IoT in Manufacturing Market Growing at a CAGR 10.1% | Key Player Cisco, PTC, Microsoft, Siemens AG, Huawei

IoT in Manufacturing Market Growing at a CAGR 10.1% | Key Player Cisco, PTC, Microsoft, Siemens AG, Huawei

Cisco (US), IBM (US), PTC (US), Microsoft (US), General Electric (US), SAP (Germany), Siemens (Germany), Huawei (China), Bosch.IO (Germany), Atos (France), HCL Technologies Limited (HCL), Intel (US), Oracle (US), Schneider Electric (France), Zebra Technologies (US), Software AG (Germany), Telit (UK), Wind River (US), ClearBlade (US), Litmus Automation (US),
IoT in Manufacturing Market by Component (Solutions (Network Management and Data Management) and Services (Professional and Managed)), Deployment Mode, Organization Size, Application, Vertical (Process and Discrete), and Region – Global Forecast to 2025

The IoT in Manufacturing Market size is projected to grow from USD 33.2 billion in 2020 to USD 53.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period. The major factors driving the growth of the IoT in manufacturing market include the growing demand for industrial automation in the manufacturing industry, the rising need for centralized monitoring and predictive maintenance of assets, the increasing number of cost-effective and intelligent connected devices and sensors, the growing need for reliable, secure, and high-speed network connectivity, and the increased adoption of cloud computing platforms.

Based on services, the managed services segment to grow at a higher CAGR during the forecast period

Managed services are an approach to outsource specific manufacturing operations to a service provider and focus on improving business operations and reducing unnecessary expenses and overheads. The growth of the managed services segment is expected to be driven by the increased monitoring and security requirements, improved regulatory compliances, enhanced productivity, and improved data integrity while meeting strict SLAs. In manufacturing industries, advanced sensors, control systems, and software applications work together to obtain and share real-time information as finished goods make their way down the production line. MSPs connect people across all business functions and regions and provide them with relevant information related to intelligent design, operations, and maintenance as well as offer higher quality of services and safety.

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Based on organization size, large enterprises is expected to lead the market during the forecast period

Large enterprises are witnessing an increased need to deploy IoT in manufacturing solutions and services to efficiently manage their large number of assets spread across geographies. The adoption of IoT in manufacturing solutions and services in large enterprises is high as compared to SMEs. The high adoption is due to the affordability and high economies of scale of large enterprises that enable organizations to leverage IoT in manufacturing solutions and services. In today’s highly competitive world, large enterprises particularly leave no stone unturned to capture a larger market share. Hence, large enterprises spend significant amounts on becoming technologically proficient.

Major IoT in manufacturing vendors include Cisco (US), IBM (US), PTC (US), Microsoft (US), General Electric (US), SAP (Germany), Siemens (Germany), Huawei (China), Bosch.IO (Germany), Atos (France), HCL Technologies Limited (HCL), Intel (US), Oracle (US), Schneider Electric (France), Zebra Technologies (US), Software AG (Germany), Telit (UK), Wind River (US), ClearBlade (US), Litmus Automation (US), Uptake (US), HQSoftware (Estonia), ScienceSoft ( US), Mocana (US), and Impinj (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2020, which helped companies innovate their offerings and broaden their customer base.

Cisco (US), is one of the leading vendors in the IoT in manufacturing market. The company offers a wide range of solutions and services in the IoT in manufacturing market. Cisco offers smart manufacturing solutions that include industrial automation, workforce enablement, industrial security, and plant efficiency. Industrial automation securely connects production systems (Industrial Automation and Control Systems [IACS] devices, sensors, actuators, and controllers); key machines; and assets (robots, tools, and process skids) to plants and enterprise networks. Smart manufacturing also enables data collection and management, asset visibility and control, and remote access and troubleshooting. Cisco Connected Factory solutions provide a set of architectural guidelines and products that tie together factory automation systems, enterprise applications, and the wider ecosystem of supplier and partner solutions.

The company focused on both the organic and inorganic growth strategy to enhance its position in the IoT in manufacturing market. For instance, in October 2020, Cisco launched new IoT Sensor Solutions to help businesses simplify data visibility and increase safety and efficiency. The new solution helps businesses simplify asset and facility monitoring across their organizations, from indoor IT closets to outdoor Operation Technology (OT) spaces at scale. The two new solutions include Meraki MT sensors that monitor indoor environments and IT infrastructure and Industrial Asset Vision sensors that monitor OT assets and facilities in outdoor and industrial indoor spaces. In July 2020, Cisco acquired privately held Fluidmesh Networks, a leader in wireless backhaul systems.  Fluidmesh’s leading technology delivers reliable and resilient wireless solutions for mission-critical applications. Fluidmesh’s solutions are quick to deploy and configure, offering customers a cost-efficient, low-maintenance solution. Fluidmesh will extend Cisco’s industrial wireless offerings to industries with on-the-move assets and applications in situations where reliable backhaul is mission-critical.

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IBM (US) is another IoT in manufacturing solutions and services provider across the globe. IBM provides Watson IoT solutions for industrial equipment that help establish IoT connectivity across the business and analyze factory floor and equipment data in real time. The solution also improves quality control, reduce downtime, predict failures, and enhance the safety and experience of employees. Among these IoT solutions, the company offers Enterprise Asset Management solution that use IoT and plant floor data to predict and prevent equipment failure, improve reliability, and reduce downtime. The company majorly focuses on both the organic and inorganic growth strategies to improve its place in the IoT in manufacturing market. For instance, in November 2019, IBM launched Maximo Asset Monitor, a new AI-powered monitoring solution designed to help maintenance and operations leaders better understand and improve the performance of their high-value physical assets. In October 2020, IBM and ClearBlade, an industrial IoT platform and edge computing software company, announced their plan to collaborate for delivering Edge IoT asset monitoring for near-real-time asset management. The ClearBlade Edge Asset Monitor solution integrated with IBM Edge Application Manager, which runs on Red Hat OpenShift, offers a secured bundle for managing containerized edge-based applications on any hardware.

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