IoT in Manufacturing Market – Snapshot
The emergence of advanced data analytics and data processing is anticipated to aid the growth of the global IoT in manufacturing market. Applications of IoT in manufacturing help gain insight into the performance and lifetime asset value of machines, enable greater control over the complex aspects of manufacturing operations, improve quality management and enterprise compliance, improve production yield rates, reduce carrying costs and out-of-stock inventory, accelerate inventory turns, enable predictive maintenance, collect and track throughout production, and provide real-time insights into manufacturing operations.
Growing adoption of innovative technologies and the increasing focus of key players on research and development activities are expected to fuel the growth of the market for IoT in the manufacturing sector. Furthermore, exposure of intelligent machine applications and the increasing need for agile production and operational efficiency are anticipated to assist the growth of the market. In addition, rise in regulatory compliances around the world is likely to help the IoT market in the manufacturing sector.
The presence of a large number of manufacturing units and the rapid growth of the economy are expected to help the market grow with a significant rate in North America for the next few years. The key players are continuously developing IoT solutions to enable more effective and efficient procedures of manufacturing.
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Global IoT in Manufacturing Market: Drivers and Restraints
The increasing demand for predictive maintenance and centralized monitoring of manufacturing infrastructure is one of the important factors predicted to augment the growth of the global IoT in manufacturing market in the near future. In addition, the rising need for operational efficiency and agile production and the emergence of intelligent machine applications are predicted to the accelerate the growth of the market in the coming years.
On the contrary, several concerns related to data privacy and security and the lack of specific standards for interoperability and interconnectivity are projected to restrict the growth of the global IoT in manufacturing market in the forecast period.
Global IoT in Manufacturing Market: Region-wise Outlook
Among the key regional segments, North America is anticipated to witness a strong growth in the global IoT in manufacturing market. This region is expected to remain in the leading position throughout the forecast period and register a healthy growth rate. The rapid growth of the economy and the presence of a large number of manufacturing units in this region is expected to encourage the growth of the IoT in manufacturing market across North America in the near future.
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