(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 09:08 /Comserve / -- Internet-of-Things (IoT) Market in Manufacturing With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Internet-of-Things (IoT) market in manufacturing was valued at USD 221.18 billion in 2019, and It is expected to reach USD 575.36 billion by 2025, witnessing a CAGR of 18.07% during the forecast period (2020 - 2025). With the increasing demand in the last two decades for traceability and transparency, companies have started making the processes involved in the production of their product transparent. Data collection and analysis through IoT devices make the whole process seamless for manufacturers.
With the number of networked sensors increasing across production, supply chain, and products, manufacturers are entering into a new generation of systems that enable automatic and real-time interactions among machines, systems, assets, and things. The pervasiveness of connected devices is ﬁnding applicability across multiple segments of the manufacturing and supply chain, throughout the value chain.
IoT in manufacturing can facilitate the production flow in a plant, as IoT devices automatically monitor development cycles and manage warehouses and inventories. It is one of the reasons that investments in IoT devices have skyrocketed, over the past few decades. IoT in manufacturing, logistics, and transportation is expected to rise to USD 40 billion, by 2020.
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Key Market Trends
Supply Chain and Logistics Management Application to Spur Growth in the Market Studied
- There has been a substantial change in the supply chain, with the adoption of mobile devices and sensors, which includes RFID and GPS to track inventory and assets in warehouses.
- Improved inventory management, due to the availability of real-time visibility of items and the ability to track and keep a count of inventory, is a very important outcome of the implementation of IoT in the manufacturing industries.
- The collection of manufacturing information, expiry date, manufacturing date, after-sales status, and warranty period, using tracking devices, like RFID tags, may improve efficiency in supply chain monitoring in the manufacturing process.
- According to the SAS Institute, the United Kingdom may benefit the most from the manufacturing sector, with IoT giving approximately around GBP 4,032 million of the total economy. Similarly, other economies are expected to invest heavily in the automation of the supply chain, thereby, driving the IoT adoption in the overall manufacturing sector.
North America to be the Largest Market
- The market for IoT in manufacturing is mainly dominated by North America. This region has developed economies, like the United States and Canada, which are heavily investing in the R & D activities related to the market, thus, contributing to the development of new technologies. With the early adoption of trending technologies, such as mobility, Big Data, IoT, manufacturers are eager to integrate IoT technologies into their processes.
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- Connected devices and data flow are already finding its applications in manufacturing. Therefore, it is now possible to expect accelerated deliveries, as the cost of infrastructure is reduced. In order to stay competitive, manufacturers are leveraging IoT and analytics, to run and improve businesses. In the United States, about 35% of manufacturers collect and use data generated from smart sensors to enhance manufacturing processes.
- According to a study, around 34% of the manufacturers believe that it is extremely necessary that US manufacturers adopt IoT in operations. For manufacturers, IoT has become an ecosystem, where software, cloud computing, and analytics tools are combined, to turn raw data from different sources into meaningful predictions and present them in easy-to-use interfaces. By 2025, the number of connected devices in the automation sector is expected to increase by a factor of 50.
The Internet-of-Things (IoT) market in manufacturing is neither too fragmented nor too consolidated. The market after industry 4.0 has started to be more attractive, as companies are opting for IoT as enablers to their manufacturing units. Moreover, the market is inclining toward fragmentation. Some of the key players in the market are Cisco Systems Inc., General Electric, Intel Corporation, IBM Corporation, AT & T Inc., Qualcomm, and Siemens AG, among others.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rapid Growth and Technological Advancements in Data Analytics
4.2.2 Improved Supply Chain Management and Logistics at Lower Operational Costs
4.3 Market Restraints
4.3.1 Lack of Standardized Interfaces and Limited Integration and Scalability
4.3.2 Security and Privacy Issues
4.4.1 Intersection of IoT and Big Data Essential to the Future of Smart Manufacturing
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Industry Policies
4.8 Technology Snapshot
5 MARKET SEGMENTATION
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