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India IoT in Manufacturing Market to Rise by FY2027

TechSci Research has recently published a report, “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 & Defense, Chemicals & Materials, High-Tech Products, Healthcare, Others), By Region, Competition, Forecast & Opportunities, FY2017-FY2027F”, stating that the India IoT in manufacturing market is forecast to grow at a rate of 13.81% to reach USD11573.16 million by FY2027.

Techsci researchGrowth in the market can be attributed to the growing demand for analytics to take efficient operational decisions which are expected to drive the India IoT in the manufacturing market. The Indian IoT in the manufacturing market has been primarily influenced by the massive potential of cloud services in the manufacturing industry.

The smart devices connected with cloud platforms can help to create the fastest data streams through sensors along with producing a bigger amount of data than any other emerging technology and real-time analysis of this data can help to maintain the product quality.

The rising demand for analytics to maintain the quality and continuity of the manufacturing process is expected to drive the India IoT in the manufacturing market in the forecast period. The growing adoption of cloud computing services owing to their cost effectiveness, high performance, and accessibility will enhance the India IoT in the manufacturing market. All these factors have resulted in a positive impact on the India IoT in the manufacturing market.

The India IoT in the manufacturing market is segmented by component, by application and by vertical. In terms of components, the market can be segregated into Solutions, Services and Platforms. Out of these, the solution segment registered a dominant market share in 2020.

The solutions component is dominating the India IoT in the manufacturing market as companies are deploying IoT solutions to improve their manufacturing processes and increase their business outputs. IoT in manufacturing solutions offers multiple benefits, such as reduced operational and infrastructure costs and control over the supply chain. Owing to their ability to provide customized solutions as per the owner’s specific needs, they are dominating the component segment of India IoT in the Manufacturing Market.

Based on the application area, the market is segmented 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. Out of these, Asset Tracking & Management dominated the India IoT in Manufacturing Market in 2020 as asset tracking & management facilitates enterprises to monitor the changes occurring in workshops, thus minimizing the manufacturing defect and increasing the operational efficiency in the IoT in the manufacturing market.

In terms of region, the market is segmented into north, south, east and west. The south region dominates the India IoT in Manufacturing Market in 2020. The Southern cities such as Bengaluru, Chennai, Hyderabad have been the key contributors to the IoT in the manufacturing industry in India. In addition, emerging cities like Kochi, Thiruvananthapuram, Coimbatore, Visakhapatnam, Mysore and Kozhikode are creating a further pull factor for the Southern region in IoT in the manufacturing market in the country.

According to TechSci Research “The growing use of new technologies such as artificial intelligence and data analytics, in manufacturing sector coupled with supportive government initiatives is expected to drive the India IoT in manufacturing market. Moreover, the growth of a sensor-controlled environment that helps the manufacturing industry to track and monitor everything, right from volume to temperature will contribute to smart industries. Additionally, accelerated adoption of 5G that will increase the internet speed up to 100 gigabits per second is expected to act as a catalyst for the India IoT in manufacturing market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“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 & Defense, Chemicals & Materials, High-Tech Products, Healthcare, Others), By Region, Competition, Forecast & Opportunities, FY2017-FY2027F” has evaluated the future growth potential of IoT in manufacturing in the Indian market and provides statistics and information on market structure, size, share and future growth.

The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the India IoT in the manufacturing market.

For more details, please click here.

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Aishwarya Saxena

A book geek, with creative mind, an electronics degree, and zealous for writing.Creativity is the one thing in her opinion which drove her to enter into editing field. Allured towards south Indian cuisine and culture, love to discover new cultures and their customs. Relishes in discovering new music genres.

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