Growing trend of smart industry is a key driver which is expected to drive the growth of the India IoT in Manufacturing Market.
According to TechSci Research report, “India IoT in Manufacturing Market By Component (Solutions, Services and Platforms), By Application Area (Predictive Maintenance, Business Process Optimization, Asset Tracking & Management, Logistics & Supply Chain Management, Real-Time Workforce Tracking & Management, Automation Control & Management, Emergency & Incident Management, Business Communication), By Vertical (Energy & Utilities, Automotive, Food & Beverages, Aerospace & Defense, Chemicals & Materials, High-Tech Products, Healthcare, Others), By Region, Competition, Forecast & Opportunities, FY2017-FY2027F”, the India IoT in manufacturing market is forecast to grow at a rate of 13.81% to reach USD11573.16million by FY2027. Growth in the market can be attributed to the growing demand for analytics to take efficient operational decisions which are expected to drive the India IoT in manufacturing market. The India IoT in manufacturing market has been primarily influenced by the massive potential of cloud services in manufacturing industry. The smart devices connected with cloud platforms can help to create the fastest data streams through sensors along with producing a bigger amount of data than any other emerging technology and real-time analysis of this data can help to maintain the product quality. The rising demand for analytics to maintain the quality and continuity of the manufacturing process is expected to drive the India IoT in manufacturing market in the forecast period. The growing adoption of cloud computing services owing to their cost effectiveness, high performance, and accessibility will enhance the India IoT in manufacturing market. All these factors have resulted in a positive impact on the India IoT in manufacturing market.
The India IoT in manufacturing market is segmented by component, by application and by vertical. In terms of component, the market can be segregated into Solutions, Services and Platforms. Out of these, the solution segment registered a dominant market share in 2020.The solutions component is dominating the India IoT in manufacturing market as companies are deploying IoT solutions to improve their manufacturing processes and increase their business outputs. IoT in manufacturing solutions offer multiple benefits, such as reduced operational and infrastructure costs and control over the supply chain. Owing to their ability to provide customized solutions as per owner’s specific needs, they are dominating the component segment of India IoT in Manufacturing Market.
Based on application area, the market is segmented into Predictive Maintenance, Business Process Optimization, Asset Tracking & Management, Logistics & Supply Chain Management, Real-Time Workforce Tracking & Management, Automation Control & Management, Emergency & Incident Management, Business Communication. Out of these, Asset Tracking & Management dominated the India IoT in Manufacturing Market in 2020 as asset tracking & management facilitates enterprises to monitor the changes occurring in workshops, thus minimizing the manufacturing defect and increasing the operational efficiency in the IoT in manufacturing market.
In terms of region, the market is segmented into north, south, east and west. The south region dominates the India IoT in Manufacturing Market in 2020.The Southern cities such as Bengaluru, Chennai, Hyderabad have been the key contributors to the IoT in manufacturing industry in India. In addition, emerging cities like Kochi, Thiruvananthapuram, Coimbatore, Visakhapatnam, Mysore and Kozhikode are creating a further pull factor for the Southern region in IoT in manufacturing market in the country.
IBM India Pvt. Ltd., Cisco Systems (India) Pvt. Ltd., Huawei Telecommunications India Pvt. Ltd., Microsoft Corporation (India) Pvt. Ltd., Schneider Electric India Pvt. Ltd., Siemens Limited
Bosch Ltd., SAP India Private Limited, GE Digital, Zebra Technologies India Private Limited etc.are among the leading players operating in the India IoT in Manufacturing Market. Companies operating in the market are using organic strategies, partnerships and collaborations to boost their shares in the India IoT in Manufacturing Market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the system efficiency, enhancing precision in responses, boosting productivity with high funding in R&D, and merging with small players to support the competitive India IoT in manufacturing market.
According to TechSci Research“The growing use of new technologies such as artificial intelligence and data analytics, in manufacturing sector coupled with supportive government initiatives is expected to drive the India IoT in manufacturing market. Moreover, the growth of sensor-controlled environment that helps the manufacturing industry to track and monitor everything, right from volume to temperature will contribute to smart industries. Additionally, accelerated adoption of 5G that will increase the internet speed up to 100 gigabits per second is expected to act as a catalyst for the India IoT in manufacturing market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India IoT in Manufacturing Market By Component (Solutions, Services and Platforms), By Application Area (Predictive Maintenance, Business Process Optimization, Asset Tracking & Management, Logistics & Supply Chain Management, Real-Time Workforce Tracking & Management, Automation Control & Management, Emergency & Incident Management, Business Communication), By Vertical (Energy & Utilities, Automotive, Food & Beverages, Aerospace & Defense, Chemicals & Materials, High-Tech Products, Healthcare, Others), By Region, Competition, Forecast & Opportunities, FY2017-FY2027F” has evaluated the future growth potential of IoT in manufacturing in Indian market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the India IoT in manufacturing market.