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| Global Iot In Manufacturing Market Demand |
IoT solutions in manufacturing allow for complete digitization of factory
operations through real-time monitoring of assets and production processes
using sensors and other smart devices. Connected manufacturing equipment helps
optimize asset utilization, increase efficiency, and improve product quality
through predictive maintenance and automatic process adjustments. IoT also
enables virtual product design and testing before actual production, reducing
costs and R&D cycles. Remote asset monitoring through drones, robots and
other IoT solutions further enhances productivity and worker safety.
The global
IoT in Manufacturing Market is estimated to be valued at US$ 235.38 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
Increased collaboration across global supply chains through IoT is a major
opportunity for growth in this market. IoT connectivity between manufacturers,
suppliers, and logistics partners helps track shipments in real-time, gain
visibility into inventory levels, address bottlenecks, and coordinate
operations seamlessly. This enables just-in-time manufacturing and reduces
risks of production downtimes and stock-outs. IoT data sharing also optimizes
multi-echelon inventory management across markets. Adoption of common IoT
platforms for supply chain visibility and collaboration will drive significant
efficiencies and cost savings. With rising demand for faster delivery of
customized products, manufacturers are increasingly leveraging IoT to achieve
an agile global footprint.
Porter's Analysis
Threat of new entrants: Low barriers to entry and growing demand in the IoT in
manufacturing market attracts new players. However, presence of major players
and need for large investment deters new competition.
Bargaining power of buyers: Buyers have high bargaining power due to
availability of alternatives and flexibility to switch between providers.
However, integration of IoT solutions makes changing providers difficult.
Bargaining power of suppliers: Major component suppliers wield influence over
prices and innovations. Suppliers are concentrating to strengthen their
position in the ecosystem.
Threat of new substitutes: Alternative connectivity technologies pose threat
but prevalence of IoT in digital transformation initiatives sustains demand.
Competitive rivalry: Intense competition amongst major players to gain market
share through product innovations and partnerships.
SWOT Analysis
Strengths: Growing connectivity, remote operations, predictive maintenance
through IoT drive market growth. Flexibility and improvements in operational
efficiency strengthen demand.
Weaknesses: High integration costs, technology constraints in factories, and
data security concerns impede wider adoption. Lack of standards limits
cross-industry integration.
Opportunities: Scope for predictive quality control, inventory optimization,
and customized end-products boosts market potential. Investments in private 5G
networks to accelerate smart manufacturing.
Threats: Global economic downturn impacts manufacturing sector budgets. Skilled
workforce shortage limits performance of advanced technologies.
Key Takeaways
Global
Iot In Manufacturing Market Demand is expected to witness high growth over the
forecast period supported by increasing connectivity and automation across
industries.
Regional
Analysis: The regional analysis indicates that Asia Pacific dominates currently
due to rapid industrialization in China and India. North America also captures
sizable share driven by technology advancements from major players based in the
US.
Key players operating in the IoT in manufacturing market are MHI Vestas,
Siemens AG, General Electric, ABB, Ltd., EEW Group. IoT connectivity helps
manufacturers optimize operations, enhance productivity, and achieve
competitive edge. Remote equipment monitoring and predictive maintenance
through analytics improve uptime while reducing downtime costs significantly.
Wider deployment of private 5G networks is anticipated to facilitate adoption
of advanced technologies like augmented reality for manufacturing guidance and
quality inspections.
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