The global market for IoT Process Manufacturing Technologies will grow from $750.4 million in 2017 to $2.7 billion by 2022 with a compound annual growth rate (CAGR) of 28.7% for the period of 2017-2022.
The building of IoT solutions includes three main components: hardware, software and networking. The markets are broken down into subsets. Hardware consists of sensors, programmable logic controllers and distributed control systems. Software involves IoT platforms, big data and security solutions. Networking is available in wired or wireless configurations.
This report examines the technologies, markets and factors influencing the markets for IoT systems. Markets are forecast based on historical activity and current opportunities, technical advances and challenges, and five subsets of the process market: oil and gas suppliers, food suppliers, metals, plastics and chemicals.
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The forecasts presented are for the total available markets. Discussion is provided that compares actual revenues with market potential. Markets are broken down by technology and sector, and then discussed within the context of technology trends. A detailed analysis of the technology and market potential is used as a basis for estimating world markets for these products. Thorough analyses are carried out of IoT practices, along with trends toward the uptake of solution costs, emerging standards and common practices.
Prime decision makers in the project chain who select the type and scope of IoT projects are identified. Factors influencing the requirements and purchases for the systems are examined, as are national and international responses to global challenges.
In this report, the IoT market is segmented into three product areas—hardware, software, and networking—and five vertical markets: oil and gas, food, pharmaceuticals and life sciences, plastics and metal. Hardware includes three types of factory floor devices: sensors, programmable logic controllers and distributed system controllers. Software consists of IoT platforms, big data and security. Networking is comprised of wired and wireless connections. The revenue numbers are for global sales.
Manufacturing is a mature market that is growing at a low single–digit rate. Of the five products segments, pharmaceuticals and food will grow at the fastest rates. A push to expand healthcare in industrialized countries will lead to more drug use. The global expansion will continue, and food will be available in more locations. Competition is fierce in established market and increasing in less established ones, which will spark innovation and the use of technology for competitive advantage.
– An overview of the global market for process manufacturing Internet of Things (IOT) solutions
– Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022
– Insight into how new technology shaped by requirements for IOT applications will create new product categories or bring new life to existing products
– A look at factors driving the market, such as lower power and longer battery life, improved networking capability, advanced software solutions, and increased access to real-time data
– Coverage of applications, including building materials, chemicals, energy, food, pharmaceuticals, and textiles
– Company profiles of major players in the industry
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Information technology continues to impact many businesses, accelerating development cycles, increasing efficiency and providing a more complete operational outlook. At one time, applications such as accounts receivable and payroll operated autonomously with little to no integration, but these types of applications are now melded into cohesive financial systems. A similar transformation is about to occur in the industrial process manufacturing market. Intelligence, which was once housed in standalone devices (e.g., programmable logic controllers) is about to be shared throughout the enterprise from the start to the end of the supply chain. A new generation of intelligent endpoints dubbed the Internet of Things (IoT) is being created. As a result, manufacturers gain insight into realtime operations, allowing them to manage their operations more effectively.
The change can positively impact the bottom line in many ways. Industrial automation corporations can determine the wear and tear on robotic arms and make adjustments as needed. Interest in the potential benefits is high, but industry suppliers must first clear some significant hurdles. One challenge has been extending networking capabilities out to these different elements. In general, assembly line items such as sensors have had little to no intelligence, and building the ecosystem to collect, interpret and proactively use the data represents a monumental undertaking, often involving a revamping of the manufacturing process that takes place while operations are running. Some have described the process as painting a moving bus. New networking technologies, cloud computing, big data, analytics and security have recently emerged to help companies move down this path.
Market changes have presented suppliers with new challenges. The traditional boundaries are blurring, and suppliers must determine their business focuses. The success of Amazon illustrates the potential for manufacturers today. The company began as an online retailer, but it has emerged as a technology powerhouse. Amazon has been successful beyond the retail marketplace. Traditional industrial automation suppliers must figure out their value-add and role in this rapidly changing marketplace. Information technology has been in a period of profound change. Cloud computing is becoming the new data center, with central resources no longer always located on the customer’s site. They may instead be located in the company’s data center. Big data, which are large database management systems coupled with analytic solutions, are becoming the new ways of running a business. The Internet of Things (IoT) is adding intelligence to endpoints. Companies are thus able to use technology in new and exciting ways. Fitting the pieces together will not be easy. Manufacturing is a specialized market, one with high demands and significant competitive pressures. New interfaces and integration challenges await those who want to be on the leading edge. Success is not guaranteed.
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