Report Title – Global Internet of Things (IoT) Market in Manufacturing – Segmented by Software,Connectivity, Services, Application (Process Optimization, Predictive Maintenance, Asset Management) and Region – Growth, Trends and Forecasts (2019 – 2023)
“Internet of Things (IoT) Market Report 2019-2023” helps the consumer to take business decisions and to understand strategies of major players in the industry. The report also calls for market-determined results deriving feasibility survey for consumer needs. Global Internet of Things (IoT) Market Report ensures qualified and verifiable aspects of market data operating in the real-time scenario. The analytical studies are conducted ensuring consumer needs with a complete understanding of market capacities in the real-time scenario.
Top Listed Players in Internet of Things (IoT) Market Research Report 2019-2023:
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Internet of Things (IoT) market reports provide a comprehensive overview of the worldwide market size and share. Internet of Things (IoT) market data reports also provide a 5-year historic, forecast for the sector, and include data on social-economic data of global. Key stakeholders can consider statistics, tables & figures mentioned in this report for strategic planning which lead to success of the organization.
Overview of Internet of Things (IoT) Market Report:
The global Internet of Things (IoT) market in manufacturing was valued at USD 165.27 billion in 2017, and is expected to reach USD 350.51 by 2023, witnessing a CAGR of 13.15% during the forecast period of 2019-2023. The scope of the report includes the spending on IoT hardware, software, and services, by the manufacturing industry.
IoT device manufacturers are creating market opportunities, by creating proprietary ecosystem standards for IoT devices, which fall within their brand line, and then increasing switching costs, to eliminate threat from substitutes. The importance of global standards in the IoT environment is evident in the case of proprietary data formats. Data collection and analysis through IoT devices is a market worth billions of dollars by itself. The design of several IoT devices is such that, it is either incredibly hard to upgrade at a later stage, or the upgrade process is highly inconvenient to the users, leaving them perpetually vulnerable to cyber security threats. The lack of visibility into the internal workings of an IoT device, or the precise data streams they produce, create security vulnerability, where a user believes that a device is performing certain functions, when in reality, it might be performing unwanted functions or collecting more data than the user would prefer. Data-driven companies are already using IoT generated data, feeding them into their existing analytical pipeline and improving operational management and efficiencies, in addition to reducing costs. The major challenges involved in implementing a Big Data solution primarily dependent on IoT devices are – storing the colossal amounts of data being produced, running analytical queries among such huge amount of data stored using highly complex storage technologies, and performing advanced data analysis involving data mining and machine learning technologies to gain insights.
Improved Cost and Operational Efficiency Driving the Market
Advancements in IoT are leading to the continuous monitoring of almost every step in the value and supply chains of an enterprise. The primary value that IoT generates, is a result of the data captured from Connected things, and the resulting insights that drive business and operational transformation. Data that is analyzed to trigger transactions and business administrative activities, come from Machine-to-Machine data, devices, and sensors. It helps companies understand and utilize IoT data available with them, and focus on improving business operations, thus reducing maintenance costs and avoiding equipment failures. IoT technology offers automated mechanisms for pulling machine data into data warehouses or Hadoop clusters and other big data platforms, for analysis. With the emergence of Big Data technologies, collecting, storing, and analyzing data from industrial sensors, network logs, and other machinery connected to IoT has become more feasible, thus increasing the rate at which these processes are being adopted.
Logistics and Supply Chain Management Application to Accelerate the Market Landscape
There has been a substantial change in the supply chain, with the adoption of mobile devices and sensors which include RFID and GPS, to track inventory and assets in warehouses. By 2019, it is expected that manufacturers will explore the importance of micro-logistics networks, in order to accelerate the delivery of selected products to customers. Improved inventory management due to the availability of real-time visibility of items and the ability to track and keep a count of inventory, is a very important outcome of the implementation of IoT in manufacturing industries. The collection of manufacturing information, expiry date, manufacturing date, after sales status, and warranty period, using tracking devices like RFID tags, will improve efficiency in supply chain monitoring in the manufacturing process. Access to real-time data analysis results is expected to help manufacturers deal with a problem before it occurs and will significantly help reduce the inventory costs.
North America to Dominate the Market
The market for IoT in manufacturing is mainly dominated by North America. This region has developed economies like the United States and Canada, which are heavily investing in the research and development (R&D) activities related to the market, thus contributing to the development of new technologies. With the early adoption of trending technologies, such as Mobility, Big Data, IoT, and DevOps, manufacturers are eager to integrate IoT technologies into their processes.
Connected devices and data flows already finding their applications in manufacturing. Therefore, it is now possible to expected accelerated deliveries, as the cost of infrastructure is reduced. To stay competitive, manufacturers are leveraging IoT and analytics, to run and improve businesses. In the United States, about 35% manufacturers collect and use data generated from smart sensors, to enhance manufacturing processes. According to a study, around 34% of the manufacturers believe it is extremely necessary that US manufacturers adopt IoT in operations. For manufacturers, IoT has become an ecosystem where software, cloud computing, and analytics tools are combined, to turn raw data from different sources into meaningful predictions and present them in easy-to-use interfaces. By 2025, the number of connected devices in the automation sector is expected to increase by a factor of 50.
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Reasons to Purchase this Report
Valuable Points from Internet of Things (IoT) Market Research Report 2019-2023:
- A complete background analysis, which includes a valuation of the parental Internet of Things (IoT) Market.
- Significant changes in Market dynamics.
- Internet of Things (IoT) Market segmentation according to Top Regions.
- Current, Historical, and projected the size of the Internet of Things (IoT) Market from the viewpoint of both value and volume.
- Reporting and assessment of recent industry developments.
- Internet of Things (IoT) Market shares and strategies of key Manufacturers.
- Emerging Specific segments and regional for Internet of Things (IoT) Market.
- An objective valuation of the trajectory of the Market.
- Recommendations to Top Companies for reinforcement their foothold in the market.
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Highlights of the following key factors:
- Business description-A detailed description of the company’s operations and business divisions.
- Corporate strategy –Analyst’s summarization of the company’s business strategy.
- SWOT Analysis-A detailed analysis of the company’s strengths, weakness, opportunities, and threats.
- Company history –Progression of key events associated with the company.
- Major products and services-A list of major products, services, and brands of the company.
- Key competitors –A list of key competitors to the company.
- Important locations and subsidiaries –A list and contact details of key locations and subsidiaries of the company.
- Detailed financial ratios for the past five years –The latest financial ratios derived from the annual financial statements published by the company with 5 years history.
Top Most Regions Covered In Internet of Things (IoT) Market Research Report 2019-2023:
- North America (the USA, Canada, and Mexico)
- Europe (Germany, France, UK, Russia, and Italy)
- Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
- South America, Middle East, and Africa
Conclusively, this report will provide you a clear view of each facet of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.
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