Computer & Technology

IoT in Manufacturing shall reach a $95 billion market by 2027

IoT includes a network of "things" or devices that are interconnected through the use of sensors over a particular communication protocol. The IoT in manufacturing market is estimated to grow from USD 6.45 billion in 2016 to USD 94.67 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 30.82% from 2017 to 2027.
( PR4US.com | Press Release | 2017-07-10 23:03:56 )
The application of IOT solutions is changing the face of the manufacturing industry. The solutions are primarily responsible for collecting, integrating, cleansing, and filtering data from IOT sensors and devices. The solutions then apply model-based and data-driven prediction analytics, as well as optimization and simulation on the collected data to generate useful information. With the real-time communication flow, necessary instructions are then transferred to other connected machines and required steps are taken to maintain the operational efficiency, saving a lot of cost and time. This market considers revenue from software, connectivity technology, platform, service, application, and vertical. The IoT is a computing concept that describes a future where everyday physical objects are connected to the internet and are able to identify themselves to other devices. In simple terms, IoT is like a layer of digital information that covers the physical world. With the growing integration of ICT across different industry verticals, especially manufacturing, the communication between devices has evolved to real-time which is extremely beneficial and economical in terms of both, time and cost.

The use of IoT has improved networking and everything connected to the network has become accessible and controllable from anywhere.
The present day manufacturing industry is facing several issues such as fluctuation in regulations across different regions, rising employer costs, and frequent breakdown of machines. According to the findings published by World of Sciences Journal, the maintenance and repair costs in different industries constitute a major part of the total cost due to machine downtime. With a predictive maintenance schedule, the manufacturing industry can save up to 50% on maintenance costs and 55% of unforeseen accidents and problems. Apart from this, there can be a possible reduction of 60% in repair time and 30% rise in the average time between two failures.

The IoT in manufacturing market report has been segmented on the basis of software, connectivity technologies, platforms, services, applications, verticals, and regions. IoT in manufacturing on the basis of software includes network and application security, real-time streaming analytics, network bandwidth management, remote monitoring system, and data management. Connectivity technologies consist of the software part of communication technologies such as cellular network, RFID, NFC, and Wi-Fi. The report also includes IoT platforms such as device management, application management, and connectivity management platform. Services include professional services, system integration and deployment services, and managed services. The report also encompasses several applications of IoT across the manufacturing industry that contains process optimization, asset management, predictive maintenance, emergency and incident management, workforce management, logistics and supply chain management, and inventory management. Verticals include automotive manufacturing, industrial equipment manufacturing, food and agriculture equipment manufacturing, chemicals and materials equipment manufacturing, and electronics and communication equipment manufacturing.

The study also provides the insights on the drivers, restraints, opportunities, and threats lying in the growth of the market. Companies such as Cisco, GE, Intel, IBM, and Siemens offer a complete integrated suite of IoT in manufacturing solutions based on the need of the customers.


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