IoT in Manufacturing Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: IoT in Manufacturing Market 
Industry / Sector Trends

IoT in Manufacturing Market size valued at over USD 30 billion in 2017 and will grow at a CAGR of over 25% from 2018 to 2024.

China
Market Segmentation, Outlook & Regional Insights: IoT in Manufacturing Market

IoT in Manufacturing Market, By Platform, 2017 & 2024 (USD Million)

The increasing popularity of automated & intelligent technologies is leading to high production efficiency and reduced environmental impact, driving the IoT in manufacturing market. The implementation of intelligent production and process management techniques in various production facilities adds up to efficiency. These parameters aid manufacturers to develop products at a higher speed and low costs, leading to investments in more competent tasks. These technologies allow manufacturers to gain insights into consumer preferences & develop products accordingly. Enhanced worker safety, customer service, and competitive advantages are compelling global manufacturers to adopt IoT technologies, creating a high demand.

The high implementation and system installation costs associated with internet-based platforms hinder the IoT in manufacturing market growth. Deploying these solutions in the existing manufacturing infrastructure will create several issues and lead to high deployment costs. This process requires changing and restructuring of several machines, production lines, and electricity networks, further increasing the overall expenditure. Moreover, small-level manufacturers or SMEs having low investment capabilities and are unable to deploy these solutions, limiting them to leverage the advantage and gain efficiency benefits.

By Platform

The IoT based production systems consist of several devices that control & handle the production process and are essential to track, monitor, and maintain the device fleets. IoT device management platforms provide monitoring and management of problems occurring in IoT devices such as routers, sensors, controllers, etc. The IoT platform vendors provide efficient device management in addition to the solutions. To eliminate the device obsolescence faced by manufacturing consumers, companies are developing enhanced device management solutions. These include modern app-specific device management platforms that work according to the device vendor ecosystem. For instance, Amazon developed the AWS IoT Device Management solution that offers fast device onboarding, IoT device organization, and easy remote management of the devices.

By Technology

UK IoT in Manufacturing Sector, By Technology, 2017

RFID & connectivity technologies are gaining high popularity in the IoT in manufacturing market and expected to grow at 25.5% CAGR from 2019 to 2025 owing to their requirement for better connectivity and operational efficiency. RFID technology is mainly deployed in the retail and manufacturing sectors to support the inventory & supply chain integration. These devices are utilized in various manufacturing sites to keep track of the components, sub-assemblies, and finished stocks. They also track goods throughout the manufacturing & maintenance processes, ensuring proper functioning of the production tools & plants. By deploying RFID solutions, manufacturers can gain rapid ROI due to efficient functioning and less investment in employing labors for the same task.

By Component

The increasing consumption of various devices in the industrial IoT market deployed in various industries, such as manufacturing, retail, agriculture, automotive, and logistics, etc., is creating demand for hardware components. These include sensors, actuators, semiconductors, microcontrollers, and RFID, which act as a backbone for device development. These hardware devices facilitate major industrial functions such as information sensing and power management of the devices. Additionally, the emergence of cloud-based software platforms for various applications, such as data management, security, and remote monitoring, is creating the demand for software components. Moreover, the integration of smartphones, laptops, and handheld devices to manage the production & assembly line operations increases the implementation of such software, supporting the IoT in manufacturing market growth.

Companies in the industry providing IoT platforms & solutions offer several professional services that include installation, consulting, and training for the manufacturers. In addition, these companies provide managed services such as maintenance, upgrades, and repairing of the hardware & software components. These managed services are provided through the companys direct facilities or third-party dealers. A major segment in the service provision is the independent IoT service providers that include certified personnel & trained individuals. For instance, IBM Corporation provides enterprise asset management & facilities management services through its professional & expert employees.

By Application

Machinery application is expected to grow at a CAGR of over 23% from 2019 to 2025. Machine & equipment manufacturing companies deploy these solutions to monitor and support efficient operations of the modern automated production lines. These platforms perform various functions such as remote monitoring, tracking, and controlling of the production & assembly machinery. Due to the increased utilization of automation technologies in such manufacturing settings, companies are focusing on maintaining and saving operational & manufacturing costs. The increasing demand for technically equipped machines in all the industries, such as consumer electronics, automotive, etc., eliminate product issues and production errors in the machinery industry. Various components and technologies in the IoT-based solutions offer high control & management of the existing production infrastructure, further reducing labor requirement & costs.

By Region

Europe IoT Technology in Manufacturing Industry, By Country, 2024

The robust automotive, machinery, and food & beverage manufacturing sectors in Europe are experiencing a high demand for IoT-based systems to gain associated benefits. High labor & employee costs in the region also support the adoption of digitized & internet-based solutions. Several supportive initiatives and regulatory framework in Europe that support IoT development will create several opportunities for IoT in manufacturing market growth. For instance, IoT-European Platforms Initiative (EPI) is adopted by the European Union for the development of IoT platforms. The platform has initiated seven main projects that include symbIoTe, bIoTope, BIG IoT, AGILE, Vicinity 2020, TagItSmart, and Inter-IoT. BIG IoT is a marketplace for platform providers & consumers, which facilitates offerings such as free parking spots, traffic monitoring, and environmental monitoring.

Key Players, Recent Developments & Sector Viewpoints: IoT in Manufacturing Market

The prominent companies present in the IoT in manufacturing market include ABB Ltd., Honeywell International Inc., IBM Corporation, Intel Corporation, PTC Inc., SAP SE, Microsoft Corporation, Hitachi Ltd., Dell Inc., Robert Bosch GmbH, and NEC Corporation, among others. These players are involved in providing highly efficient internet-based hardware, software, and services to offer various solutions to the manufacturers. The companies are investing huge amounts in R&D activities to develop and offer advanced cloud computing and data-based capabilities for industrial applications. The industry participants are also developing private mobile connectivity networks for better factory infrastructures. For instance, in February 2019, Qualcomm Technologies and Robert Bosch GmbH announced a collaboration to conduct research on 5G NR technologies for the Industrial IoT market.

Industry Viewpoint

The industry is fragmented with the presence of several hardware, software, and overall solution providers. The industry is characterized by huge R&D investments by key players, who are trying to introduce new innovative solutions. The trend of a connected factory is also gaining significance with the advent of automation across all industry verticals. The automotive industries are deploying IoT systems in the production facility. The industry is also witnessing an emergence of several new players in various regions owing to technological innovations and government support.

Key Insights Covered: Exhaustive IoT in Manufacturing Market

1. Market size (sales, revenue and growth rate) of IoT in Manufacturing industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of IoT in Manufacturing industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of IoT in Manufacturing industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of IoT in Manufacturing industry.

Research Methodology: IoT in Manufacturing Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.