IOT in Manufacturing Market Demand, Industry Trends, Business Opportunities, And Forecast 2028
The increasing prominence of IoT refers to the expansion of internet connectivity to other physical devices and daily use objects which can be remotely monitored and controlled. It can transfer data over a network without any intervention or need of human. IoT in manufacturing can help the business to create a new business opportunity for manufacturing. It helps in the management of asset, workforce and inventory in an organization. Network control and management of manufacturing equipment, asset and situation management bring the IoT within the realm of industrial applications and smart manufacturing as well. The IoT intelligent systems enable rapid manufacturing of new products, active response to product demands, and real-time optimization of manufacturing production and supply chain networks, by networking machinery, sensors and control systems together. In short, IoT enhances the quality and quantity of manufacturing industry. To know the scope of our report get a sample on https://www.axiommrc.com/request-for-sample/10235-iot-in-manufacturing-market-report IOT IN MANUFACTURING MARKET DYNAMICS The increasing popularity of automated & intelligent technologies is leading to high production efficiency and reduced environmental impact, driving the IoT in the 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. Owing to high market competition and end-user demand, manufacturers are more concerned with producing high volume and quality products. This, in turn, has led them to focus on core areas, such as production process, asset monitoring, and maintenance and support of assets in the factory. Using automation would enable manufacturers to reduce direct human labour costs and expenses, increase productivity, enhance consistency of processes or products, and deliver quality products. Industrial automation processes use control systems, such as computers or robots, to monitor and handle processes and machines. IoT plays an important role in enhancing the process of industrial automation in manufacturing industries. COVID 19 IMPACTS ON IOT IN MANUFACTURING MARKET During COVID-19 pandemic, the manufacturing industry is badly hit. The manufacturing slowdown in China has affected the manufacturing business in more than 15 countries due to country-wide lockdowns, strict international border controls, and social distancing measures for workers, and supply chain issues from China. According to The Economic Times, in March 2020, manufacturing companies operating in India, such as automakers, smartphone makers, consumer electronics firms, and appliance makers, have ordered factory shutdowns till the end of March 2020. Factory shutdowns could further lead to incalculable damages to the production of key products. The Economic Times also stated that in this extreme case of the complete shutdown of all factories for one month, it is estimated that the real manufacturing Gross Value Added (GVA) would fall by a sharp five per cent in Financial Year (FY) 2021. These factory shutdowns would avoid manufacturing firms to adopt IoT solutions; hence, negatively affecting the adoption of IoT solutions in the Indian manufacturing market. It is predicted that if the COVID-19 outbreak will persist for the next few months, the manufacturing sector is expected to be affected in the IoT industry. The potential unavailability of materials remains the greatest risk factor that is expected to directly impact the operations of automobile manufacturers. Although automakers can compensate for material shortage through other overseas factories, the process of capacity expansion and shipping of goods is still expected to create gaps in the overall manufacturing process. Hence, the COVID-19 outbreak has negatively impacted the overall operations of the manufacturing sector, which has reduced the growth of the IoT industry in the manufacturing sector. The potential unavailability of materials remains the greatest risk factor that is expected to directly impact the operations of automobile manufacturers. IOT IN MANUFACTURING MARKET SEGMENTAL OVERVIEW The report analyses the IoT in Manufacturing market based on component, platform, technology, services, application, vertical and geography. IOT IN MANUFACTURING MARKET 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. IOT IN MANUFACTURING MARKET BY PLATFORM Smart surveillance segment is estimated to grow with the highest CAGR during the forecast period. The security and surveillance industry is changing, and solutions have moved from alarm monitoring to live video surveillance and other remote security features. These security features have increased the visibility for organizations that want to safeguard their people, assets, and buildings. IoT is helping create safer cities, homes, and businesses by enabling both private and public organizations to securely and remotely monitor facilities and public spaces in real-time with smart surveillance solutions. The security and surveillance solution has adequate intelligence to combat these types of threats. Have a Question Ask to Analyst @ https://www.axiommrc.com/speaktoanalyst/10235-iot-in-manufacturing-market-report 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 devises 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 a fast device onboarding, IoT device organization, and easy remote management of the devices. IOT IN MANUFACTURING MARKET BY TECHNOLOGY IoT in manufacturing market by technology is classified into sensors, RFID, connectivity technology. These systems became a need for the whole economy. 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 labours for the same task. IOT IN MANUFACTURING MARKET BY SERVICE The global IoT in manufacturing services segment comprises professional services and managed services. The professional services segment offers comprehensive services by deploying the latest techniques and tools, skills, knowledge, and strategies to address an organization’s technology needs. Professional services support businesses of all size, including SMEs and large enterprises across verticals, and benefit both customers and service providers. The services segment involves outsourcing specific IoT manufacturing operations to a service provider. These services are focused on improving business operations and reducing unnecessary expenses and overheads. The professional services segment has been further segmented into IoT consulting services, system designing and integration services, IoT infrastructure services, support and maintenance services, and education and training services. In the global IoT in the manufacturing market, IoT consulting services are required for improvement of the shop floor, overhead streamlining, workforce organization, and overall performance management. Request For Report Customization @ https://www.axiommrc.com/product/10235-iot-in-manufacturing-market-report IOT IN MANUFACTURING MARKET BY APPLICATION The machinery segment accounted for a majority chunk of the global market share and is expected to grow at the highest in upcoming years. Machine & equipment manufacturing companies deploy these solutions to monitor and support efficient operations of the modern automated production lines. However, 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 labour requirement & costs. IOT IN MANUFACTURING MARKET BY VERTICAL The global IoT in manufacturing market by vertical comprises of two types that are process manufacturing and discrete manufacturing. The discrete industry is playing a leading role and it is concerned with the manufacturing and production of distinct units, such as automobiles, furniture, toys, smartphones, and aeroplanes. The discrete industry comprises a variety of verticals, such as automotive, machine manufacturing, semiconductor and electronics, medical devices, and logistics and transportation. The growth of IoT is leading to improvements in discrete manufacturing. For discrete manufacturers, IoT-enabled smart connected products provide a way to increase product functionality and generate additional value for customers. The adoption of IoT in manufacturing solutions provides discrete manufacturers with the data needed to better manage complex production cycles, leading to improved operations and profitability. IOT IN MANUFACTURING MARKET BY ORGANIZATION SIZE Organization size is segmented into two parts larger enterprises and SMEs. Large enterprises are witnessing an increased need to deploy IoT in manufacturing solutions and services to efficiently manage their large number of assets spread across geographies. The adoption of IoT in manufacturing solutions and services in large enterprises is high as compared to SMEs. The high adoption is due to the affordability and high economies of scale of large enterprises that enable organizations to leverage IoT in manufacturing solutions and services. In today’s highly competitive world, large enterprises particularly leave no stone unturned to capture a larger market share. Hence, large enterprises spend significant amounts on becoming technologically proficient. IOT IN MANUFACTURING MARKET BY GEOGRAPHY Geographically, the IoT in Manufacturing Market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and Rest of the world regions which includes Latin America, and Middle East & Africa. North America is likely to hold the dominant position and is also expected to be the fastest-growing regional market in global IoT in Manufacturing Market during the forecast period. The advent of SMEs and the adoption digitization in manufacturing are expected to drive the growth of the market in North America. IOT IN MANUFACTURING MARKET KEY PLAYERS Some of the vital players operating in this market include Cisco (US), IBM (US), PTC (US), Microsoft (US), General Electric (US), SAP (Germany), Siemens (Germany), Huawei (China), Bosch.IO (Germany), Atos (France), HCL Technologies Limited (HCL), Intel (US), Oracle (US), Schneider Electric (France), Zebra Technologies (US), Software AG (Germany), Telit (UK), Wind River (US), ClearBlade (US), Litmus Automation (US), Uptake (US), HQSoftware (Estonia), Science Soft ( US), Mocana (US), and Impinj (US). Buy now IOT in Manufacturing Market Report https://www.axiommrc.com/buy_now/10235-iot-in-manufacturing-market-report
