GLOBAL IOT IN PROCESS MANUFACTURING MARKET GROWING AT A CAGR OF 47.7% DURING THE FORECAST PERIOD 2016 TO 2022


Posted January 22, 2019 by richardson6886

the increasing pressure to improve production activities and performance have led the process manufacturing industry players to adopt IoT in their business units.

 
the increasing pressure to improve production activities and performance has led the process manufacturing industry players to adopt IoT in their business units. IoT in process manufacturing allows the companies to gather more data from the production operations by connecting smart devices to their networks.
Understanding the various aspects of IoT in process manufacturing helps the manufacturers to address security issues, improves operation efficiency, reduces the operation costs, improves business operations & intelligent decision making, and helps to offer better customer service. It will enhance the smart features such as smart monitoring, production integration, remote diagnosis, and predictive maintenance. Globally, IoT players are coming up with new innovations to increase the IoT adoption rate in process manufacturing industries.
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Market Analysis
According to Infoholic Research, the “IoT in process manufacturing” market will witness a CAGR of 46.3% during the forecast period 2016–2022.
The market is segmented by types, applications, technology, verticals, and regions. The increasing demand for real-time monitoring applications and customized IoT solutions are the major drivers for the market growth. In addition, rising implementation of machine learning, big data, analytics, sensor technology, and cloud technology are supporting the IoT in process manufacturing market.
Technology Analysis
Technologies play a key role in implementing IoT in process manufacturing industry. The major technologies covered in this report are Wi-Fi, 3G, 4G, Bluetooth & BLE, and Ethernet. These technologies assist the manufacturers in machine-to-machine communications (M2M), asset tracking & inventory management, logistics maintenance, and other processes in manufacturing plant. Wi-Fi is the major technology that is being implemented by process manufacturing players and has huge market share, growing at a CAGR of 47.7% during the forecast period 2016–2022.
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Services & Applications Analysis
The services covered in the report are professional services, managed services, system integrations, and others. Professional services are dominating in the service segment and its market revenue is expected to reach $4,752.8 million by 2022.
The professional service helps to adapt to changes in business process, provides operational effectiveness by combining CRM and ERP in the production process, provides real-time visibility into the operations, and also increases the profit of the companies.
Regional Analysis
In the Americas, North America is the fastest-growing region, where a lot of technologies are emerging and being implemented by various organizations. SMEs in the region are adopting and demanding for IoT technology when compared to other regions. The IT organizations in North America are investing in R&D to innovate IoT solutions in the process manufacturing industry. The Americas is expected to be the major contributor in the IoT in process manufacturing market followed by Europe due to increase in the demand for the connected devices and adoption of advanced technologies.
Asia Pacific is expected to grow at a faster rate in the next 5 years due to increase in government initiatives for encouraging the deployment of IoT solutions, and MEA is an emerging market for key stakeholders specific to oil & gas industry.
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Last Updated January 22, 2019