Internet of Things In Manufacturing Market
Date: 12/14/2015 Internet of Things (IoT) In Manufacturing Market by Software, Application, Platform, Service, And Vertical 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% MarketsandMarkets forecast the IoT in manufacturing market size to grow from USD 4.11 Billion in 2015 to USD 13.49 Billion by 2020, at a compound annual growth rate (CAGR) of 26.9%. Manufacturer’s need for operational efficiency has increased the utilization of sensors through enhanced automation and integrated connected technology solutions across the manufacturing process, which, in-turn, has increased the demand for IoT solutions for various manufacturing applications. Other driving forces include decreasing hardware and connectivity cost and increasing penetration of connected devices. Manufacturing firms these days are facing several issues such as regulation differences, high employment costs, and downtime of machines. Therefore, organizations are inclining toward adoption of IoT solutions for smart manufacturing along with improved security and reliability. The report aims at estimating the market size and future growth potential of IoT in manufacturing market across different segments, such as software, services, platform, connectivity technology, verticals, and regions. The base year considered for the study is 2014 and the market size is forecasted from 2015 to 2020. Data management software is gaining high market traction with the help of cloud and predictive analytics to manage data generated from machineries. This data is evaluated through data management software to extract useful information helping manufacturers in decision making. IoT in manufacturing software market provides real-time monitoring, security, and analytics to enhance the operational effectiveness. Data management holds the largest share of the IoT in manufacturing software market in 2015 and is projected to dominate the market during the forecast period. This growth is fueled by the presence of massive heterogeneous data that is extracted from different connected devices. Network and application security is expected to grow at the highest CAGR during the forecast period due to increasing cyber threats and attacks on the IoT infrastructure. The IoT in manufacturing ecosystem comprises software vendors, such as IBM, Bosch, and Zebra; security service providers, such as Intel, Symantec, and Trend Micro; system integrators, such as CSC, IBM, and Siemens AG; platform providers, such as IBM, Microsoft, and SAP; network providers, such as Zebra technologies, IBM; and device manufacturers, such as Cisco and Siemens AG that cater to the unique business requirements of the end users. The research report categorizes the IoT in manufacturing market to forecast the revenues and analyze the trends in each of the following sub-markets: By Software By Connectivity Technology By Platform By Service By Application