WiseGuyReports.Com Publish a New Market Research Report On –“ IoT in Process Manufacturing Market Enabling Technologies, Applications, Standardization, Key Trends Forecasts 2022”.
IoT in Process Manufacturing Market 2019
Description: –
Increasing pressure around the world has been mounting to improve performance and production activities. This has led to process manufacturing industry competitors to adopt IoT in their business units. IoT in process manufacturing lets companies pick up higher amounts of data from production operations through connecting their networks to smart devices. Manufacturers can take care of issues relating to security, operation efficiency improvement, operation cost reduction, business operation improvement as well as intelligent decision making by understanding different parts of IoT in process manufacturing. In turn, it helps them offer better customer support.
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Key Players
Some of the key players are PTC Inc., Cisco Systems Inc., IBM Corporation, GE, SAP SE, Intel Corp., Microsoft Corp., and others.
Smart monitoring, production integration, remote diagnosis, and predictive maintenance are all smart features which are enhanced by IoT in process manufacturing. In order to increase the IoT integration in process manufacturing industries, IoT players are innovating on a global level. The IoT in process manufacturing is projected to experience a CAGR of 46.3% during its forecast period of 2016-2022.
Segmentation:
Segmentation of IoT in process manufacturing market is based on types, applications, technology verticals, and regions. Major drivers for market growth can be attributed to the rising demand for real-time monitoring applications as well as customized IoT solutions. The IoT process manufacturing market is also being supported by big data, analytics, sensor technology, cloud technology and rising implementation of machine learning. At present, the software segment holds majority of the market share. However, the service segment is expected to play a crucial role in IoT process manufacturing in the next couple of years.
Regional Analysis:
North America is the fastest-growing region because lots of technologies are emerging and being implemented by different organizations. Adoption and demand for IoT technology are coming from SME’s in North America. The Americas are projected to be major contributors in the IoT in process manufacturing market. They are closely followed by Europe because of the extra demand for connected devices as well as the adoption of advanced technologies. The Asia-Pacific region is projected to grow at a quick rate in a period of 5 years because of government initiatives that are encouraging the deployment of IoT solutions. Stakeholders specific to the oil and gas industry are looking at the emerging market of MEA.
Industry News:
Currently, the data generated from the connected devices are being used by more than 40% of the manufacturers. In addition to the above, more than 15% of the manufacturers have plans to use the data within the next 5 years. Life sciences, as well as the oil and gas industries, present business opportunities for main stakeholders while the next 6 to 7 years will see the chemical industry become an emerging market. The big players in the industry are currently trying to increase their market share by acquiring startups and other small players. In fact, they are even offering IoT solutions to manufacturers at prices that are competitive in order to force an improvement in their operating performance as well as become flexible in their production process. The global IoT in process manufacturing market is all set to boom in a couple of years.
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Table of Contents – Major Key Points
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