APAC IoT in Manufacturing Market to Record Substantial Revenue by 2024: Global Market Insights, Inc.
The global IoT in manufacturing market can be segmented into RFID, sensors and connectivity technology segments, the demand for which will be defined by evolving customer needs and scope of businesses investments.
SELBYVILLE, Del., August 29, 2019 (Newswire.com) - The IoT in manufacturing market valuation is expected to rise exponentially by 2024, owing to rising adoption of connected devices and increased investment towards digital transformation. A growing number of challenges in terms of maintaining productivity and economies of scale will stimulate process automation and endorse the deployment of internet of things technology.
The advent of industry 4.0 solutions that meet the requirements of cost efficiency, quality improvements and reduced environmental impact will notably boost the development of IoT smart manufacturing concepts. Accelerating consumption of new food and beverage products will drive production activities globally, expanding the IoT in manufacturing market share.
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Digitization presents new prospects to leverage innovative technologies and respond quickly to market changes, with network management playing an important role. Higher use of smartphones and other devices have been observed, while deployment of cloud platforms have allowed for implementation of connected factories.
Honeywell began implementing a connected plant in Japan last year through the cloud to enhance asset life span, boost productivity and lower maintenance costs and downtimes. With increased relevance of networks as part of IoT solutions for manufacturing, network management platforms are bound to witness rapid adoption over the coming years.
Streaming analytics and remote monitoring components, as part of IoT in manufacturing sector, can be expected to register substantial gains over the projected timeframe due to their ability to leverage valuable business data. Streaming analytics has become necessary to analyze continuously gathered raw data for responding in real time and generate alerts. These data can originate from several sources at a manufacturing facility, including a slew of IoT devices on the production lines. Transforming this information into actionable insights to overcome business challenges will bolster the IoT in manufacturing market outlook.
With the tremendous use of portable IoT devices in enterprises attributed to changing industry trends, the risk from cyberthreats has also increased over the years. In fact, two-thirds of manufacturers in Germany had reportedly faced cyberattacks that had cost nearly USD 50 billion, according to a 2018 survey.
The overall cost of an attack does not only include the theft of information but, in many cases, also leads to business interruption and machine downtime. Machine downtimes in the U.K. cost around USD 22 billion each year, suggesting the importance of security components in the IoT in manufacturing market.
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Owing to continuously rising population and change in consumer preferences, the food and beverage manufacturing sector has transformed immensely over the past few years. Packaged and processed food consumption has shown unprecedented growth in conjunction with a rise in disposable incomes and evolving consumer lifestyle.
Retail sales of food and beverage products in the U.S. had amounted to nearly USD 719 billion in 2017, indicating the massive potential for food manufacturing businesses. As these enterprises look to adopt digital technologies to boost capacity and efficiency, there will be remarkable opportunities for IoT in manufacturing industry.
The global automobile sector has witnessed considerable changes in recent years, particularly among leading auto manufacturers that have implemented modernized assembly lines to increase capacity and speed of production. Although demand for conventional fossil fuel-based vehicles is anticipated to experience a decline over the forecast period, production of more energy-efficient cars and trucks will sustain manufacturing activities.
The sale of plug-in vehicles had crossed 2.1 million units in 2018, which was a 64% growth over the previous year, implying massive prospects for the IoT in manufacturing market from the automotive sector to build more eco-friendly cars efficiently.
Rapid industrialization in Asian countries like China, India and Indonesia is predicted to fuel the adoption of digital technologies at production facilities. Asia Pacific IoT in manufacturing industry size is slated to record enormous revenues from the food and beverage sector, which is expanding to meet demand from an ever-growing population.
Estimates show that the population in APAC will surpass 4.77 billion by 2025, representing substantial growth opportunities for various manufacturing businesses. The region also hosts a large number of automobile component manufacturers that are readily accepting digitization as part of their long-term strategies.
What are the segments covered in the new market report?
The global IoT in manufacturing market can be segmented into RFID, sensors and connectivity technology segments, the demand for which will be defined by evolving customer needs and scope of businesses investments. Besides enabling predictive maintenance to reduce operational costs, better quality control and higher security, these technologies also help businesses to stay compliant with international standards and strict government regulations.
Various pharmaceutical, automotive and machinery manufacturers have realized the benefits of IoT in manufacturing and inked partnerships with industry players to implement key hardware and software components.
Browse key industry insights spread across 170 pages with 154 market data tables and 30 figures and charts from the report, “IoT in Manufacturing Market By Platform (Network Management, Device Management, Application Management), Technology (Sensors, RFID, Connectivity Technology), Component (Hardware, Software, Service), Application (Machinery, Automotive, Food & Beverages, Pharmaceuticals), Regional Outlook, Industry Potential, Price Trends, Competitive Market Share & Forecast 2024,” in detail along with the table of contents:
Demand for security, remote monitoring and data management software products will witness a sharp rise over the next few years, owing to increased adoption of cloud-based technologies for handling production tasks. Higher dependency on real-time data to make key business decisions will reinforce the industry stance. IoT for manufacturing is considered as a primary driver for sustaining growth in the future and to deploy more eco-friendly production processes. Reducing the consumption of energy across the production lines will impact investments into suitable digital solutions.
Key players comprising the competitive landscape of the IoT in manufacturing market include global companies such as IBM, ABB, Honeywell, SAP, Intel, Microsoft, Bosch and Qualcomm, among several others. Constant efforts to acquire promising business to expand customer reach as well as to strengthen portfolio of services will underscore the industry trends. Emergence of faster mobile communication technologies will substantially influence product development and strategies to meet any future changes in the IoT network environment.
Table of Contents (ToC) of the report:
Chapter 3. IoT in Manufacturing Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Software providers
3.3.3. Technology providers
3.3.4. Service providers
3.3.5. System integrators
3.3.6. Vendor matrix
3.3.7. Distribution channel analysis
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
18.104.22.168. Increasing demand to enhance the operational efficiency in the U.S
22.214.171.124. Technological advancements in the U.S.
126.96.36.199. Rising government initiatives in China and India
188.8.131.52. Improving manufacturing sector in China and India
184.108.40.206. High demand across automotive sector in Europe
3.6.2. Industry pitfalls & challenges
220.127.116.11. Data security & privacy concerns
18.104.22.168. High implementation cost
22.214.171.124. Unavailability of skilled workforce
3.7. Growth potential analysis
3.8. Porter's analysis
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis
Browse Complete Table of Contents (ToC) @
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Categories: Production and Manufacturing