HOME Top Market Reports IoT in Manufacturing Market by Solution (Network Management, Data Management, Device Management, Application Management, Smart Surveillance), Platform, Service (Professional and Managed), Application, Vertical Market, and Region - Global Forecast to 2022

IoT in Manufacturing Market by Solution (Network Management, Data Management, Device Management, Application Management, Smart Surveillance), Platform, Service (Professional and Managed), Application, Vertical Market, and Region - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: January 2018
Report Code: TC 3947

 

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The global IoT in manufacturing market size was USD 10.45 Billion in 2016 ­­and is projected to reach USD 45.30 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 29.0% during the forecast period.

Years considered for the report:

  • Base Year: 2016
  • Estimated Year: 2017
  • Projected Year: 2022
  • Forecast period: 2017–2022

Objectives of the Study:

The main objective of the report is to define, describe, and forecast the IoT in manufacturing market size by components (solution, platform, and services), application area, verticals, and regions. The report provides detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market. The report attempts to forecast the market size of the 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles the key market players and comprehensively analyzes their core competencies. It also tracks and analyzes the competitive developments, such as joint ventures, mergers & acquisitions, and new product developments, in the market.

The research methodology used to estimate and forecast the IoT in manufacturing market size began with the collection and analysis of data on revenues of key vendors through secondary sources, including annual reports and press releases, investor presentations, technology journals such as IoT Journal, and Information Technology and Innovation Foundation, certified publications, articles from recognized authors, directories, and databases. The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the market from the revenue of the key players and their market shares. The IoT in manufacturing market spending across all regions along with the geographic split in various verticals was considered to arrive at the overall market size. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments. The breakdown of the profiles of the primary participants is depicted in the below figure:

Internet of Things (IoT) in Manufacturing Market

To know about the assumptions considered for the study, download the pdf brochure

The IoT in manufacturing market includes various vendors providing IoT in manufacturing services, including of managed and professional services. Further, professional services include IoT consulting services, IoT infrastructure services, system designing and integration services, support and maintenance services, and education and training services. PTC (US), Cisco Systems (US), General Electric (US), IBM (US), SAP (Germany), Zebra Technologies (US), Siemens (Germany), Huawei (China), Microsoft (US), Bosch (Germany), Schneider Electric (France), and Wind River (US) have adopted various growth strategies, including partnerships, agreements, and collaborations, to enhance their presence in the market.

Key Target Audience

  • IoT platform providers
  • IoT service providers
  • Communication service providers
  • Application providers
  • Managed service providers
  • Third-party system integrators
  • Hardware vendors
  • Regulatory agencies
  • Government

The study answers several questions for the stakeholders, primarily, which market segments to focus on over the next 2 to 5 years for prioritizing efforts and investments.

Scope of the Report

The research report segments the IoT in manufacturing market into the following submarkets:

By Component:

  • Solution
  • Platform
  • Service

By Solution:

  • Network management
  • Data management
  • Device management
  • Application management
  • Smart surveillance

By Platform:

  • Device management platform
  • Application management platform
  • Connectivity management platform

By Service:

  • Managed services
  • Professional services

By Application Area:

  • Predictive maintenance
  • Business process optimization
  • Asset tracking and management
  • Logistics and supply chain management
  • Real-time workforce tracking and management
  • Automation control and management
  • Emergency and incident management and business communication

By Vertical:

  • Energy and utilities
  • Automotive
  • Food and beverages
  • Aerospace and defense
  • Chemicals and material
  • High-tech products
  • Healthcare
  • Others (agriculture, and textile and leather)

By Region:

  • North America
  • Europe
  • APAC
  • MEA
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Geographic Analysis

  • Further breakdown of the North American market into the US and Canada
  • Further breakdown of the European market into the UK, Germany, and France

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Years Considered for the Study
    1.4 Currency
    1.5 Stakeholders

2 Research Methodology (Page No. - 20)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Market Breakdown and Data Triangulation
    2.4 Assumptions
    2.5 Limitations

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Opportunities in the Global IoT in Manufacturing Market
    4.2 Market Top 3 Solutions
    4.3 Market By Vertical Market and Region
    4.4 Market Investment Scenario

5 Market Overview (Page No. - 32)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growing Need for Centralized Monitoring and Predictive Maintenance of the Manufacturing Infrastructure
                    5.2.1.2 Advent of the Latest Communication Technologies
                    5.2.1.3 Demand-Driven Supply Chain and Connected Logistics
                    5.2.1.4 Need for Agile Production, Operational Efficiency, and Better Control
                    5.2.1.5 Increase in the Adoption of the Cloud Environment
                    5.2.1.6 Convergence in OT and IT
                    5.2.1.7 Rise in the Number of Cost-Effective, Intelligent Connected Devices
                    5.2.1.8 Advent of Data Analytics and Data Processing
                    5.2.1.9 Increase in Regulatory Compliances
                    5.2.1.10 Advent of Intelligent Machine Applications
           5.2.2 Restraints
                    5.2.2.1 Lack of Standards for Interconnectivity and Interoperability
                    5.2.2.2 Data Security and Privacy Concerns
                    5.2.2.3 Shadow IT Risks
           5.2.3 Opportunities
                    5.2.3.1 Outcome Economy and Pull Economy
                    5.2.3.2 Content Maturity Model
                    5.2.3.3 Shared Security Model
           5.2.4 Challenges
                    5.2.4.1 Data Migration Challenges
                    5.2.4.2 Inconsistent Business Semantics and Conflicts Related to Data Ownership

6 IoT in Manufacturing Market, By Component (Page No. - 42)
    6.1 Introduction
    6.2 Solutions
    6.3 Platforms
    6.4 Services

7 Market By Solution (Page No. - 49)
    7.1 Introduction
    7.2 Network Management
           7.2.1 Network Bandwidth Management
           7.2.2 Network Security
           7.2.3 Network Performance Monitoring and Management
           7.2.4 Network Configuration Management
    7.3 Data Management
           7.3.1 Data Integration
           7.3.2 Data Security
           7.3.3 Data Migration
           7.3.4 Data Analytics and Visualization
           7.3.5 Metadata Management
           7.3.6 Data Governance
           7.3.7 Data Orchestration
    7.4 Device Management
           7.4.1 Device Provisioning and Authentication
           7.4.2 Device Configuration Management
           7.4.3 Monitoring and Troubleshooting
    7.5 Application Management
    7.6 Smart Surveillance
           7.6.1 Central Monitoring System
           7.6.2 Video Analytics and Events

8 IoT in Manufacturing Market, By Platform (Page No. - 60)
    8.1 Introduction
    8.2 Device Management Platform
    8.3 Application Management Platform
    8.4 Connectivity Management Platform

9 Market By Service (Page No. - 66)
    9.1 Introduction
    9.2 Managed Services
           9.2.1 Infrastructure Management Services
           9.2.2 Security Management Services
           9.2.3 Network Management Services
           9.2.4 Data Management Services
           9.2.5 Device Management Services
    9.3 Professional Services
           9.3.1 IoT Consulting Services
                    9.3.1.1 Technology Consulting Services
                    9.3.1.2 Business Consulting Services
                    9.3.1.3 Operational Consulting Services
           9.3.2 IoT Infrastructure Services
                    9.3.2.1 Network Services
                    9.3.2.2 Deployment Services
                    9.3.2.3 Cloud Services
           9.3.3 System Designing and Integration Services
                    9.3.3.1 Platform Development and Integration Services
                    9.3.3.2 Mobile and Web Application Development Services
           9.3.4 Support and Maintenance Services
           9.3.5 Education and Training Services

10 IoT in Manufacturing Market, By Application Area (Page No. - 83)
     10.1 Introduction
     10.2 Predictive Maintenance
     10.3 Business Process Optimization
     10.4 Asset Tracking and Management
     10.5 Logistics and Supply Chain Management
     10.6 Real-Time Workforce Tracking and Management
     10.7 Automation Control and Management
     10.8 Emergency and Incident Management, and Business Communication

11 Market By Vertical Market (Page No. - 92)
     11.1 Introduction
     11.2 Energy and Utilities
     11.3 Automotive
     11.4 Food and Beverage
     11.5 Aerospace and Defense
     11.6 Chemicals and Materials
     11.7 High-Tech Products
     11.8 Healthcare
     11.9 Others

12 IoT in Manufacturing Market, By Region (Page No. - 101)
     12.1 Introduction
     12.2 North America
     12.3 Europe
     12.4 Asia Pacific
     12.5 Middle East and Africa
     12.6 Latin America

13 Competitive Landscape (Page No. - 125)
     13.1 Overview
     13.2 Competitive Scenario
             13.2.1 New Product Launches,
             13.2.2 Mergers and Acquisitions
             13.2.3 Partnerships and Collaborations
     13.3 Market Ranking

14 Company Profiles (Page No. - 129)
     14.1 Cisco Systems
(Business Overview, Major Products, Solutions, and Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
     14.2 IBM
     14.3 PTC
     14.4 Microsoft
     14.5 General Electric
     14.6 SAP
     14.7 Zebra Technologies
     14.8 Siemens
     14.9 Huawei
     14.10 Bosch
     14.11 Schneider Electric
     14.12 Wind River
*Details on Business Overview, Major Products, Solutions, and Services Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.
     14.13 Key Innovators
             14.13.1 Clearblade
             14.13.2 Konux
             14.13.3 Mocana
             14.13.4 Impinj
             14.13.5 Litmus Automation
             14.13.6 Uptake

15 Appendix (Page No. - 171)
     15.1 Industry Experts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real-Time Market Intelligence
     15.5 Available Customizations
     15.6 Related Reports
     15.7 Author Details


List of Tables (91 Tables)

Table 1 IoT in Manufacturing Market Size, By Component, 2017–2022 (USD Million)
Table 2 Solutions: Market Size By Region, 2017–2022 (USD Million)
Table 3 Platforms: Market Size By Region, 2017–2022 (USD Million)
Table 4 Services: Market Size By Region, 2017–2022 (USD Million)
Table 5 IoT in Manufacturing Market Size, By Solution, 2015–2022 (USD Million)
Table 6 Network Management: Market Size By Region, 2015–2022 (USD Million)
Table 7 Data Management: Market Size By Region, 2015–2022 (USD Million)
Table 8 Device Management: Market Size By Region, 2015–2022 (USD Million)
Table 9 Application Management: Market Size, By Region, 2015–2022 (USD Million)
Table 10 Smart Surveillance: Market Size By Region, 2015–2022 (USD Million)
Table 11 IoT in Manufacturing Market Size, By Platform, 2015–2022 (USD Million)
Table 12 Device Management Platform: Market Size By Region, 2015–2022 (USD Million)
Table 13 Application Management Platform: Market Size By Region, 2015–2022 (USD Million)
Table 14 Connectivity Management Platform: Market Size, By Region, 2015–2022 (USD Million)
Table 15 IoT in Manufacturing Market Size, By Service, 2015–2022 (USD Million)
Table 16 Managed Services: Market Size By Region, 2015–2022 (USD Million)
Table 17 Managed Services: Market Size By Type, 2015–2022 (USD Million)
Table 18 Infrastructure Management Services Market Size, By Region, 2015–2022 (USD Million)
Table 19 Security Management Services Market Size, By Region, 2015–2022 (USD Million)
Table 20 Network Management Services Market Size, By Region, 2015–2022 (USD Million)
Table 21 Data Management Services Market Size, By Region, 2015–2022 (USD Million)
Table 22 Device Management Services Market Size, By Region, 2015–2022 (USD Million)
Table 23 Professional Services: Market Size By Region, 2015–2022 (USD Million)
Table 24 Professional Services: Market Size By Type, 2015–2022 (USD Million)
Table 25 IoT Consulting Services Market Size, By Region, 2015–2022 (USD Million)
Table 26 IoT Infrastructure Services Market Size, By Region, 2015–2022 (USD Million)
Table 27 System Designing and Integration Services Market Size, By Region, 2015–2022 (USD Million)
Table 28 Support and Maintenance Services Market Size, By Region, 2015–2022 (USD Million)
Table 29 Education and Training Services Market Size, By Region, 2015–2022 (USD Million)
Table 30 IoT in Manufacturing Market Size, By Application Area, 2015–2022 (USD Million)
Table 31 Predictive Maintenance: Market Size By Region, 2015–2022 (USD Million)
Table 32 Business Process Optimization: Market Size By Region, 2015–2022 (USD Million)
Table 33 Asset Tracking and Management: Market Size By Region, 2015–2022 (USD Million)
Table 34 Logistics and Supply Chain Management: Market Size By Region, 2015–2022 (USD Million)
Table 35 Real-Time Workforce Tracking and Management: Market Size By Region, 2015–2022 (USD Million)
Table 36 Automation Control and Management: Market Size By Region, 2015–2022 (USD Million)
Table 37 Emergency and Incident Management, and Business Communication: Market Size By Region, 2015–2022 (USD Million)
Table 38 IoT in Manufacturing Market Size, By Vertical Market, 2015–2022 (USD Million)
Table 39 Energy and Utilities: Market Size By Region, 2015–2022 (USD Million)
Table 40 Automotive: Market Size By Region, 2015–2022 (USD Million)
Table 41 Food and Beverage: Market Size By Region, 2015–2022 (USD Million)
Table 42 Aerospace and Defense: Market Size By Region, 2015–2022 (USD Million)
Table 43 Chemicals and Materials: Market Size By Region, 2015–2022 (USD Million)
Table 44 High-Tech Products: Market Size By Region, 2015–2022 (USD Million)
Table 45 Healthcare: Market Size By Region, 2015–2022 (USD Million)
Table 46 Others: Market Size By Region, 2015–2022 (USD Million)
Table 47 IoT in Manufacturing Market Size, By Region, 2015–2022 (USD Million)
Table 48 North America: Market Size By Component, 2015–2022 (USD Million)
Table 49 North America: Market Size By Solution, 2015–2022 (USD Million)
Table 50 North America: Market Size By Platform, 2015–2022 (USD Million)
Table 51 North America: Market Size By Service, 2015–2022 (USD Million)
Table 52 North America: Market Size By Professional Service, 2015–2022 (USD Million)
Table 53 North America: Market Size By Managed Service, 2015–2022 (USD Million)
Table 54 North America: Market Size By Application Area, 2015–2022 (USD Million)
Table 55 North America: Market Size By Vertical Market, 2015–2022 (USD Million)
Table 56 Europe: IoT in Manufacturing Market Size, By Component, 2015–2022 (USD Million)
Table 57 Europe: Market Size By Solution, 2015–2022 (USD Million)
Table 58 Europe: Market Size By Platform, 2015–2022 (USD Million)
Table 59 Europe: Market Size By Service, 2015–2022 (USD Million)
Table 60 Europe: Market Size By Professional Service, 2015–2022 (USD Million)
Table 61 Europe: Market SizeBy Managed Service, 2015–2022 (USD Million)
Table 62 Europe: Market Size By Application Area, 2015–2022 (USD Million)
Table 63 Europe: Market Size By Vertical Market, 2015–2022 (USD Million)
Table 64 Asia Pacific: IoT in Manufacturing Market Size, By Component, 2015–2022 (USD Million)
Table 65 Asia Pacific: Market Size By Solution, 2015–2022 (USD Million)
Table 66 Asia Pacific: Market Size By Platform, 2015–2022 (USD Million)
Table 67 Asia Pacific: Market Size By Service, 2015–2022 (USD Million)
Table 68 Asia Pacific: Market Size By Professional Service, 2015–2022 (USD Million)
Table 69 Asia Pacific: Market Size By Managed Service, 2015–2022 (USD Million)
Table 70 Asia Pacific: Market Size By Application Area, 2015–2022 (USD Million)
Table 71 Asia Pacific: Market Size By Vertical Market, 2015–2022 (USD Million)
Table 72 Middle East and Africa: IoT in Manufacturing Market Size, By Component, 2015–2022 (USD Million)
Table 73 Middle East and Africa: Market Size By Solution, 2015–2022 (USD Million)
Table 74 Middle East and Africa: Market Size By Platform, 2015–2022 (USD Million)
Table 75 Middle East and Africa: Market Size By Service, 2015–2022 (USD Million)
Table 76 Middle East and Africa: Market Size By Professional Service, 2015–2022 (USD Million)
Table 77 Middle East and Africa: Market Size By Managed Service, 2015–2022 (USD Million)
Table 78 Middle East and Africa: Market Size By Application Area, 2015–2022 (USD Million)
Table 79 Middle East and Africa: Market Size By Vertical Market, 2015–2022 (USD Million)
Table 80 Latin America: IoT in Manufacturing Market Size, By Component, 2015–2022 (USD Million)
Table 81 Latin America: Market Size By Solution, 2015–2022 (USD Million)
Table 82 Latin America: Market Size By Platform, 2015–2022 (USD Million)
Table 83 Latin America: Market Size By Service, 2015–2022 (USD Million)
Table 84 Latin America: Market Size By Professional Service, 2015–2022 (USD Million)
Table 85 Latin America: Market Size By Managed Service, 2015–2022 (USD Million)
Table 86 Latin America: Market Size By Application Area, 2015–2022 (USD Million)
Table 87 Latin America: Market Size By Vertical Market, 2015–2022 (USD Million)
Table 88 New Product Launches, 2015–2017
Table 89 Mergers and Acquisitions, 2016
Table 90 Partnerships and Collaborations, 2015–2017
Table 91 Market Ranking for the IoT in Manufacturing Market, 2017


List of Figures (52 Figures)

Figure 1 IoT in Manufacturing Market Segmentation
Figure 2 Market Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 IoT in Manufacturing Market: Assumptions
Figure 7 Segments Estimated to Dominate the Global Market in 2017
Figure 8 Professional Services Segment is Estimated to Have the Larger Market Size in 2017
Figure 9 North America is Estimated to Have the Largest Market Share in 2017
Figure 10 Growing Need for Centralized Monitoring and Predictive Maintenance of the Manufacturing Infrastructure is Expected to Drive the Global IoT in Manufacturing Market Growth
Figure 11 Smart Surveillance is Projected to Grow at the Highest CAGR During the Forecast Period
Figure 12 Energy and Utilities Vertical Market and North America are Estimated to Hold the Largest Market Shares in the Market in 2017
Figure 13 Asia Pacific is Expected to Be the Best Market for Investments During the Forecast Period
Figure 14 Market Drivers, Restraints, Opportunities, and Challenges
Figure 15 Solutions Segment is Expected to Dominate the IoT in Manufacturing Market During the Forecast Period
Figure 16 North America is Expected to Dominate the Solutions Segment During the Forecast Period
Figure 17 North America is Expected to Dominate the Platforms Segment During the Forecast Period
Figure 18 North America is Expected to Dominate the Services Segment During the Forecast Period
Figure 19 Smart Surveillance Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 20 North America is Expected to Hold the Largest Market Share During the Forecast Period
Figure 21 Device Management Platform Segment is Expected to Be the Largest Market During the Forecast Period
Figure 22 North America is Expected to Hold the Largest Market Size in the Device Management Platform Segment During the Forecast Period
Figure 23 Managed Services Segment is Expected to Grow at the Higher CAGR During the Forecast Period
Figure 24 Security Management Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 25 North America is Expected to Hold the Largest Market Size in the Professional Services Segment During the Forecast Period
Figure 26 System Designing and Integration Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 27 North America is Expected to Hold the Largest Market Size in the IoT Consulting Services Segment During the Forecast Period
Figure 28 Asset Tracking and Management Segment is Expected to Hold the Largest Market Size in the Application Areas Segment During the Forecast Period
Figure 29 North America is Expected to Lead the Asset Tracking and Management Segment During the Forecast Period
Figure 30 Energy and Utilities Segment is Expected to Have the Largest Market Share in the Global IoT in Manufacturing Market During the Forecast Period
Figure 31 North America is Expected to Have the Largest Market Size During the Forecast Period
Figure 32 North America is Expected to Have the Largest Market Size During the Forecast Period
Figure 33 Asia Pacific is Expected to Exhibit the Highest CAGR in the IoT in Manufacturing Market During the Forecast Period
Figure 34 North America: Market Snapshot
Figure 35 Asia Pacific: Market Snapshot
Figure 36 Key Developments By the Leading Players in the IoT in Manufacturing Market During 2014–2017
Figure 37 Cisco Systems: Company Snapshot
Figure 38 Cisco: SWOT Analysis
Figure 39 IBM: Company Snapshot
Figure 40 IBM: SWOT Analysis
Figure 41 PTC: Company Snapshot
Figure 42 PTC: SWOT Analysis
Figure 43 Microsoft: Company Snapshot
Figure 44 General Electric: Company Snapshot
Figure 45 General Electric: SWOT Analysis
Figure 46 SAP: Company Snapshot
Figure 47 SAP: SWOT Analysis
Figure 48 Zebra Technologies: Company Snapshot
Figure 49 Siemens: Company Snapshot
Figure 50 Huawei: Company Snapshot
Figure 51 Bosch: Company Snapshot
Figure 52 Schneider Electric: Company Snapshot

MarketsandMarkets forecasts the global IoT in manufacturing market size to grow from USD 12.67 Billion in 2017 to USD 45.30 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 29.0%.

The major factors driving the growth of the IoT in manufacturing market are the growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure, the advent of latest communication technologies, and the need for agile production and operational efficiency. Furthermore, an increasing adoption of the cloud, convergence in operational technologies (OT) and IT, and growing number of intelligent connected devices with cost reduction are some of the other factors supporting the overall growth of the market.

The IoT in manufacturing market is segmented on the basis of components (solutions, platforms, and services), application areas, verticals, and regions. IoT in manufacturing services are segmented into managed and professional services. Further, professional services include IoT consulting services, IoT infrastructure services, system designing and integration services, support and maintenance services, and education and training services.

The managed services segment is expected to grow at the highest CAGR during the forecast period. Managed service providers play a huge role in the deployment of IoT in manufacturing solutions according to the client’s requirements. Managed services include all the pre- and post-deployment queries and needs of the customers. These services may include planning, designing, testing, integrating, maintenance, and support, and mainly outsourced for on-time delivery, reduction of capital expenditure, operating expenses.

The IoT in manufacturing market by verticals is segmented into energy and utilities, automotive, food and bevergaes, aerospace and defense, chemicals and material, high-tech products, healthcare, and others (agriculture, and textile and leather). The energy and utilities vertical is expected to hold the largest market share during the forecast period. The energy and utilities vertical is a leading vertical with respect to the deployment of IoT in manufacturing solutions. The implementation of IoT in manufacturing in the energy and utilities vertical offers the overall plant automation, process optimization, supply chain optimization, increased safety, integrated business processes, and corporate social responsibility. With the adoption of IoT technologies, organizations may witness significant growth across all business networks to economically source the supplies and services, by minimizing the inventory cost and improving productivity.

Internet of Things (IoT) in Manufacturing Market

North America has two (the US and Canada) developed economies investing heavily in Research and Development (R&D) activities, thereby contributing to the development of new technologies. The number of startups is growing at a significant rate in North America. Due to the early adoption of trending technologies, such as IoT, Big data, DevOps, and Mobility, manufacturers in North America are keen to integrate IoT technologies in their processes. Growing number of SMEs and increasing digitization in manufacturing by large organizations have also aided the growth of the North American IoT in manufacturing market. SMEs are flexible in incorporating new technologies into their existing systems, whereas large manufacturers have heavy budgets for digitization. All these factors are driving the growth of the market in North America. With the technological advancement and increasing adoption of smart grids in the region, the market is expected to grow at a high rate.

Asia Pacific (APAC) has witnessed the advanced and dynamic adoption of new technologies, and it is a lucrative market. The region is expected to grow at the highest CAGR during the forecast period in the IoT in manufacturing market, as governments in APAC are investing in R&D of IoT in manufacturing services. Additionally, they are taking aggressive initiatives to enhance IT infrastructure, enabling commercial users to adopt the cutting-edge technology.

The growing demand for intelligent connected devices and advent of data analytics and data processing are some of the growth drivers for the IoT in manufacturing market in the APAC region. The lack of standards for interconnectivity and interoperability, and growing concerns over data security and privacy are some of the restraining factors in the market. However, the recent developments, including new product launches and acquisitions, undertaken by the major market players are boosting the growth of the market.

The study measures and evaluates the offerings and key strategies undertaken by the major market players, including PTC (US), Cisco Systems (US), General Electric (US), IBM (US), SAP (Germany), Zebra Technologies (US), Siemens (Germany), Huawei (China), Microsoft (US), Bosch (Germany), Schneider Electric (France), and Wind River (US).

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