IoT in Manufacturing Market Size is Projected to Reach USD 1038.8 Million by 2026 at CAGR 10.6% | Valuates Reports
BANGALORE, India, Jan. 21, 2021 /PRNewswire/ -- The IoT in Manufacturing Market is Segmented by Type (Network Management, Data Management, Device Management, Application Management), Application (Industrial Equipment Manufacturing Electronic Products, Communications Equipment Manufacturing, Chemical, Material Equipment Manufacturing, Food, Agricultural Equipment Manufacturing, Other): Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Software & Services Category.
The global IoT in Manufacturing market size is projected to reach USD 1038.8 Million by 2026, from USD 567.2 Million in 2020, at a CAGR of 10.6% during the forecast period 2021-2026.
Major factors driving the growth of IoT in Manufacturing Market size are the growing need for centralized monitoring and predictive maintenance of manufacturing infrastructure, agile production, operational efficiency, and increasing adoption of the cloud.
The study provides an in-depth global IoT in Manufacturing market size analysis along with current trends and future estimations to elucidate the imminent investment pockets. The report also provides information on key drivers, restraints, and opportunities, along with their impact analysis.
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TRENDS INFLUENCING THE IOT IN MANUFACTURING MARKET SIZE
Due to growing competition and demand from end-users, manufacturers are more concerned about manufacturing high volume and high-quality goods. This, in turn, led them to concentrate on key areas, such as the manufacturing process, asset monitoring, and the repair and support of equipment in the factory. Automation will allow manufacturers to increase productivity, enhance consistency of processes or products, and improve quality by eliminating errors and reducing variability. These advantages by IoT are expected to drive the growth of IoT in Manufacturing.
The rise in demand for real-time asset monitoring is expected to increase the growth of IoT in manufacturing market size. Real-time asset tracking makes it easier for businesses to track changes in workshops in real-time, thereby minimizing manufacturing defects and increasing operational performance.