Technological Advancements to Boost Growth of Global IoT in Manufacturing Market
In the recent times, the global Internet of things (IoT) in manufacturing market witnessed tremendous growth, thanks to the rising adoption of IoT in manufacturing technology among consumers due to various benefits it offers, such as the lowered power consumption and reduced cost for an extended coverage area. According to Transparency Market Research (TMR), the global market is expected to continue witnessing high growth.
Here is a snapshot of the performance of the global market for IoT in manufacturing.
Rising Predictive Maintenance and Centralized Monitoring of Manufacturing Infrastructure to Support Market’s Growth
The rising demand for predictive maintenance and centralized monitoring of manufacturing infrastructure is the main factor that is influencing the market for IoT in manufacturing across the world. The rising uptake of IoT in manufacturing for infrastructural development and the construction of smart cities is also boosting the growth of this market substantially. The augmenting awareness level of consumers regarding the benefits of IoT in manufacturing technology, such low power consumption, lower cost of components, easy deployment into existing cellular network, excellent extended array in buildings and underground, and the escalated reliability and network security, is likely to support this market in the years to come.
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North America to Continue at Top
North America, Asia Pacific, Europe, the Middle East and Africa, and South America are the main geographical segments of the global IoT in manufacturing market. North America, among these, has surfaced as the key contributor to the global market, owing to the presence of a large pool of leading market players. The early uptake of IoT in manufacturing in this region has also aided the Europe market for IoT in manufacturing considerably. Going forward, the rapid rise of the economy is expected to support the North America market to progress at a significant rate in the years to come.
Amongst other geographical segments, Asia Pacific has emerged as the most promising regional market for IoT in manufacturing. This regional market is likely to expand at an exceptional CAGR, thanks to the rising government investments for the modification of current locales into smart cities.
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Leading Players to Focus on Strategic Collaboration
The leading players, such as Microsoft Corporation, Siemens AG, Rockwell Automation, IBM Corporation, PTC Incorporation, SAP SE, Cisco Systems, Inc., Zebra Technologies, Huawei, General Electric, and Bosch Software Innovations GmbH have increased their focus on regional expansion for the development of their business. Partnerships and collaborations are also being taken up by these players to strengthen their position in the global IoT in manufacturing market. They are also expected to focus on innovation in the near future.
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