IOT IN MANUFACTURING MARKET TO REACH USD 181.3 BILLION BY 2027 | CAGR 26.9% – FORENCIS RESEARCH

Global IoT in Manufacturing Market: Key Highlights

• According to the new market research report “IoT in Manufacturing Market by Component (Software Platforms, Services, and Solutions), by Application (Asset Performance Management, Predictive Maintainance, Quality Management, Supply Chain Management, Operations & Cognitive Process Management, Others), by End Use Industry (Automotive, Aerospace & Defense, Food & Beverages, Healthcare, Consumer Electronics, and Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global IoT in Manufacturing market is estimated to reach USD 181.3 Billion by 2027 at a CAGR of around 26.9% during the review period.
• Internet of Things is applied in manufacturing to ensure proper asset usage, extend equipment service life, improve reliability, and provide the best return on assets.
• Predictive maintenance solutions based on the Industrial IoT are expected to reduce factory equipment maintenance costs by 40% and expected to generate good economic value by 2025.

Global IoT in Manufacturing Market: Key Market Dynamics

• Need for agile production, operational efficiency, and better control and improving manufacturing sector in Asia-Pacific will drive the market during forecast period.
• Moreover, increasing demand for connected logistics will create opportunities for IoT manufacturing market.
• However, high initial implementation cost, less standards for connectivity, and skilled workforce are expected to create negative impact on the growth of the market.

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Global IoT in Manufacturing Market: Regional Overview

• Asia-Pacific

Asia-Pacific are expected to grow at faster rate during forecast period. The developing countries in Asia-Pacific such as China, India, Taiwan, and Japan are investing large amount of revenue in the R&D of industrial IoT. India’s automotive industry is going through a period of both rapid growth and increasing competition. To outperform its rivals, Mahindra & Mahindra’s automotive division partnered with IBM Corporation for working on IoT platforms to optimize performance, fuel economy, safety, comfort and better connectivity.

• North America

North America is expected to dominate the market during projected years. Early adoption of IoT infrastructure, rapid developments in wireless and communication technology, and major investment in industrial IoT by key players will fueling the growth of the market during projected years. Moreover, presence of global players such as Microsoft, IBM Corporation, General Electric Company, and Cisco are investing in R&D of IoT technology for providing various solutions for manufacturing industry.    

Global IoT in Manufacturing Market: Key Players Overview

• Honeywell International Inc.:

Honeywell International Inc. is a US-based company engaged in the invention and commercialization of technologies for overcoming the challenges across energy, safety, security, productivity, and global urbanization. The company operates in aerospace, building technologies, performance materials &technologies, and safety & productivity solutions. The company launched Industrial IoT business unit to help industrial clients more rapidly deploy technologies to better manage and analyze data.

• Eaton:

Eaton is a diversified power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: electrical products, electrical systems and services, hydraulics, aerospace, vehicle, and eMobility.  The company has a global reach with its services in around 175 countries. The company provide Intelligent Power which consists of assets & sensors, data science, and connectivity. In May 2019, Eaton collaborated with Microsoft Azure to establishing connectivity for IoT solutions. The company use Microsoft Azure as cloud computing platform for developing our enterprise-wide intelligent power solutions.  

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