India IoT in Manufacturing Market to Grow at a CAGR of 13.81% until FY2027
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 USD11573.16 million 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.
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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.
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“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.
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