Vietnam IoT in Manufacturing Market is expected to grow due to Smart Manufacturing Initiatives
IoT in Manufacturing in Vietnam is supported by several
government initiatives which is expected to increase the adoption rate of IoT
devices, during the forecast period of 2024-2028.
According to TechSci Research
report, IoT in Manufacturing Market - Vietnam Industry Size, Share,
Trends, Opportunity, and Forecast. 2018–2028, the Vietnam IoT in Manufacturing market
is expected to register a robust growth during the forecast period, 2024-2028.
Vietnam has been making significant strides in the field of smart manufacturing
in recent years. The government has been actively promoting the development of
smart manufacturing by creating favorable policies, investing in
infrastructure, and providing support for research and development.
One of the key initiatives in
Vietnam is the development of the Hi-Tech Park in Ho Chi Minh City, which is
aimed at fostering the growth of the country's high-tech industries, including
smart manufacturing. The park provides a range of facilities and services,
including infrastructure, research and development support, and access to
funding, to encourage companies to invest in smart manufacturing technologies.
Another important initiative
is the promotion of Industry 4.0, which refers to the fourth industrial
revolution, characterized by the integration of advanced technologies such as
artificial intelligence, the Internet of Things, and big data into traditional
manufacturing processes. The government is promoting Industry 4.0 through
various programs and initiatives, such as the Vietnam Industry 4.0 Program,
which provides support for companies looking to adopt Industry 4.0 technologies
and practices. Additionally, the government has been working to improve the
overall business environment in Vietnam, including reducing bureaucratic
barriers and improving access to finance, to encourage companies to invest in
smart manufacturing. This has led to an increase in foreign investment in the
country, with many international companies setting up operations in Vietnam to
take advantage of its favorable business environment and low labor costs.
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Vietnam IoT In Manufacturing Market owing to rising demand for Industrial
Internet of Things (IIoT), increasing adoption of smart sensors and beacons,
growing adoption of IoT in supply chain, favorable government initiatives and
rise in demand for analytics. Moreover, increasing penetration of IoT in
various applications like energy & utilities, oil & gas, electronics
and electricals etc., is further pushing its demand in the country.
Additionally, surge in cloud platform adoption, advent of advanced data
analytics and development of wireless networking technologies is likely to
propel Vietnam IoT in Manufacturing Market during forecast period.
Vietnam IoT in Manufacturing Market can be broadly segmented into
component, application area, vertical, and region. In terms of application
area, the market can be categorized into asset tracking & management,
predictive maintenance, logistics & supply chain management, business
process optimization, real-time workforce tracking & management, and others.
Among all, Business Process Optimization is expected to grow at the highest
CAGR as it improves product utilization and enables value-added services in
manufacturing sector. Based on components, the market can be segmented into
solutions, services, and platforms. Solutions hold the highest market share,
and the segment is expected to maintain its dominance during the forecast
period, on account of increasing equipment failure issues in the manufacturing
sector. Moreover, companies are investing heavily and adopting IoT solutions
for increasing operational efficiency and control.
The market of IoT in manufacturing in the country is gaining traction
and is expanding to various regions such as northern Vietnam, southern Vietnam,
and central Vietnam. Northern Vietnam is expected to witness growth during
forecast period owing to rising penetration of the technology in this region.
Key market
players in the IoT in Manufacturing market:
- FPT Corporation
- Viettel-CHT Ltd.
Co
- CMC Corporation
- IBM Vietnam
Company Ltd
- Robert Bosch (Vietnam) Co. Ltd.
- Amazon Web
Services Vietnam Company Limited
- Microsoft Vietnam
Limited Liability Company
- Schneider
Electric Vietnam Co. Ltd.
- Rockwell
Automation Vietnam Limited
- Dai Viet Controls
& Instrumentation Company Ltd.
- Cisco Systems
Vietnam Ltd
- Hitachi Asia
(Vietnam) Co., Ltd
- Siemens Limited
Vietnam
- ABB Limited (Vietnam)
For instance, in May 2021, Samsung SDS announced an investment partnership agreement with CMC Corporation for smart factory and cyber security sectors in Vietnam. Under the agreement, Samsung SDS will utilize CMC’s strong sales channel to target market for their latest technologies, such as artificial intelligence, big data analytics, Internet of Things (IoT), etc. The partnership will help CMC to strengthen its position and expand its business in Vietnam.
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“The demand for IoT in
Manufacturing is anticipated to grow during the forecast period owing to rising
investments in industry 4.0. Among verticals, electronics and electricals
segment is projected to grow at an impressive rate due to increasing adoption
of smart sensors and beacons. Moreover, increasing demand for handling
challenges such as data privacy & security issue, inconsistent network
availability, etc., along with increasing investment by Vietnam government on
industry 4.0 and adoption of 5G is further promoting the growth of IoT in Manufacturing
Vietnam Market.” said, Mr. Karan Chechi, Research Director with TechSci
Research, a research-based Vietnam management consulting firm.
“Vietnam IoT in Manufacturing Market By Component (Solutions,
Services, Platforms), By Application Area (Asset Tracking & Management,
Predictive Maintenance, Logistics & Supply Chain Management, Business
Process Optimization, Real-Time Workforce Tracking & Management, Others), By
Vertical (Energy & Utilities, Oil & Gas, Electronics and Electricals,
Automotive, Healthcare, Pharma & Medical Devices, Food & Beverages,
Chemicals & Petrochemicals, Metal Processing, Cement, Semiconductor, Others),
By Region, Competition, Forecast and Opportunities, 2028” has
evaluated the future growth potential of Vietnam IoT in Manufacturing market and
provides statistics & information on market size, structure, and future
market growth. The report intends 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 in IoT in Manufacturing market.
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