Two reports reveal that the global market for IoT in manufacturing and IoT security will experience compound annual growth rate of 29.4 and 34 per cent respectively.
The global IoT in manufacturing market is said to be driven mainly by rising adoption of the cloud environment and a rise in the number of cost-effective, and intelligent connected devices.
Geographically, North America leads the global IoT in manufacturing market due to the increasing digitisation in manufacturing by large organisations and a growing number of SMEs. The Asia Pacific region is estimated to rise at the highest growth rate owing to the rising adoption of advanced and dynamic technologies and government investment in R&D for IoT in manufacturing solutions and services.
The report segments the global IoT in manufacturing market based on: solution, platform, application and vertical. The solution segment of IoT in manufacturing includes application management, device management, network management, data management, and smart surveillance. Based on vertical segment the market is classified into high-tech products, energy and utilities, healthcare, automotive, aerospace and defence, food and beverages, chemicals and material, and others, out of which energy and utilities is expected to grow at the highest CAGR since IoT is extensively used in energy and utilities to implement the IoT-based technology solutions and related services in the mining and oil & gas sectors.
The “Global IoT in Manufacturing Market-Technologies, Market share and Industry Forecast to 2024” report – covering forecast period 2017-2024 – is available at ResearchAndMarkets.com.
The report also highlights concerns around data security and privacy that are restraining factors for the market. A report published by Prudour shows that measures being taken to address these fears are creating a market that was worth over $7.5bn in 2017 and is expected to register a CAGR of over 34 per cent.
Primary factors driving growth of the global IoT security market include the increasing adoption of cloud-based services and solutions, leading to considerable volumes of data being stored in the cloud, which is vulnerable to cyber-attacks and data theft.
Among all the end user segments, the industrial sector segment accounted for highest revenue contribution to the global internet of things market, owing to factors such as increasing adoption of IoT solutions in manufacturing, resulting in high data transmission between connected devices which is driving the adoption of IoT security solutions, and in turn fuelling growth of industrial sector segment.
More broadly, the implementation of Bring Your Own Devices (BYOD) by various organisations – aimed at boosting employee productivity – can expose critical information and personal data, eventually raising data security concerns. Government initiatives such as smart city projects have led to an increase in IoT applications, further propelling the IoT security market to mitigate against hackers, virus threats, and cyber-attacks. A sample copy of the report by marketResearch.biz can be obtained here.