By Application Type- Segment Analysis
IOT in manufacturing market is segmented into Process Optimization, Predictive Maintenance, Asset Management, Workforce Management, Emergency and Incident Management, Logistics and Supply Chain Management, Inventory Management, and others. The predictive maintenance type segment held the highest market share in 2019. The Industrial Internet of Things brings networked sensors and autonomous machines and makes use of certain tools directly on the ground floor, gathering data to power artificial intelligence and predictive analytics. Produced data reports and preventive modifications minimize maintenance period by 20–50 % and cost of maintenance by 5-10 %. It would save both the supplier and the customer’s time and resources immediately. Observations produced by analytics tools improves the overall productivity of the equipment by reducing excessive maintenance that increase the life of the goods and allow root cause analysis to detect issues before failure. Predictive management enhances the visibility of businesses and hence provide more importance to consumer satisfaction. Predictive maintenance uses condition-monitoring equipment to assess real-time performance of an asset. The Internet of Things ( IoT), is a crucial element in this phase. IoT enables the communication, coordination and exchange, study and intervention of various objects and systems.
By End User Type- Segment Analysis
Machinery equipment manufacturing segment held the highest market share of IOT in manufacturing in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. Analysing performance data to design better equipment and more efficient manufacturing operations, managing equipment self-diagnostics are some of the factors that propels the market growth. With data exposure from IOT devices, suppliers, support teams and consumers may see the output of the hardware in the once-closed frame. For instance, service managers may see client visit success rates while a manufacturer portal may show profitability indicators and a customer portal may view machine efficiency and final production. The ability to evaluate key performance metrics could advise better practices in the manufacturing of machinery and assist suppliers in creating more successful proactive repair and service programmes. Equipped IOT sensors have a continuous data stream which can also send feedback to the supplier when a part or device is not operating properly.
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Geography – Segment Analysis
APAC region is anticipated to have the significant market growth during the forecast period 2020-2025. The market growth is owing to growing digitization, industrialisation technological developments, growing data centres and others. Moreover the introduction of Industry 4.0 technologies that satisfy cost-efficiency, quality gains and minimized ecological impact criteria would dramatically fuel the growth of IOT smart technology frameworks. Digitization provides fresh opportunities for exploiting emerging technology and adapting quickly to developments in the industry, with network infrastructure serving a significant role. Higher usage of smartphones and other apps has been recorded, while cloud technology implementation has allowed linked factories to be incorporated. The manufacturing industry has changed tremendously in the last few years owing to the increasingly growing population and the variation in consumer demand. In September 2019, the GSMA APAC IOT partnership programme expanded to include more than thirty mobile operators making it the largest IOT community in the Asia Pacific region (APAC). The program enables operators and their collaborators including developers, suppliers and device integrators to exchange best practices, address issues, and advance IOT technology updates across the region.
Drivers – IOT in manufacturing market
- Technological advancements
Growing implementation of artificial intelligence (AI), internet of things (IOT), virtual reality (VR) by manufacturing industries owing to benefits such as real-time asset monitoring, easy availability of data, and others enhances the market growth. Penetration of artificial intelligence has facilitated different verticals such as automotive, electronics, chemicals for ensuring risk-free operations and reducing the time involved.
Challenges – IOT in manufacturing market
IOT security affects any system or part of the flow of IOT processes where data is processed, distributed, or evaluated. Machines might theoretically be compromised if the network were accessed; the manufacturing cycle could be dealt with and halted. Poorly controlled security in an industrial IOT ecosystem may contribute to a serious loss of confidence between upstream and downstream partners.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the IOT in manufacturing market. As of 2019, the market for IOT in manufacturing market is consolidated with the top players including Cisco Systems Inc.
Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, Zebra Technologies and among others.
- In June 2019, HPE entered into a collaboration with PTC to help manufacturers deliver industrial IoT and AR applications on the Edge where data is produced and collected while minimizing the expense, latency and danger of data being transmitted to the cloud or remote data center..
- In March 2020, NEC and Siemens entered into a partnership to provide artificial intelligence (AI) monitoring and analysis. The partnership will deliver a solution for manufacturing that links MindSphere, the cloud-based, open IoT operating system from Siemens, and NEC’s System Invariant Analysis Technology (SIAT)