Internet of Things (IoT) Technologies for Process Manufacturing: Global Markets
The global market for IoT Process Manufacturing Technologies will grow from $750.4 million in 2017 to $2.7 billion by 2022 with a compound annual growth rate (CAGR) of 28.7% for the period of 2017-2022.
- 50 data tables and 20 additional tables
- An overview of the global market for process manufacturing Internet of Things (IOT) solutions
- Analyses of global market trends, with data from 2016, estimates for 2017, and projections of compound annual growth rates (CAGRs) through 2022
- Insight into how new technology shaped by requirements for IOT applications will create new product categories or bring new life to existing products
- A look at factors driving the market, such as lower power and longer battery life, improved networking capability, advanced software solutions, and increased access to real-time data
- Coverage of applications, including building materials, chemicals, energy, food, pharmaceuticals, and textiles
- Company profiles of major players in the industry, including General Electric Corp., Hewlett Packard Enterprise, IBM Corp., Intel Corp. and Microsoft Corp.
The building of IoT solutions includes three main components: hardware, software and networking. The markets are broken down into subsets. Hardware consists of sensors, programmable logic controllers and distributed control systems. Software involves IoT platforms, big data and security solutions. Networking is available in wired or wireless configurations.
This report examines the technologies, markets and factors influencing the markets for IoT systems. Markets are forecast based on historical activity and current opportunities, technical advances and challenges, and five subsets of the process market: oil and gas suppliers, food suppliers, metals, plastics and chemicals.
The forecasts presented are for the total available markets. Discussion is provided that compares actual revenues with market potential. Markets are broken down by technology and sector, and then discussed within the context of technology trends. A detailed analysis of the technology and market potential is used as a basis for estimating world markets for these products. Thorough analyses are carried out of IoT practices, along with trends toward the uptake of solution costs, emerging standards and common practices.
Prime decision makers in the project chain who select the type and scope of IoT projects are identified. Factors influencing the requirements and purchases for the systems are examined, as are national and international responses to global challenges.
In this report, the IoT market is segmented into three product areas—hardware, software, and networking—and five vertical markets: oil and gas, food, pharmaceuticals and life sciences, plastics and metal. Hardware includes three types of factory floor devices: sensors, programmable logic controllers and distributed system controllers. Software consists of IoT platforms, big data and security. Networking is comprised of wired and wireless connections. The revenue numbers are for global sales.
Manufacturing is a mature market that is growing at a low single–digit rate. Of the five products segments, pharmaceuticals and food will grow at the fastest rates. A push to expand healthcare in industrialized countries will lead to more drug use. The global expansion will continue, and food will be available in more locations. Competition is fierce in established market and increasing in less established ones, which will spark innovation and the use of technology for competitive advantage.
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Paul Korzeniowski is a market research analyst and building automation consultant with more than two decades of experience. His work has centered on determining major market trends in the development of new networking standards, integration of building systems and the emergence of new technologies such as wireless communications. He has authored reports on markets for building automation systems for a wide variety of publications, including Investor's Business Daily, Business 2.0 and EnergyBiz.