- The predictive maintenance segment is likely to dominate the market by gaining the largest share
- The ongoing developments in the prominent field of industry 4.0 are expected to drive the market growth in the near future
The IoT in the manufacturing market will reach $136.83 billion by 2026 as per a report by Fortune Business Insights. It also said that its value stood at $27.76 billion in 2018 and it will exhibit a CAGR of 22.1 per cent during the forecast period.
The report stated, “The rising adoption of novel technologies, such as artificial intelligence- (AI) based smart robots and industry 4.0 in the manufacturing industry is set to contribute to the IoT in manufacturing market growth. These are aiding the manufacturers in enhancing reliability and quality, as well as lowering the overall manufacturing cost. Prominent companies are presently aiming to engage in mergers and acquisitions to get hold of more opportunities by using IoT in manufacturing.”
As per the report, the ongoing developments in the prominent field of industry 4.0 are expected to drive the market growth in the near future. It said that the industry biggies are investing big amounts of money in the creation and implementation of IoT in manufacturing processes of money in the creation and implementation of IoT in manufacturing processes.
The report said that in terms of application, the market is divided into emergency and incident management, real-time workforce tracking and management, logistics and supply chain management, asset tracking and management, and predictive maintenance. As per the report, the emergency and incident management segment procured 20.1 per cent in IoT in manufacturing market share in 2018. The predictive maintenance segment is likely to dominate the market by gaining the largest share. This is due to its dependence on the valuable information and insights that are achieved by the persistent equipment condition monitoring systems.
Regionally, North America held $12.25 billion in terms of revenue in 2018 on account of the increasing adoption of state-of-the-art technologies. These are 5G network, DevOps (software development (Dev) and information-technology operations (Ops)), big data, and machine learning. The rising number of emerging start-up companies in this region will boost growth.
Asia-Pacific is expected to show the highest CAGR
The report said that Asia-Pacific is expected to show the highest CAGR in the forthcoming years. This will be due to the expansion of the manufacturing and automotive sectors. The report said, “The higher demand for IoT solutions for unique automation processes would augment growth in this region. Coupled with this, the increasing engagement of key companies in mergers and acquisitions with the other enterprises would affect the market positively.”