Security News > 2022 > March > IoT in manufacturing market to reach $87.9 billion by 2026

The global IoT in manufacturing market is forecast to grow from $50 billion in 2021 to $87.9 billion by 2026, at a Compound Annual Growth Rate of 11.9% during the forecast period, according to ResearchAndMarkets.

IoT in manufacturing is a technique of digital transformation that the manufacturing companies adopt for their efficient working of machines and their employees.

Services play a vital role in the IoT in manufacturing market, as they enable manufacturing enterprises to establish digitized and connected manufacturing processes with mass customization and a self-configuring, automated manufacturing floor.

The services segment is considered an important component of the IoT in manufacturing market, as it majorly focuses on improving the business operations and reducing unnecessary expenses and overheads of the manufacturing enterprises.

The cloud-based IoT in manufacturing solutions offer a centralized way to integrate the system and its components with web and mobile applications and helps organizations in asset management, asset maintenance, and asset productivity in the manufacturing industry.

The IoT in manufacturing market in APAC is expected to experience strong growth in the coming years, due to the constant economic growth, increasing the young workforce, and the usage of tablets and smartphones for business purposes will lead toward the adaptation of enterprise mobility solutions to meet the growing demand for securing and protecting critical data.

News URL

https://www.helpnetsecurity.com/2022/03/18/iot-in-manufacturing-market-2026/