The IoT in Manufacturing market size is estimated to grow from $ 6.17 Billion in 2016 to $ 20.59 Billion by 2021, at a CAGR of 27.2% from 2016 to 2021. The IoT in manufacturing ecosystem comprises vendors providing IoT platforms and services to their commercial clients.
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Companies such as PTC Incorporation (U.S.), Cisco System, Inc. (U.S.), General Electric. (U.S.), IBM Corporation (U.S.), and SAP SE (Germany), and many others have adopted new partnerships, agreements, and collaborations as their key strategy to enhance their market reach. This strategy accounted for the largest share of the total strategies adopted by the market players.
Key Target Audience
- IoT platform providers
- IoT service providers
- Application providers
- Communication service providers
- Third-party system integrators
- Managed service providers
- Hardware vendors
- Regulatory agencies
North America is expected to hold the largest market share during the forecast period. Major IoT in manufacturing vendors in this region such as IBM Corporation, Cisco System, Inc., General Electric, and PTC In corporation offer a number of reliable and enhanced IoT platforms and services to cater to the various needs of the enterprises and their commercial clients.
n the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40% and Tier 3 – 30%
- By Designation: C level – 72%, Director level – 14%, Others – 14%
- By Region: North America – 57%, Europe – 14%, APAC – 29%
The APAC market is expected to witness exponential growth and is projected to be the fastest-growing region for the IoT in manufacturing market. It has witnessed advanced and dynamic adoption of new technologies and has always been a lucrative market.
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The APAC region includes early adopters of evolving technology such as the countries of Australia, India, China, Japan, and Singapore. In addition, they are taking aggressive initiatives to upsurge the IT infrastructure enabling commercial users to adopt the cutting-edge technology. Initiatives such as incubation centers (National Centre of Excellence) with industry associations, Industrial Value Chain Initiative (IVI), and Made in China 2025' strategy are expected to help and boost the IoT in manufacturing market in APAC.