Sep 10, 2019 (AmericaNewsHour) -- Device management platforms in the IoT in manufacturing market are forecast to witness growth on account of the high importance of the platform in managing several devices generating huge volume of data. In order to manage such enormous volume of data, device management platforms facilitate a smooth transition of information in the facility operations resulting in high efficiency.
Increasing demand for enhancing the operational efficiency coupled with cost optimization is expected to drive the IoT in manufacturing market growth over the forecast timeline. Growing industrial sector in Asia Pacific provides growth impetus to the industry. It is attributed to the surge in demand from various sectors in order to gain control over the operations as well as the supply chain to result in the increased efficiency.
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Growing demand of the automotive IoT market is expected due to the rising implementation of advanced digital technologies in the vehicles to offer enhanced customer experience. Rising number of automotive OEMs from the emerging markets have intensified the competition in terms of quality and begin targeting the developed regions. Increasing competition and emerging customer demand are putting pressure on OEMs to provide innovative vehicle features that offer enhanced digital connectivity and attract younger consumers.
Rising cyber-attacks across the industry is anticipated to challenge the IoT in manufacturing market growth. Enormous volume of data is generated from the devices making it vulnerable to breaches, raising concerns regarding data security & privacy. Lack of standards followed by the low number of skilled staffs will further hamper the demand.
In the United States, growing consciousness regarding the benefits of IoT among manufacturers has generated considerable demand for IoT solutions. With the adoption of internet-connected devices, manufacturers across U.S. have been rather successful in increasing their output by cutting the overall production cost drastically, pertaining to the capability of IoT solutions to analyze complex manufacturing processes within a shorter duration. An IoT implemented manufacturing process essentially allows companies to maintain a high level of connectivity in manufacturing operations by minimizing the error and operational time, which will stimulate IoT in manufacturing market.
Players in the IoT in manufacturing market include Huawei Technologies, Rockwell Automation, Siemens AG, Microsoft Corporation, IBM Corporation, Intel Corporation and Cisco Systems. Other prominent players include PTC Inc, Bosch GmbH, Schneider Electric and Zebra Technologies. The industry is witnessing entry of new players brining in innovations and advanced technologies resulting in increasing competition. High demand across various manufacturing facilities to streamline the business processes is anticipated to propel growth.
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Major Key Points from Table of Content:
Chapter 7. IoT in Manufacturing Market, By Service
7.1. Global IoT in manufacturing market share by service, 2016 & 2024
7.2. Professional services
7.2.1. Market estimates and forecast, 2013 – 2024
7.2.2. Market estimates and forecast, by region, 2013 – 2024
7.3. Managed services
7.3.1. Market estimates and forecast, 2013 – 2024
7.3.2. Market estimates and forecast, by region, 2013 - 2024
Chapter 8. IoT in Manufacturing Market, By Industry
8.1. Global IoT in manufacturing industry share by industry, 2016 & 2024
8.2.1. Market estimates and forecast, 2013 – 2024