Global Internet of Things (IoT) in Manufacturing Market to Reach USD 136.83 Bill
Posted by Gadverahul on April 28th, 2020
The global internet of things (IoT) in manufacturing market is anticipated to gain momentum from the increasing implementation of advanced technologies, such as artificial intelligence (AI) based smart robots, industry 4.0, and others. This information is published in a report by Fortune Business Insights, titled, “Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis, By Platform (Device Management, Application Management, and Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2026.” The report states that the market is projected to reach USD 136.83 Billion by 2026, thereby exhibiting a CAGR of 22.1% during the forecast period. However, the IoT in manufacturing market size was valued at USD 27.76 Billion in 2018.
The main aim of the report is to forecast, describe, and define the market by platforms, software & services, regions, and application areas. It offers elaborate information regarding the major IoT in manufacturing market trends, opportunities, growth drivers, and hindrances that are responsible for shaping the market. It also attempts to analyze and track competitive developments, namely, acquisitions, joint ventures, innovative product launches, and mergers.
Smart Surveillance Sub-segment to Lead: High Demand for Cloud Computing Software Will Favor Growth
In terms of software and services, the IoT in manufacturing market is fragmented into software solutions and services. The software solution segment further consists of several sub-segments, namely, network band management, remote monitoring, smart surveillance, streaming analytics, and data management. Out of these, smart surveillance sub-segment holds a notable share in terms of revenue and it will exhibit an astonishing CAGR in the coming years. It would occur due to the increasing demand for open-source and cloud computing software solutions based on IoT.
Besides, IoT software solutions are required to manufacture several products in the electronics and automotive industry. Hence, reputed software providers are focusing on creating and implementing platform-as-a-service models for the manufacturing industry. It will also contribute to the growth of the sub-segment. The services segment, on the other hand, will acquire the maximum revenue during the forthcoming years.
Increasing Demand for IoT from Automotive and Manufacturing Industry to Favor Growth in Asia Pacific
The IoT in manufacturing market is geographically grouped into Europe, Asia Pacific, the Middle East and Africa, Latin America, and North America. Out of these regions, Asia Pacific is expected to grow rapidly by showcasing the highest CAGR during the forthcoming years. The growth is likely to occur due to a rise in the demand for IoT solutions for innovative automation processes in the automotive and manufacturing industry. Also, the presence of several renowned companies in this region would propel growth as they are mainly focusing on strategic collaboration with other key players. They are doing so to manufacture and sell novel automated products. The IoT in manufacturing market share in India is anticipated to grow steadily in the coming years due to the increasing investment by foreign investors as well as the government.
Bosch Partners Up with Huawei Technologies to Develop Cloud-based IoT Services in China
Bosch, a multinational engineering and technology company headquartered in Germany, declared that it has collaborated with Huawei Technologies Co., Ltd., a provider of information and communications technology (ICT) infrastructure and smart devices, based in China in October 2018. The main aim of the collaboration is to enhance the development of IoT in China. Both the companies will provide Bosch’s IoT suite software solutions on Huawei cloud in China. According to the companies, the demand for IoT solutions in the region is growing at a fast pace day by day. Bosch assumes that China’s IoT platforms would grow up to 70% in the coming years. The companies are set to offer cloud-based IoT solutions that would further provide several functions that are required to connect businesses, users, and devices.
Fortune Business Insights lists out some of the prominent organizations operating in the IoT in manufacturing market. They are as follows:
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