Industrial Automation Magazine India

Global IoT in Manufacturing Market worth dollar147.49 Bn by 2027

Published on : Thursday 04-06-2020

The increased command of IoT in supply chain and connected logistics and other factors such as cost effective, and advent of Artificial Intelligence in IoT will drive the market growth.

New Jersey, June 2, 2020 – Verified Market Research recently published a report, "IoT In Manufacturing Market by Component (Solution, Platform, Services), by Solution (Data Management, Network Management, Device Management, Connectivity Management Platform, Application Management, Smart Surveillance), by Service (Professional Services, System Integration & Deployment Services, Managed Services), by Software (Application Security Software, Data Management & Analytics Software, Monitoring Software, Network Management), by Connectivity (Satellite Network, Celluar Network, RFID, NFC, Wi-Fi), by Applications, by End Use Vertical". According to the report, Global IoT in Manufacturing Market was valued at USD 20.23 Billion in 2019 and is projected to reach USD 147.49 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.

The demand for centralised monitoring and predictive maintenance is a key aspect for the IoT in manufacturing market. The central monitoring of the manufacturing process in the automotive industry is executed using indoor location systems. The IoT devices used in the transceivers interconnect with each other with the help of routers, switches, and other networking devices. IoT devices are being widely used in predictive maintenance, which plays a significant role in managing the high-valued factory equipment. The predictive maintenance technique is intended to determine the condition of the in-service manufacturing equipment to foresee when maintenance should be performed. The increased command of IoT in supply chain and connected logistics is bound to boost the market growth. Enhanced inventory management, due to the accessibility of real-time visibility of items and the capability to track and keep a note of inventory, is a vital consequence of the implementation of IoT in manufacturing industries.

The collection of manufacturing information, expiry date, manufacturing date, after sales status, and warranty period, using tracking devices, like RFID tags, will correct the efficiency in supply chain monitoring in the manufacturing process. There has been a rise in utility of the Cloud Computing in IoT. The IoT devices need a lot of storage to share information for valuable purposes.  It helps in storage and data analysis so that the enterprise can gain maximum benefit of an IoT infrastructure. Operational efficiency is achievable with the right combination of four components; the Operation OT engineer, the Competent Integrator partner, efficient support resources and the OT network. The Industrial Internet of Things (IIoT) is bringing emphasis to connecting sensor data in an agile manner and providing actionable intelligence. The convergence of OT and IT is the integration of information technology (IT) systems used for data-centric computing with operational technology (OT) systems used to monitor events, processes and devices and make adjustments in enterprise and industrial operations. The feature will fuel the market growth. Other factors such as cost effective, and advent of Artificial Intelligence in IoT will drive the market growth. The major players in the market are PTC (US), Cisco Systems (US), General Electric (US), IBM (US), SAP (Germany), Zebra Technologies (US), Siemens (Germany), Huawei (China), Microsoft (US), Bosch (Germany), Schneider Electric (France), and Wind River (US).