IoT in Manufacturing Market to Reach $20.59 Billion by 2021
January 31, 2017 | Business WireEstimated reading time: 1 minute
IoT in Manufacturing market size to grow from $6.17 Billion in 2016 to %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 restraining 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.
Suggested Items
NextFlex Announces 2024 Fellows Awards for Five Outstanding Recipients
03/29/2024 | BUSINESS WIRENextFlex, America's Hybrid Electronics Manufacturing Institute, presented the annual NextFlex Fellow Awards to five deserving individuals in recognition of their exceptional commitment to advanced manufacturing and the additive hybrid electronics member community.
NEOTech Promotes Emilio Ramirez to Chief Technology Officer
03/29/2024 | NEOTechNEOTech, a leading provider of electronic manufacturing services (EMS), design engineering, and supply chain solutions in the high-tech industrial, medical device, and aerospace/defense markets, is thrilled to announce the promotion of Emilio Ramirez to the position of Chief Technology Officer (CTO).
MKS’ Atotech, ESI to Participate in IPC APEX EXPO
03/29/2024 | MKS’ AtotechMKS’ Atotech and ESI will participate in this year’s IPC APEX EXPO 2024, the PCB industry’s largest event in North America, to be held in Anaheim, California, to be held from April 6-11 2024 at the Anaheim California Convention Center.
Cogiscan Collaborates with Koh Young to Unveil How Factory Insights Software Transforms Data Into Action at IPC APEX EXPO
03/28/2024 | Koh YoungKoh Young, the industry leader in True3D measurement-based inspection solutions, is excited to announce Factory Insights, the latest offering from Cogiscan, will be demonstrated alongside KSMART in Koh Young booth 2112 during IPC APEX Expo.
ASMC 2024 to Showcase AI, Smart Manufacturing and Sustainability to Advance Chip Industry Manufacturing Expertise
03/27/2024 | SEMIMore than 125 experts will offer insights into the latest semiconductor manufacturing strategies and methodologies as hundreds of industry stakeholders gather at the 35th annual SEMI Advanced Semiconductor Manufacturing Conference (ASMC 2024), May 13-16 in Albany, New York.