoT) in manufacturing market size is projected to reach USD 136.83 Billion by 2026. The market is expected to gain impetus from the increasing adoption of analytics and cloud-based IoT solutions across the world. This information is provided in a published report by Fortune Business Insights, titled, “Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis, By Platform (Device Management, Application Management, and Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2026.” The report further mentions that the market was valued at USD 27.76 Billion in 2018. However, the IoT in manufacturing market will exhibit an astonishing CAGR of 22.1% during the forecast period between 2019 to 2026.

Key Segments of Internet of Things (IoT) in Manufacturing Market

The report classifies the IoT in manufacturing market on the bases of platform, software and services, application, and geography. In terms of platform, the market is categorized into network management, application management, and device management. By software and services, the market is grouped into software solution and services. In terms of application, the market is segregated into real-time workforce tracking and management, predictive maintenance, emergency and incident management, logistics and supply chain management, asset tracking and management, and others (business communication, business process optimization, among others). The market is geographically divided by Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific.

Increasing Number of Emerging Startups to Favor Growth in North America

North America had generated a revenue of USD 12.25 Billion in 2018 and is expected to exhibit high growth rate in the global Internet of things in manufacturing market. The region is expected to grow due to the increasing adoption of core technologies, such as DevOps (software development (Dev) and information-technology operations (Ops)), big data, upcoming 5G network, and machine learning in the region. Apart from that, a rise in the number of emerging startups would also contribute to the IoT in manufacturing market growth in this region. The small, medium, and large enterprises are persistently utilizing IoT solutions in their manufacturing facilities, which in turn, is affecting the market positively. Lastly, numerous renowned organizations are aiming to develop IoT-based smart manufacturing platforms by collaborating with other key players.

Europe, on the other hand, would showcase notable growth due to the rising expansion activities of the manufacturing and industrial sectors in developed countries, such as the U.K., France, Germany, and others. Also, advent of data processing and analytics, as well as a rise in the demand for intelligent connected devices, are some of the IoT in manufacturing market trends that would propel growth in this region.

Rockwell, Cisco, and Panduit Set to Open Manufacturing Advanced Technology Center

In March 2019, Rockwell Automation, Cisco Systems, Inc., and Panduit declared that they have partnered up with Tecnologico de Monterrey, EY, and Unified to open their own manufacturing advanced technology center (MATC) in Mexico. The MATC exhibits how organizations in the cementing, automotive, food & beverage, and mining can embrace the future by setting up their digital journey for navigating and transforming the industry 4.0 phase. Those organizations that would visit the MATC would be able to view the real solutions by prototyping and simulating projects, co-innovating with a multidisciplinary group of experts, and learning about ultramodern solutions. Businesses can gain exceptional levels of cost efficiencies and productivity by implementing technologies, namely, process integration, big data, IoT, automation, and cloud computing. All these advanced technologies would hover like a cybersecurity umbrella to prevent businesses from online threats.

Fortune Business Insights profiles some of the prominent key players operating in the IoT in manufacturing market. They are Siemens AG, IBM Corporation, Intel Corporation, SOFTWARE A.G., Microsoft Corporation, SAP SE, HITACHI LTD., Zebra Technologies, Cisco Systems Inc., General Electric Company, and other major key market players.

To get a detailed report summary and research scope of this market, click here: https://www.fortunebusinessinsights.com/industry-reports/internet-of-things-iot-in-manufacturing-market-101677

The IoT in manufacturing market can be segmented in the following way: