The global market for IoT discrete parts manufacturing was valued at $643.9 million in 2016. This market will grow from $862.6 million in 2017 to $2.8 billion by 2022 with a compound annual growth rate (CAGR) of 26.7% for the period of 2017-2022.
The building of IoT solutions include 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.
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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 discrete parts market: automotive and transportation; electronics and computer; consumer goods; aerospace, aviation and defense; and machinery and heavy equipment.
The forecasts presented are for the total available markets. Some 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.
Identification has also been made of the prime decision-maker in the project chain who selects the type and scope of IoT project. Factors influencing the requirements and purchases for the systems are examined, as are national and international responses to global challenges.
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With more than two decades of experience, Paul Korzeniowski is a market research analyst and industrial automation consultant. His work has centered on determining major market trends in areas such as the development of new smart factory standards and solutions, integration of various systems, and the emergence of new technologies, such as the Internet of Things. He has authored reports on manufacturing markets for a wide variety of publications, including Investor’s Business Daily, USA Today, Reuters, CIO, Entrepreneur, TechBeacon, Information Week, Computerworld and Newsweek.
– An overview of the global market for Internet of Things solutions in discrete parts manufacturing
– 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 automotive and transportation, aerospace and defense, consumer goods, electronics, heavy machinery, high technology, and power plants
– Profiles of major players in the industry
Computer technology has majorly impacted many businesses, accelerated development cycles, increased efficiency and provided a more complete operational outlook. At one time, applications such as accounts receivable and payroll operated autonomously with little to no integration. But applications such as these are now melded into cohesive financial systems. A similar transformation is about to occur in the industrial discrete parts manufacturing market. Intelligence, which was once housed in standalone devices, such as 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, a manufacturer gains insight into real-time operations and can manage the operation 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. While interest in the potential benefits is high, industry suppliers must clear some significant hurdles. One challenge has been extending networking capabilities out to these different elements. In general, assembly line items like sensors have had little to no intelligence and building the ecosystem to collect, interpret and proactively use the data represents a monumental undertaking—basically a revamping of the manufacturing process while the operations are running. Some have described the process as painting a bus while it is moving. Recently, new networking technologies, cloud computing, big data, analytics and security have emerged to help companies move down this path.
Market changes have presented suppliers with new challenges. The traditional boundaries are blurring and suppliers need to determine their business focus. The success of Amazon illustrates the potential as the challenges for manufacturers today. The firm began as an online retailer but has emerged as a technology powerhouse. Amazon has been successful beyond the retail marketplace. Traditional industrial automation suppliers will need to figure out their value-add and role in this rapidly changing marketplace. Computer technology has been in a period of profound change, one that market research firm International Data Corp. (IDC) has referred to as the Third Rail. The company sees fundamental change in how systems operate as well as their capabilities.
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Cloud computing is becoming the new data center, with central resources no longer always located on the customer’s site. Instead they may be located in the vendor’s data center. Big data, which are large database management systems coupled with analytic solutions, are becoming the new way of running a business. The Internet of Things is adding intelligence to endpoints. Consequently, companies are able to use technology in new and exciting ways. But 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.