Internet of Things (IoT) is a network of interconnected devices that enable communication and transfer of data by use of embedded sensors. IoT in manufacturing provides various applications such as real-time asset monitoring, connected operational intelligence, and fleet management, which is expected to rapidly build connected applications across manufacturing companies.
Technological progression such as smart sensors, cloud computing, and virtual reality & augmented reality drives the global IoT in manufacturing market. Further, rise in demand for real-time asset monitoring, facility management, and better packaging and shipping preparation help the key players to offer enhanced IoT services in manufacturing sector. However, inadequate IT infrastructure and lack of awareness among small & medium enterprises (SMEs) about the benefits of IoT implementation are expected to hinder the IoT in manufacturing market growth. Introduction to cloud-based services and demand for remote equipment management are expected to provide numerous growth opportunities during forecast period to the IoT in manufacturing market.
The global IoT in manufacturing market is segmented on the basis of component, application, and geography. On the basis of component, it is bifurcated into software and services. Based on application, it is categorized into predictive maintenance, asset performance management, quality management, cognitive process & operations management, supply chain management, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Cisco Systems Inc., Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, Zebra Technologies are few key players operating in the global IoT in manufacturing market.
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