““Rising need for operational efficiency and increasing penetration of connected devices are driving the IoT in manufacturing market”
The IoT in manufacturing market size is estimated to grow from USD 4.11 billion in 2015 to USD 13.49 billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 26.9%. This growth is driven by factors such as need for operational efficiency, decreasing hardware and connectivity cost and increasing penetration of connected devices.
“NFC is expected to gain maximum traction during the forecast period”
Near Field Communication (NFC) is estimated to grow at the highest CAGR during the forecast period due to decrease in hardware cost. Managed service is expected to grow at the highest rate between 2015 and 2020. Due to increasing technological adoption, Asia-Pacific (APAC) is projected to witness fastest growth rate among regions.
The latest trends in IoT in manufacturing include growing IoT integration across different verticals, diversification of IT giants toward providing analytics and security software, and cost benefits of predictive maintenance. The availability of cloud deployment options for IoT manufacturing has further provided a huge opportunity.
The key innovators profiled in the report are as follows:
1. Cisco
2. General Electric
3. Intel
4. IBM
5. Siemens
6. CSC
7. Microsoft
8. PTC
9. SAP
10. Zebra Technologies
11. Bosch Software Innovation
