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$20.59 Billion IoT in Manufacturing Market by Software, Platform, Service, Application, Vertical Markets & Region - Global Forecast to 2021 - Research and Markets

[January 31, 2017]

$20.59 Billion IoT in Manufacturing Market by Software, Platform, Service, Application, Vertical Markets & Region - Global Forecast to 2021 - Research and Markets

Research and Markets has announced the addition of the "IoT in Manufacturing Market - Global Forecast to 2021" report to their offering.

IoT in Manufacturing market size to grow from USD 6.17 Billion in 2016 to USD 20.59 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 27.2%.

Predictive maintenance plays a significant role in managing high valued factory equipment. The predictive maintenance techniques are designed to determine the condition of in-service manufacturing equipment in order to predict when the maintenance should be performed. This approach promises cost savings over routine or time-based preventive maintenance because tasks are performed only when required. Load balancing with centralized monitoring solution improves the distribution of additional workloads across the manufacturing operations to enable smoother functioning and allocation of resources to multiple manufacturing processes, thereby boosting the manufacturing efficiency and productivity.

Furthermore, lack of standards for interconnectivity and interoperability between IoT devices is one of the biggest restraining factor for the IoT in manufacturing market. In addition, data security & privacy concerns, and shadow IT risk are the other factors restaining the growth of the IoT in manufacturing market.

Business consulting services play a significant role in IoT in manufacturing, as enterprises find it suitable to consult with the business professionals before implementing IoT platforms and solutions in manufacturing processes. Most of the IoT vendors offer business consulting services to their commercial clients, including manufacturing companies, and monitor the impact analysis of production cost, quality, flexibility, service levels, and control. These services provide a clear understanding of the current and future product portfolio, core capabilities & needs of the organizations, and future footprint & capacity plan, including which sites should be closed, consolidated, or prioritized for manufacturing operation optimizations.

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