India IoT in Manufacturing Market, By Component (Solutions, Services and Platforms), By Application Area (Predictive Maintenance, Business Process Optimization, Asset Tracking & Management, Logistics & Supply Chain Management, Real-Time Workforce Tracking & Management, Automation Control & Management, Emergency & Incident Management, Business Communication), By Vertical (Energy & Utilities, Automotive, Food & Beverages, Aerospace & Defence, Chemicals & Materials, High-Tech Products, Healthcare, Others), By Region, Competition, Forecast & Opportunities, FY2017-FY2027F
India IoT in manufacturing market stood at USD4911.59 million in FY2020 and is forecast to grow at a CAGR of over 13.81% until FY2027. Growth in the market is driven by its extensive usage in smart industries. Smart industry can fully-integrate and collaborate manufacturing systems that respond in real time to meet changing demands and conditions in the smart factory, in supply network, and as per customer needs. Analytics, along with IoT, is being used to optimize inventory on hand and automatically signal for replenishment which will boost the India IoT in manufacturing market. The growing adoption of cloud computing services owing to their cost effectiveness, high performance, and accessibility will also enhance the India IoT in manufacturing market. Moreover, supportive government initiatives such as “Digital India” & “Make in India” are anticipated to act as a catalyst in the growth of the India IoT in manufacturing market.
Based on component, the market can be segmented into Solutions, Services and Platforms. The solution component dominated the market in 2020 as these solutions empower enterprises to focus on business outcomes instead of handling maintenance and support challenges. Moreover, these solutions provide higher availability, utilization, and improved performance of critical assets and help in reducing costs.
Based on application area, the market can be divided into predictive maintenance, business process optimization, asset tracking & management, logistics & supply chain management, real-time workforce tracking & management, automation control & management, emergency & incident management, business communication. Asset tracking & management segment dominated the market in 2020 as to provide helpful measures proactively for machine and equipment. Asset tracking & management solutions enable organizations to track assets and receive notifications when the maintenance of assets is due. It helps enterprises perform regular maintenance, thereby increasing the productivity of the asset.
Based on region, the market is segmented into North, South, East & West. The south region dominated the market in 2020 as major players in India IoT in manufacturing market are operating their facilities in the Southern region. Some of the major players are IBM India Pvt. Ltd., Cisco Systems (India) Pvt. Ltd., Huawei Telecommunications India Pvt. Ltd., Microsoft Corporation (India) Pvt. Ltd., Schneider Electric India Pvt. Ltd., Siemens Limited, Bosch Ltd., SAP India Private Limited, GE Digital, Zebra Technologies India Private Limited etc. Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new products developments.
Years considered for this report:
Historical Years: FY2017-FY2020
Base Year: FY2021
Estimated Year: FY2022
Forecast Period: FY2023-FY2027
Objective of the Study:
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