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The IoT in manufacturing market consists of sales of IoT enabled systems, devices and software in the manufacturing industry. The IoT in manufacturing market offers IoT-based solutions such as quality management, predictive maintenance, supply chain management and others with the help of IoT based systems and devices that enable interaction among machines, devices, and things in real-time. IoT in manufacturing includes IoT solutions in logistics and supply chain optimization, production flow monitoring, security and safety and others.
Global IoT In Manufacturing Market Size And Drivers:
The global IoT in manufacturing market is expected to grow from $220.03 billion in 2020 to $237.59 billion in 2021 at a compound annual growth rate (CAGR) of 8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The IoT in manufacturing market is expected to reach $451.51 billion in 2025 at a CAGR of 17.4%. Increasing need for customized products are expected to benefit the IoT in manufacturing market, as they enhance capabilities of manufacturers in discovering innovative ways to create customized products.
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Trends In The Global IoT In Manufacturing Market
The increasing data breaches and security concerns the adoption of latest technologies, limiting the growth of IoT in manufacturing market. The growing adoption of IoT devices in industries is expected to increase the number of IoT security threats. Gartner predicts that the security threat in IoT devices is high that around 25 percent of attacks in enterprises will involve IoT and the spending on its security is estimated to reach $547 million. For instance, around 1,935 data breaches and 42,068 incidents were confirmed in the Verizon’s data breach investigations report and no business or industry is 100% safe when it comes to the compromise of data.
Global IoT In Manufacturing Market Segments:
The global IoT in manufacturing market is further segmented –
By Component: Solution, Platform, Service
By Vertical: Energy And Utilities, Automotive, Food And Beverages, Aerospace And Defense, Chemicals And Materials, High-Tech Products, Healthcare
By Services: Managed Services, Professional Services
By Solution: Network Management, Data Management, Device Management, Application Management, Smart Surveillance
By Platform: Device Management Platform, Application Management Platform, Connectivity Management Platform
By Application: Process Optimization, Predictive Maintenance, Asset Management, Workforce Management, Emergency And Incident Management, Logistics And Supply Chain Management, Inventory Management
By Geography: The global IoT in manufacturing market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global IoT In Manufacturing Market At:
https://www.thebusinessresearchcompany.com/report/iot-in-manufacturing-global-market-report
IoT In Manufacturing Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides IoT in manufacturing market overviews, analyzes and forecasts market size and growth for the global IoT in manufacturing market, IoT in manufacturing market share, IoT in manufacturing market players, IoT in manufacturing market segments and geographies, IoT in manufacturing market’s leading competitors’ revenues, profiles and market shares. The IoT in manufacturing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
