“Latest Market Overview for Internet of Things (IoT) Market Research Report 2018-2023 with CAGR 13.15%
Global Internet of Things (IoT) Market Report 2018 provides actionable intelligence on factors that have been driving demand; key trends that are impacting the Internet of Things (IoT) market; challenges that affect the market dynamics along with the market size, a SWOT analysis of the key vendors, and various segments.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- Cisco Systems Inc.
- General Electric
- Intel Corporation
- IBM Corporation
- Verizon Communication Inc.
- AT&T Inc.
- Siemens AG
- Hitachi Data Systems
- Microsoft Corporation
- SAP SE
- Zebra Technologies
- Bosch Software Innovations
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Description of Internet of Things (IoT) Market: The global Internet of Things (IoT) market in manufacturing was valued at USD 165.27 billion in 2017, and is expected to reach USD 350.51 by 2023, witnessing a CAGR of 13.15% during the forecast period of 2018-2023. The scope of the report includes the spending on IoT hardware, software, and services, by the manufacturing industry.
IoT device manufacturers are creating market opportunities, by creating proprietary ecosystem standards for IoT devices, which fall within their brand line, and then increasing switching costs, to eliminate threat from substitutes. The importance of global standards in the IoT environment is evident in the case of proprietary data formats. Data collection and analysis through IoT devices is a market worth billions of dollars by itself. The design of several IoT devices is such that, it is either incredibly hard to upgrade at a later stage, or the upgrade process is highly inconvenient to the users, leaving them perpetually vulnerable to cyber security threats. The lack of visibility into the internal workings of an IoT device, or the precise data streams they produce, create security vulnerability, where a user believes that a device is performing certain functions, when in reality, it might be performing unwanted functions or collecting more data than the user would prefer. Data-driven companies are already using IoT generated data, feeding them into their existing analytical pipeline and improving operational management and efficiencies, in addition to reducing costs. The major challenges involved in implementing a Big Data solution primarily dependent on IoT devices are – storing the colossal amounts of data being produced, running analytical queries among such huge amount of data stored using highly complex storage technologies, and performing advanced data analysis involving data mining and machine learning technologies to gain insights.
Improved Cost and Operational Efficiency Driving the Market
Advancements in IoT are leading to the continuous monitoring of almost every step in the value and supply chains of an enterprise. The primary value that IoT generates, is a result of the data captured from ‘Connected’ things, and the resulting insights that drive business and operational transformation. Data that is analyzed to trigger transactions and business administrative activities, come from Machine-to-Machine data, devices, and sensors. It helps companies understand and utilize IoT data available with them, and focus on improving business operations, thus reducing maintenance costs and avoiding equipment failures. IoT technology offers automated mechanisms for pulling machine data into data warehouses or Hadoop clusters and other big data platforms, for analysis. With the emergence of Big Data technologies, collecting, storing, and analyzing data from industrial sensors, network logs, and other machinery connected to IoT has become more feasible, thus increasing the rate at which these processes are being adopted.
Logistics and Supply Chain Management Application to Accelerate the Market Landscape
There has been a substantial change in the supply chain, with the adoption of mobile devices and sensors which include RFID and GPS, to track inventory and assets in warehouses. By 2018, it is expected that manufacturers will explore the importance of micro-logistics networks, in order to accelerate the delivery of selected products to customers. Improved inventory management due to the availability of real-time visibility of items and the ability to track and keep a count of inventory, is a very important outcome of the implementation of IoT in manufacturing industries. The collection of manufacturing information, expiry date, manufacturing date, after sales status, and warranty period, using tracking devices like RFID tags, will improve efficiency in supply chain monitoring in the manufacturing process. Access to real-time data analysis results is expected to help manufacturers deal with a problem before it occurs and will significantly help reduce the inventory costs.
North America to Dominate the Market
The market for IoT in manufacturing is mainly dominated by North America. This region has developed economies like the United States and Canada, which are heavily investing in the research and development (R&D) activities related to the market, thus contributing to the development of new technologies. With the early adoption of trending technologies, such as Mobility, Big Data, IoT, and DevOps, manufacturers are eager to integrate IoT technologies into their processes.
Connected devices and data flows already finding their applications in manufacturing. Therefore, it is now possible to expected accelerated deliveries, as the cost of infrastructure is reduced. To stay competitive, manufacturers are leveraging IoT and analytics, to run and improve businesses. In the United States, about 35% manufacturers collect and use data generated from smart sensors, to enhance manufacturing processes. According to a study, around 34% of the manufacturers believe it is extremely necessary that US manufacturers adopt IoT in operations. For manufacturers, IoT has become an ecosystem where software, cloud computing, and analytics tools are combined, to turn raw data from different sources into meaningful predictions and present them in easy-to-use interfaces. By 2025, the number of connected devices in the automation sector is expected to increase by a factor of 50.
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The Global demand for Internet of Things (IoT) Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Following market aspects are enfolded in Global Internet of Things (IoT) Market Report:
- A wide summarization of the Global Internet of Things (IoT) Market.
- The present and forecasted regional market size data based on applications, types, and regions.
- Market trends, drivers and challenges for the Global Internet of Things (IoT) Market.
- Analysis of company profiles of Top major players functioning in the market.
Internet of Things (IoT) Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Internet of Things (IoT) Market players in detail. Internet of Things (IoT) Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Which are the important factors that are mentioned in the Internet of Things (IoT) Market report 2023?
- Key Market Dynamics: The Global Internet of Things (IoT) Market research report provides complete forecasts on the latest market trends, development methods, and research methodologies. Some of the factors that are directly in affecting the market including the Strategic Production and Methods, development platforms, and the product model itself, and even a minute change within the product profile would result in huge amount of changes within the mentioned factors. All of these factors are explained in detail in the research study.
- Major Growth Prospects:The report also focuses on some of the Key growth prediction, including new product launches, Mergers and Acquisitions, Research and Development, joint ventures, collaborations, agreements, partnerships, and growth of the key Manufacturers working effectively in the market, both in terms of regional and global scale depending on geography.
- Key Market Highlights: The report gives us an in-depth Market analysis on some of the Internet of Things (IoT) Market key factors, including revenue, cost, capacity, capacity utilization rate, production, production rate, consumption, supply, demand, Market share, CAGR, and gross margin. Additionally, the report presents a comprehensive study of the market growth factors and their latest trends, along with related Market sections and subsections.
Browse Detailed TOC, Tables, Figures, Charts, and Companies Mentioned in this Market Research Report @ https://360researchreports.com/Internet of Things (IoT)-13100342
The growth of this market worldwide is subjected to various factors; including consumer world-class Internet of Things (IoT) Market of many Internet of Things (IoT) Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
Conclusively, this report will provide you a clear view of each fact of the market without a need to refer to any other research report or a data source. Our report will provide you with all the facts about the past, present, and future of the concerned Market.