IoT in Manufacturing market to see major growth
Market size is expected to grow from US$6.17 Billion in 2016 to US $20.59 Billion by 2021, at a CAGR of 27.2%.
According to a MarketandMarkets report, the Internet of Things (IOT) in Manufacturing market is expected to grow significantly over the next five years.
The report predicts that market size is expected to grow from US$6.17 Billion in 2016 to US $20.59 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 27.2%.
The major forces driving the IoT in manufacturing market are growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure.
Additional market drivers include the need for agile production, operational efficiency, & control, and demand driven supply chain and connected logistics.
Within the IoT in Manufacturing market, application management platform is the fastest growing platform during the forecast period (2016 to 2021).
The report explains that application management platforms are instrumental in managing distinct application provisioning and ensuring application-level security services. This platform eases the management of heterogeneous applications, including their packing, deployment, and a containerized Software Defined Environment (SDE).
The goal of application management is to optimize cost and feasibility in a way that clientele do not suffer when developing applications that need to collect, manage, and begin the interpretation of data generated by a wide range of connected endpoints.
However, it is the data management software segment that is expected to hold the largest market share in the IoT in Manufacturing market during the forecast period.
Data management is the most important software solution in the IoT segment. IoT devices produce a significant amount of data and providers are challenged with dealing with it efficiently. The report explains that in order to overcome this challenge, most enterprises embed data management software into the devices and sensors generating data to facilitate a smooth and steady stream of information in manufacturing operation, thereby boosting the efficiency of manufacturing operations.
North America is expected to hold the largest market share and dominate the IoT in manufacturing market from 2016 to 2021.
This region has the major dominance with sustainable and well-established economies, empowering them to strongly invest in the R&D activities.
North America was an early adopter of trending technologies such as IoT, big data, DevOps, and mobility, manufacturers are keen to integrate IoT technologies in their processes, in order to automate the manufacturing operations to increase the efficiency and productivity.
According to the report, the start-up culture in North America is growing at a faster pace as compared to other regions. The rise of small and medium enterprises and increasing digitization in manufacturing by large enterprises has aided the growth of the North American market.
The major vendors in the IoT in manufacturing market include IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), PTC, Inc. (U.S.), General Electric (U.S.), and Rockwell Automation (U.S.).