Information and Communication Technology IoT in Manufacturing Market is projected to grow up to 9.8% CAGR during the forecasting pe...


IoT in Manufacturing Market is projected to grow up to 9.8% CAGR during the forecasting period 2021-2027.

Manufacturers understand that increasing product quality may decide whether their company succeeds or fails. The whole product lifetime is affected by quality, including design, production, and, most crucially, the customer experience. Quality issues may now be addressed in a far more cost-effective manner than in the past. Collaboration across a whole company is enabled through centralised access to intelligent data. This fosters an atmosphere in which the important job of product improvement may become a fundamental concept. 

For the industrial internet of things, modern manufacturers are utilising advances in edge and cloud technologies (IIoT). The following are some of the benefits of improving product quality: While improving manufacturing output, reduce scrap, waste, and rework. Reduce your water and energy use, as well as the amount of garbage you send to landfills, to help you meet your sustainability goals. Increase the throughput of a production line while decreasing energy usage. Improve end-product quality to increase customer satisfaction, profitability, and brand value. 

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Key Driving Factors: Growing Usage of smart manufacturing processes.

In the linked supply chain and smart manufacturing processes, smart and connected goods are important components. Furthermore, the availability of low-cost connected devices has enabled firms to implement IoT technologies in order to reduce resource consumption and boost overall productivity. Furthermore, because of the cheap cost of operation, some manufacturers want to integrate IoT applications into equipment in order to enhance productivity while lowering costs. Smart sensors, virtual and augmented reality, low operational costs, increased demand for real-time asset monitoring, adequate IT infrastructure, introduction of connected operational intelligence, and growing adoption of cloud-based deployment models are all significant factors influencing the global IoT in manufacturing market's growth. 

This report offers the major market player’s profiles, such as Cisco, IBM, PTC, Microsoft, General Electric, SAP, Siemens, Huawei, Bosch.IO, Atos, and others.

Opportunities:

Due to features such as low cost and quick access to data resources, demand for cloud-based services has risen substantially, and strong demand for corporate mobility management is projected to create an opportunity area for the expansion of IoT in the manufacturing industry. 5G networks are ideal for IoT in smart manufacturing because of their fast speeds and low latencies. This will significantly improve connections by offering the speed, reliability, capacity, and mobility that manufacturers require for IoT adoption to be effective. Manufacturers have been able to reduce operational expenses by 50% as a result of the integration of smart sensors into industrial machinery, and this trend is expected to continue during the forecast period.

The Global IoT in Manufacturing Market report has been categorized as below

By Component

  • Software

  • Services

By Organization Size

  • SMEs

  • Large Enterprises

By Application

  • Predictive Maintenance

  • Asset Performance Management

  • Quality Management

  • Cognitive Process & Operations Management

  • Supply Chain Management

  • Others

By Deployment

  • On-Premise

  • Cloud

By Solutions

  • Network Management

  • Data Management

  • Device Management

  • Application Management

  • Smart Surveillance

By Region

  • North America

  • Europe

  • Asia Pacific

  • Rest of World

Access to Full Report Summary: https://whipsmartmi.com/report/iot-in-manufacturing-market

Published Date : July-2021