IoT in Manufacturing Market grow at 20% CAGR from 2017 to 2024

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IoT in Manufacturing Market grow at 20% CAGR from 2017 to
2024: Global Market Insights Inc.

 IoT in Manufacturing Market size is set to exceed USD 150 billion by 2024;
according to a new research report by Global Market Insights, Inc.
 Rising implementation of IoT in the manufacturing sector to gain control over the
operations and the supply chain process is anticipated to drive the industry over the
forecast timeframe. Increasing adoption of cloud platforms across various
industries offer lucrative growth opportunities to the industry growth. The
technology has a huge potential to enhance the visibility in industrial operations by
gaining insights to every step of the production and supply chain process in real-
time.
 The virtual tracking of the firm assets, operations, processes, products and other
resources enables businesses to have complete visibility resulting in streamlined
process and optimizing the industrial demand and supply. Rising demand for
improvising the operational efficiency followed by reduction in costs associated with
various manufacturing process is expected to propel the IoT in manufacturing
market growth.
Key Insights from IoT in Retail Market :

 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.
 Complexities associated with IoT network coupled with lack of sufficient resources
are expected to boost the demand for managed services across the users.
Businesses are currently focusing on managed services pertaining to the cost-
effectiveness associated with such services coupled with their growing IT
infrastructure.
 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.
Continued...

Browse Full Market Research Report On IoT in Retail Market @
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 Asia Pacific IoT in manufacturing market is anticipated to witness growth owing to
the emerging industrial sector in countries such as China, India, South Korea and
Taiwan. The auto industry in India accounts for over 7% of India’s GDP. Improving
government framework, growing domestic industry, developing infrastructure and
the Make in India initiative are attracting major investments in the auto sector which
will allow the implementation of several digital technologies in the country driving
the IoT demand. Moreover, rising consumer demand in the food & beverage sector
in Asia Pacific require higher fulfilment agility that is resulting in rising demand of
advanced technologies to have a proper real-time course correction and supply
chain monitoring further, driving the 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.
Continued...

India IoT in manufacturing market, by application, 2016 & 2024 (USD Million)

Industry Coverage

 By Technology
Rising adoption of technological solutions such as sensor and connectivity technology is
expected to drive the IoT in manufacturing market growth. Sensors are widely used technologies
which measures physical variables and converts them to electrical signals. Large scale
implementation of sensor technology across various industries for the purpose of generating data
& monitoring facilities are expected to provide lucrative growth opportunities.
 By Application
Automotive manufacturing will witness the significant adoption owing to the advantages of
technology implementation, such as prediction and prevention of equipment failure by improvising
the performance & efficiency of the assets and equipment at reduced maintenance costs. In
addition, the growing trend of connected cars and autonomous vehicles will provide impetus to
the IoT in manufacturing market growth.
With the emergence of fourth industrial revolution, Industry 4.0, the physical processes of the
factories are being monitored by the cyber-physical systems to make decentralized decisions.
 Competitive Market Share
Key players in the IoT in manufacturing industry include IBM Corporation, Intel Corporation,
Microsoft Corporation, Cisco Systems, Siemens AG, Huawei Technologies and Rockwell
Automation.
360° Analysis

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IoT in Manufacturing Market grow at 20% CAGR from 2017 to 2024

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IoT in Manufacturing Market grow at 20% CAGR from 2017 to 2024