IoT in Manufacturing Market Revenues to expand 45.30 Billion USD by 2022

Posted on 2019-12-02 by MarketsandMarkets in Internet & Online // 0 Comments

Northbrook, IL 60062, USA, 2019-Dec-02 —

The report “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″, The IoT in manufacturing market size is projected 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% during the forecast period of 2017–2022. Major forces driving IoT in manufacturing market are the growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure. The increasing need for agile production, operational efficiency, and control, and demand-driven supply chain and connected logistics are also expected to drive the market.

Browse 91 market data Tables and 52 Figures spread through 178 Pages and in-depth TOC on “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”

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Smart surveillance software segment is expected to grow at the highest CAGR from 2016 to 2021 to play a key role in the IoT in manufacturing market.

Smart surveillance allows manufacturers to view a live video feed of their on-going floor operations with strategically placed cameras that auto-record the on-going manufacturing activities. In addition, these services are instrumental in developing instant alerts with smart clip capture and secure cloud storage. Smart surveillance has been increasingly becoming a major tool for monitoring daily employee activities with its video analytics techniques and provision of unified view of the security threats and vulnerabilities. The video surveillance technology includes wireless (cloud) security cameras, thermal imaging cameras, integrated analogue, Internet Protocol (IP) recording systems, and video analytics.

Application management platform is expected to grow at the highest CAGR in the IoT in manufacturing market and the current trend is expected to continue during the forecast period

Application management platform is designed to ease the management of heterogeneous applications such as packing, deployment, and a containerized Software Defined Environment (SDE). This platform caters to heterogeneous business entities such as application services, processes, and business methodologies for maintaining, enhancing, and managing custom-built applications, packaged software applications, and network-delivered applications. This platform includes extensible functionalities available through a set of cloud-based Application Programming Interfaces (APIs) that enable the development of horizontal and vertical applications and leverage the data generated by connected endpoints in IoT environment. IoT platform also integrates industry services and provides open APIs, service orchestration, and open data to implement a cost-effective and short application development cycle.

North America is expected to contribute the largest market share in the IoT in manufacturing market during the forecast period

North America is expected to hold the largest market share and would dominate the IoT in manufacturing market from 2017 to 2022. This region has the major dominance with sustainable and well-established economies, empowering them to invest significant resources in the R&D activities, thereby contributing to the development of new technologies. Due to the early adoption of trending technologies, such as IoT, big data, DevOps, and mobility, manufacturers are keen to integrate IoT technologies in their processes to automate the manufacturing operations to enhance efficiency and productivity. The start-up culture in North America is growing fast. Further, the advent of SMEs and increasing digitization in manufacturing by large enterprises drive the North American IoT in manufacturing market.

The major vendors in the IoT in manufacturing market include IBM (US), Cisco Systems (US), PTC (US), and General Electric (US).

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