IoT in manufacturing to grow 26.9% in 2015-2020
A new Research and Markets report has forecast that the IoT in manufacturing market will reach $13.49 billion (£9.06bn) in 2020.
Manufacturers are increasingly inclined towards adopting IoT solutions for smart manufacturing to improve efficiency, security and reliability. High employment costs, machine downtimes and regulatory changes are also pushing manufacturing firms towards IoT.
The report estimates the market size and its future growth across different segments, including connectivity technology, platform, services, software, verticals and regions. It targets solution vendors, system integrators, manufacturing equipment suppliers, national regulatory authorities, advisory firms, and more.
Market growth is expected to be driven by manufacturing companies' need to improve their operational efficiency. This need has triggered a greater use of sensors via enhanced integrated connected technology solutions and automation across various manufacturing processes. This, in turn, has driven an increase in demand for IoT solutions. Other growth drivers include lowering costs of connectivity and hardware, and growing penetration of connected devices.
The report also analyses the market by service, application and vertical. Finally, it analyses the market by geography and the current and future competitive landscape. Companies covered include Cisco Systems, CSC, Bosch Software Innovations, Microsoft, Intel, IBM, General Electronic, Zebra Technologies, SAP and PTC. It covers major industry trends that will shape the market over the forecast period and analyses the market by software, platform and connectivity technology.
You can find out more about the report here.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.
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