The IoT in manufacturing market is estimated to grow to $13.49 billion by 2020, at a compound annual growth rate (CAGR) of 26.9 percent, from from $4.11 billion in 2015.
Manufacturing companies are making investment in IoT for improving operational efficiency in order to address challenges such as regulatory pressures, increasing employer costs, and frequent breakdown of machines. The demand for augmented use of sensors will also be one of the growth drivers for the rapid increase in the IoT solutions market.
Decreasing hardware and connectivity cost will drive the IoT in manufacturing market, said a IT market report in MarketsandMarkets.
The report said Radio Frequency Identification (RFID) would dominate the connectivity technology in the IoT in manufacturing market — driven by decrease in the cost of connectivity devices and hardware across North America, Europe and Asia Pacific.
North America is expected to hold the largest share of the IoT in manufacturing market 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 thanks to demand in manufacturing countries, especially China and Japan.
Some of the major technology vendors include Cisco Systems, General Electric, Intel, IBM, Siemens AG, PTC, CSC, Microsoft, Zebra Technologies, SAP and Bosch Software.
editor@infotechlead.com
