Smart factory segment, on the other hand, is expected to grow at a CAGR of 14.07% (2018-2023). The demand for error-free production and on time delivery of finished goods is leading to the higher usage of digitally embedded machinery in factories.
IIoT (Industrial IoT) revenue is expected to grow at a CAGR of 23.70% (2018-2023). It can be expected that 50% of IoT spending would be driven towards manufacturing, Logistics, utilities and transportation.
By end users, the market is segmented into Industry such as aerospace, automotive, healthcare, and electrical & electronics equipment, chemicals & materials, industrial equipment, food & agriculture, and others) (includes Pharmaceutical; Metal & Mining; Paper, Pulp, & Packaging; Water & Waste Water; Foundry & Forging; Textile & Cloth; Precision & Optics sectors).
Key growth factors
Market growth by 50-60% can be expected in the manufacturing segment due to upsurge in consumption of goods in developing countries and regions. Increasing usage of technology, is expected to strengthen the market growth by offering several advantages such as network flexibility, real-time self-monitoring machinery, and robust maintenance capacity. Implementation of digital technologies such as Industrial robotics, IoT, and cybersecurity has augmented the use of automation in this sector.
In addition to these, growth towards green manufacturing and increasing focus towards economic innovation is high in the manufacturing industry. It can be concluded from several surveys that demand commercial products are top and consumers prefer to buy durable, low cost products than expensive, fragile ones.
View our Infographic on Smart Manufacturing Industry : https://bit.ly/2OwTzCR
Threats and key players
Although the Industry 4.0 market is expected to have a positive growth globally, still, there is deficiency of skilled workforce for smart factories. Moreover, increase in automation is gradually leading to downsizing and unemployment. The cost of re-engineering the business process based on could computing network is also high.
Also, manufacturing industry is prone to cyber-attacks and data breaches as the entire value chain relies on complex interconnected digital assets for constant exchange of data, information, and knowledge. Communication and system within IIoT has to be highly secure because the assets involved are extremely costly and are vulnerable to risk.
Some of the major players in the telematics market are IBM Security, Cisco, KUKA, Raytheon Company, Emerson Electric Corporation, Stratasys Ltd, Alpine Data Labs, and ABB Ltd.
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