Report: Global IoT Manufacturing Market to Exceed $13B By 2020
North America is expected to hold the largest share of this market during the forecast period due to technological advancements and early adoption of IoT in the region.
PUNE, India – The Internet of Things (IoT) manufacturing market is estimated to grow from $4.11 billion in 2015 to $13.49 billion by 2020 at a compound annual growth rate (CAGR) of 26.9%, according to a new report by research firm MarketsandMarkets, based here.
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The major forces driving the IoT in manufacturing market are growing need for operational efficiency, decreasing hardware and connectivity costs, and rise in Information and Communications Technologies (ICT) and IoT adoption across different industry verticals. With the shrinkage in the prices of connectivity and hardware, the use of sensors has seen a massive advancement, which allows the real-time data transfer through automation. Furthermore, increasing penetration of connected devices has unleashed the growth potential through predictive maintenance, security and analytics which is expected to drive the market growth during the forecast period.
Manufacturers are facing several challenges such as regulatory pressures, rising employer costs and frequent breakdown of machines. This highlights the robust need for operational efficiency, according to the report. With the augmented use of sensors, the demand for IoT solutions has also seen an upsurge.
Radio Frequency Identification (RFID) will dominate the connectivity technology in the IoT in manufacturing market during the forecast period, according to the report. This growth is driven due to decrease in the cost of connectivity devices and hardware across North America, Europe and Asia-Pacific regions. Near-Field Communication (NFC) is one of the latest short-range wireless technologies and is expected to witness the highest growth due to its compatibility with contactless infrastructure and other devices.
The IoT in manufacturing market report segments the global market on the basis of regions, which includes North America, Asia-Pacific (APAC), Europe, Middle East & Africa (MEA) and Latin America. North America is expected to hold the largest share of this market during the forecast period due to technological advancements and early adoption of IoT in the region. APAC market is expected to grow at the highest CAGR between 2015 and 2020. The primary driving forces for this growth are increasing technological adoption and huge opportunities in the manufacturing countries, especially China and Japan.
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