The emergence of advanced data analytics and data processing is anticipated to aid the growth of the global IoT in manufacturing market. Applications of IoT in manufacturing help gain insight into the performance and lifetime asset value of machines, enable greater control over the complex aspects of manufacturing operations, improve quality management and enterprise compliance, improve production yield rates, reduce carrying costs and out-of-stock inventory, accelerate inventory turns, enable predictive maintenance, collect and track throughout production, and provide real-time insights into manufacturing operations.
Growing adoption of innovative technologies and the increasing focus of key players on research and development activities are expected to fuel the growth of the market for IoT in the manufacturing sector. Furthermore, exposure of intelligent machine applications and the increasing need for agile production and operational efficiency are anticipated to assist the growth of the market. In addition, rise in regulatory compliances around the world is likely to help the IoT market in the manufacturing sector.
The presence of a large number of manufacturing units and the rapid growth of the economy are expected to help the market grow with a significant rate in North America for the next few years. The key players are continuously developing IoT solutions to enable more effective and efficient procedures of manufacturing. Companies such as Microsoft Corporation, Rockwell Automation, Siemens AG, IBM Corporation, SAP SE, Zebra Technologies, Cisco Systems, Inc., Huawei, General Electric, PTC Incorporation, and Bosch Software Innovations GmbH are creating IoT solutions which can be applicable for a wide range of manufacturing procedures, further helping the global IoT in manufacturing market grow.
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The increasing demand for predictive maintenance and centralized monitoring of manufacturing infrastructure is one of the important factors predicted to augment the growth of the global IoT in manufacturing market in the near future. In addition, the rising need for operational efficiency and agile production and the emergence of intelligent machine applications are predicted to the accelerate the growth of the market in the coming years.
On the contrary, several concerns related to data privacy and security and the lack of specific standards for interoperability and interconnectivity are projected to restrict the growth of the global IoT in manufacturing market in the forecast period. The inconsistency in business semantics and the rising conflicts concerning ownership of data are likely to hamper the growth of the market in the near future. Nonetheless, the increasing popularity of shared security and content maturity market are expected to offer promising growth opportunities for the market players.