Implementation of IoT in Process Manufacturing Industry Has Brought $19.21 Billion Revenue Opportunities for IoT Key Stakeholders
Rising demand for automation and the need for real-time information are expected to drive the market growth for IoT in Process Manufacturing. The network technologies such as Wi-Fi, Ethernet, Bluetooth, 4G, and 3G will boost the IoT implementation in the process manufacturing industries.
Bangalore, India, May 22, 2017 (Newswire.com) - According to Infoholic Research, IoT is changing the course of the process industry operations by automating the workflow in the supply chain. Globally, there is increasing pressure on the companies to improve production activities. Changing business models and rising competition levels have led the process manufacturers to invest in the IoT space. The Global IoT in Process Manufacturing market is expected to grow at a CAGR of 46.5% during the forecast period 2016–2022.
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"Globally, many forward-thinking manufacturers have made significant strides in IoT, which will help them to address the growing issues in the production process. Industrial Internet of Things (IIoT) is not confined to a particular segment and is applicable across various sectors of manufacturing & logistics in the entire value chain. Intelligent sensors, RFID & QR, smart devices, M2M interface, enterprise applications, big data analytics, and cloud technology are the IoT enablers helping the manufacturers to keep a track on their value chain."
Ongoing implementations of IoT in process manufacturing industries have brought the business opportunities for IoT value chain players Software, Services, Technology and applications providers.
At present, the software segment holds the major market share, but in the next couple of years, the services segment will play a crucial role in IoT in process manufacturing market. The services covered in this report are professional services, managed services, and system integration.
Within services segment, professional services hold the major market share due to increase in demand for customized professional services by process manufacturing companies, and its market revenue is expected to reach $4.7 billion by 2020.
Most of the companies in the process industry are deploying fleet management application, sensors, remote monitoring control, asset tracking, and inventory management applications to enable the manufacturers to improve their production efficiency by reducing the downtime and cost. Predictive maintenance market revenue is expected to grow at a CAGR of 45.1% during the forecast period 2016–2022 due to increase in demand for proactive decision making in terms of errors, work allocations, condition monitoring, etc.
The Americas is the leading region followed by Europe for IoT in process manufacturing industry. A lot of companies are investing in cloud computing, augmented reality (AR), virtual reality (VR), big data, analytics, artificial intelligence (AI), and machine to machine communications, which will allow more digitization in the process manufacturing industry. Thus, IoT implementation adoption rate is expected to increase in the upcoming years. Asia Pacific is expected to be an attractive destination for investors in the next 5 years due to government initiatives in building smart cities and manufacturing hubs, thereby supporting the growth of the process industries. The MEA region is set to be an emerging market.
The major verticals covered in this report are FMCG, chemical, life sciences, pharmaceuticals, oil & gas, and others. The rising demand for quality product deliveries, real-time information, and the need for improving production activities have made the FMCG players adopt IoT in their business unit. The life sciences industry is contributing more than 20% of the market share. With respect to oil & gas industry, the companies are investing in IoT to track their assets, supply chains, and customer relationships. IoT is expected to bring new business opportunities for the players, thereby increasing their revenue percentages.
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“Globally, many forward-thinking manufacturers have made significant strides in IoT, which will help them to address the growing issues in the production process. Industrial Internet of Things (IIoT) is not confined to a particular segment and is applicable across various sectors of manufacturing & logistics in the entire value chain. Intelligent sensors, RFID & QR, smart devices, M2M interface, enterprise applications, big data analytics, and cloud technology are the IoT enablers helping the manufacturers to keep a track on their value chain,” said D Vijaya Sai, Research Analyst at Infoholic Research