The connected manufacturing market is estimated to grow at a significant CAGR during the forecast period, i.e., 2021-2029. The increasing demand for enhancement in the operational efficiency and automation are expected to aid the growth of the market. The growth of the market can be attributed to the growing adoption of Internet of Things (IoT) which can help in predictive maintenance and centralized monitoring of industrial processes. As per a whitepaper by Cognizant, connected devices made possible by the Internet of Things (IoT) are here to stay – and the trend will only grow. As such, IoT presents unprecedented opportunities across industry sectors and processes. Leaders are already investing in IoT solutions — and are reaping benefits.
The market is segmented based on application into operation optimization, real-time tracking, predictive maintenance, manufacturing analytics, and worker safety out of which, the operation optimization segment is anticipated to grab the largest share by the end of 2021 on account of increasing need for optimizing and improving efficiency of manufacturing operations. Moreover, the increasing adoption of Industry 4.0 and automation is expected to drive the growth of the market. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of organization size, the large enterprises segment in the global connected manufacturing market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that large enterprises have the financial resources to aid the deployment of technologies that are required for connected manufacturing. Also, large enterprises require sophisticated systems to predict, evaluate and proactive resolution of issues in a very dense network of processes for which connected manufacturing technologies are best suited.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific market is predicted to grow at the highest CAGR over the forecast period due to the increasing number of industries and increasing spending on improved performance, security, and economic stability. Technological advancements in the region to increase operation efficiency and production in countries such as China and India are expected to drive the growth rate in the Asia-Pacific region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the presence of major industries in the region. Along with this, North America also leads in terms of investments and has a financially strong portfolio of industries essential in the deployment of connected technologies for manufacturing, which is also expected to contribute to the market growth in the region.
The global connected manufacturing market is further classified on the basis of region as follows:
Our in-depth analysis of the global connected manufacturing market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for automation & interconnected devices along with the technological advancements in network, software, and devices.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
Risks to data privacy and system hacking are estimated to hamper the growth of the market
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing amount of industries and technological advancement in countries such as China and India.
The major players dominating the connected manufacturing market are Robert Bosch GmbH, Cisco Inc., General Electric Company, IBM Corp., Software AG, Cognizant among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, organization size and region.
With respect to organization size, the large enterprises segment is anticipated to hold the largest market share owing to financial resources at their disposal needed for the deployment of connected manufacturing.
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