THE global IoT in manufacturing market is foretold to gain momentum while riding on constant development of new IoT solutions for the purpose of enabling more efficient and effective manufacturing procedures.
High adoption of innovative technologies in prime regions of the market could be another powerful factor working toward creating robust growth opportunities. IoT helps to provide real-time insights into manufacturing operations, accelerate inventory turns, reduce out-of-stock inventory and carrying costs, and improve product yield rates.
Bosch Software Innovations GmbH announced in April 2018 that it was investing US$120 mn in a new plant in Mexico’s Celaya. By 2020, the company plans to set up a new smart factory for electronic components in the city. The significance of the 2018 HANNOVER MESSE partner country for the firm is said to be underlined by this investment.
Management board member, Stefan Hartung said that the firm is committed to Mexico. For the near term, the goal would be to create an over 1,200 additional job opportunities in the city’s new location. Currently, there are close to a 16,000 associates employed by the Bosch Group, said a press release.
Demand for Centralized Monitoring of Manufacturing Infrastructure Creates Opportunities
Despite the positive outlook of the world IoT in manufacturing market, there could be a few factors hampering the demand in the near term. These include lack of specific interconnectivity and interoperability standards, data security and privacy concerns, increasing data ownership conflicts, and inconsistency in business semantics. Nonetheless, the following favorable factors are anticipated to set the tone for valuable growth in the market.
- Swelling demand for centralized monitoring and predictive maintenance of manufacturing infrastructure
- Advent of intelligent machine applications
- Increasing requirement of agile production and efficient operation
- Introduction of sophisticated data analytics and data processing
- Telling increase in regulatory compliance
Presence of Large Number of Manufacturing Units Propels Growth in North America
North America could take a leading position in the world IoT in manufacturing market. On the other hand, Asia Pacific is projected to show faster growth in the coming years. The global market could find lucrative opportunities taking birth on the back of improving growth of the shared security and content maturity markets.
- North America is expected to bank on the availability of a large count of manufacturing units and rapid growth of the economy.
- It could take advantage of the advent of novel technologies.
- Rising focus on research and development may catapult the region to the next level.
- Emergence of SMEs is predicted to uplift the regional market in terms of growth.
- Popularity of the startup culture could prove vital for the regional market growth.
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Players are foreseen to encounter a high degree of competition as the international IoT in manufacturing market grows at a progressive rate. There could be a stiff competition observed in the market as increasing number of players show their interest in participation.
Players are envisaged to obtain a top position in the market and expand their product portfolios by increasingly focusing on new product development and technological advancement. The market includes some of the prominent names of the industry such as GE, PTC, and Bosch