IoT in Manufacturing Market grow at 20% CAGR from 2017 to 2024

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IoT in Manufacturing Market grow at 20 CAGR from
2017 to 2024 Global Market Insights Inc.
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Key Insights from IoT in Retail Market

• IoT in Manufacturing Market size is set to exceed
  USD 150 billion by 2024 according to a new
  research report by Global Market Insights, Inc.
• Rising implementation of IoT in the manufacturing
  sector to gain control over the operations and
  the supply chain process is anticipated to drive
  the industry over the forecast timeframe.
  Increasing adoption of cloud platforms across
  various industries offer lucrative growth
  opportunities to the industry growth. The
  technology has a huge potential to enhance the
  visibility in industrial operations by gaining
  insights to every step of the production and
  supply chain process in real-time.
• The virtual tracking of the firm assets,
  operations, processes, products and other
  resources enables businesses to have complete
  visibility resulting in streamlined process and
  optimizing the industrial demand and supply.
  Rising demand for improvising the operational
  efficiency followed by reduction in costs
  associated with various manufacturing process is
  expected to propel the IoT in manufacturing
  market growth.

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Continued...

• Rising cyber-attacks across the industry is
  anticipated to challenge the IoT in manufacturing
  market growth. Enormous volume of data is
  generated from the devices making it vulnerable
  to breaches, raising concerns regarding data
  security privacy.
• Complexities associated with IoT network coupled
  with lack of sufficient resources are expected to
  boost the demand for managed services across the
  users. Businesses are currently focusing on
  managed services pertaining to the
  cost-effectiveness associated with such services
  coupled with their growing IT infrastructure.
• Growing demand of the automotive IoT market is
  expected due to the rising implementation of
  advanced digital technologies in the vehicles to
  offer enhanced customer experience. Rising number
  of automotive OEMs from the emerging markets have
  intensified the competition in terms of quality
  and begin targeting the developed regions.
  Increasing competition and emerging customer
  demand are putting pressure on OEMs to provide
  innovative vehicle features that offer enhanced
  digital connectivity and attract younger
  consumers.

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Continued...

• Asia Pacific IoT in manufacturing market is
  anticipated to witness growth owing to the
  emerging industrial sector in countries such as
  China, India, South Korea and Taiwan. The auto
  industry in India accounts for over 7 of Indias
  GDP. Improving government framework, growing
  domestic industry, developing infrastructure and
  the Make in India initiative are attracting major
  investments in the auto sector which will allow
  the implementation of several digital
  technologies in the country driving the IoT
  demand. Moreover, rising consumer demand in the
  food beverage sector in Asia Pacific require
  higher fulfilment agility that is resulting in
  rising demand of advanced technologies to have a
  proper real-time course correction and supply
  chain monitoring further, driving the IoT in
  manufacturing market.
• Players in the IoT in manufacturing market
  include Huawei Technologies, Rockwell Automation,
  Siemens AG, Microsoft Corporation, IBM
  Corporation, Intel Corporation and Cisco Systems.
  Other prominent players include PTC Inc, Bosch
  GmbH, Schneider Electric and Zebra Technologies.
  The industry is witnessing entry of new players
  brining in innovations and advanced technologies
  resulting in increasing competition. High demand
  across various manufacturing facilities to
  streamline the business processes is anticipated
  to propel growth.

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India IoT in manufacturing market, by
application, 2016 2024 (USD Million)

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Industry Coverage

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360 Analysis

• By Technology
• Rising adoption of technological solutions such
  as sensor and connectivity technology is expected
  to drive the IoT in manufacturing market growth.
  Sensors are widely used technologies which
  measures physical variables and converts them to
  electrical signals. Large scale implementation of
  sensor technology across various industries for
  the purpose of generating data monitoring
  facilities are expected to provide lucrative
  growth opportunities.
• By Application
• Automotive manufacturing will witness the
  significant adoption owing to the advantages of
  technology implementation, such as prediction and
  prevention of equipment failure by improvising
  the performance efficiency of the assets and
  equipment at reduced maintenance costs. In
  addition, the growing trend of connected cars and
  autonomous vehicles will provide impetus to the
  IoT in manufacturing market growth.
• With the emergence of fourth industrial
  revolution, Industry 4.0, the physical processes
  of the factories are being monitored by the
  cyber-physical systems to make decentralized
  decisions.
• Competitive Market Share
• Key players in the IoT in manufacturing industry
  include IBM Corporation, Intel Corporation,
  Microsoft Corporation, Cisco Systems, Siemens AG,
  Huawei Technologies and Rockwell Automation.

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