The concept of IoT or the ‘Internet of Things’ has gained rapid popularity in recent years. The use of IoT in applications across diverse industries has opened up a huge potential for the companies operating in this industry. The growing demand for automated machines and equipment in the manufacturing industry will lead to wider adoption of IoT concepts.
Increasing demand for customization, growing expectations for simplified and easy-to-use machinery, and the need for efficient and reliable data will aid the growth of the IoT in manufacturing in the coming years. Besides these applications, IoT is widely incorporated in several real-time concepts. The approaches such as predictive analytics and machine learning algorithms will create a huge platform for extensive IoT adoption.
The global IoT in manufacturing industry size is projected to reach USD 136.83 billion by 2026 with 22.1% CAGR during the forecast period.
List of prominent companies that are operating in the IoT in manufacturing:
- Intel Corporation
- Siemens AG
- Microsoft Corporation
- SAP SE
- SOFTWARE AG
- ZEBRA TECHNOLOGIES
- HITACHI LTD.
IBM’s Watson IoT Technology is a Major Highlight of Recent Years
The industry derives growth from a few of the major product launches by leading companies across the world. Companies such as IBM, General Electric, and Cisco have all contributed through their respective products and services in the IoT in the manufacturing sector. IBM’s Watson IoT Technology has emerged as one of the leading products in the manufacturing sector.
Key Industry Developments:
July 2018: GE and Microsoft announced a partnership, with a view to bettering their product portfolios. Through this agreement, GE plans to standardize its Predix solutions on Microsoft Azure.
Author’s Bio:
Name-Aman Singh Gandhi: Aman is presently working as a content writer at Fortune Business Insights. His key focus is to deliver quality content to his audience. He specializes in blog writing, articles, and press releases. As a writer, he believes in learning and exploring different areas to communicate with his readers vividly.
