Portland, June 06, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global IoT in manufacturing market garnered $424 billion in 2016 and is expected to reach $994 billion by 2023, registering a CAGR of 13.1% through 2023. The report offers an in-depth analysis of the market, covering aspects such as the key investment pockets, drivers, restraints, & opportunities, major market segments, strategic developments, and competitive landscape.

Advancement in technologies such as smart sensors and virtual reality & augmented reality, low operation cost, rise in demand for real-time asset monitoring, inadequate IT infrastructure, and introduction to connected operational intelligence drive the growth of the global IoT in manufacturing market. On the other hand, developing nations across the world are yet to transform into technologically advanced hubs with rich IT infrastructure and digital content and this factor hampers the market growth. Nevertheless, the rise in adoption of cloud-based deployment model in countries such as India, China, Brazil, Mexico, and Russia is expected to create lucrative opportunities for the market players in the coming years.

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Among components, the services segment captured more than half of the total market share in 2016 and would dominate the market during the study period. It is also likely to witness the fastest CAGR of 13.8% from 2017 to 2023.

Based on applications, the supply chain management segment was the largest in 2016, contributing TO 18% of the IoT in manufacturing market share. However, predictive maintenance would dominate the market through 2023. The same segment would grow at the fastest CAGR of 17.6% during the study period. The report also analyzes asset performance management, quality management, cognitive process & operations management, and others (logistics, performance benchmarking & remote monitoring).

The IoT in manufacturing market in North America held more than one-third of the market share in 2016 and would maintain its dominance through the study period. However, the Asia-Pacific market would grow at the fastest CAGR of 14.1% during the forecast period. The other regions that the study covers include Europe and LAMEA (Latin America, Middle East, and Africa).

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The key players analyzed in the IoT in manufacturing market report include Cisco Systems Inc., IBM Corporation, PTC Inc., SAP SE, Texas Instruments, Hitachi Ltd., Microsoft Corporation, Robert Bosch GmbH, Software AG, and Zebra Technologies. These players have adopted various market strategies such as partnerships, collaboration, mergers & acquisitions, new product launch to strengthen their foothold in the industry.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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