Major players in the IoT in manufacturing market are Microsoft Corporation, SAP SE, Bosch Software Innovations GmbH, IBM Corporation, and Cisco Systems.
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 market is expected to reach $451.51 billion in 2025 at a CAGR of 17.4%.
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.
The IoT in manufacturing market covered in this report is segmented by component into solution, platform, service. It is also segmented by vertical into energy and utilities, automotive, food and beverages, aerospace and defense, chemicals and materials, high-tech products, healthcare; by services into managed services, professional services; by solution into network management, data management, device management, application management, smart surveillance; by platform into device management platform, application management platform, connectivity management platform and by application into process optimization, predictive maintenance, asset management, workforce management, emergency and incident management, logistics and supply chain management, inventory management.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
The increasing use of Digital Twins implemented by manufacturing companies in providing IoT solutions is gaining traction in the IoT in manufacturing market.Digital Twin is a merge of virtual and physical world to create digital copies of an industrial product that can be used to run simulations prior to its manufacturing and deployment.
Digital twins support industry 4.0 solutions such as automated root cause analysis, predictive maintenance, predictive quality, supply chain optimization, and inventory intelligence in the manufacturing industry. The technology enhances the accuracy of predictive AI applications, increases efficiency and safety of IoT solutions, optimizes production processes, and enables companies to have digital foot print of their product from its design stage to the deployment stage. It is estimated that more manufacturers will adopt this approach in the near future. For instance, GE developed digital-twin technology internally for its jet-engine manufacturing process which resulted in providing efficiency and expertise to customers to operate the engine.
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.Customers focus on tailor-made products lead to increase in demand for shorter manufacturing time.
Companies in the industry are being pressurized to deliver enhanced and innovative products at a faster pace.Internet of things is one of the technological enablers for digitally transforming manufacturing and facilitating manufacturers to manufacture products in shorter duration.
For instance, Harley-Davidson leveraged IoT to reform its manufacturing facility in York, Pennsylvania which helped the company to significantly reduce the time of producing a motorbike from a 21-day cycle to six hours.Industrial and commercial refrigeration equipment and transportation manufacturers are increasingly integrating IOT technology and customizing products to enhance utility.
Aircraft Manufacturers such as Airbus SE, ATR, Bombardier Inc., Embraer SA, and The Boeing Company are integrating IoT technologies to their products to minimize production costs.
The IoT in manufacturing market is governed by the Federal Communications Commissions (FCC) that regulates the functioning of this market in the United States.The regulatory body also lays down certain rules for equipment testing, authorization and marketing of such devices, and also mandates compliance to these rules.
The FCC Regulations and the California Senate Bill 327 break the split of regulations for the security of Internet of Things (IoT) devices.According to the California Senate Bill 327, manufacturer of any connected device should provide the device with reasonable security feature(s) to safeguard personal information from modification, unauthorized access, disclosure, destruction or use.
According to the FCC regulations, companies in the manufacturing sector should formulate solutions for minimizing noise and interference among IoT devices. For example, FCC regulations exempt those digital devices that do not connect to the AC grid and operate below 1.705MHz.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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Internet Of Things
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