Top 3 Drivers for IIoT Market in Automotive Industry
November 10, 2017 | Business WireEstimated reading time: 3 minutes
Technavio market research analysts forecast the global IIoT market in the automotive industry to grow at a CAGR of more than 33% during the forecast period, according to their latest report.
The report has further categorized the global IIoT market in the automotive industry into different segments based on application (manufacturing operations, production asset management and maintenance and, inventory and supply chain management), solution (hardware and software and services), and geography (APAC, EMEA, and Americas).
Decreasing cost of sensors
Over the last two decades, sensor manufacturing companies have lowered prices because of the high demand for sensors. In any industry, the sensors are a crucial part of IIoT systems because these sensors are embedded into devices and equipment that can interconnect with each other. This can assist to streamline the workflow in a workplace to make it smooth and fast. Industries that have installed IIoT lately or are expected to install it during the forecast period are going to be benefited by the fall in the price of sensors.
According to Sushmit Chakraborty, a lead analyst at Technavio for automation research, “The adoption of IIoT is predicted to increase because of the rise in the number of vendors in the global IIoT market in the automotive industry and reduction in the overall cost of the product offerings. During the forecast period, the adoption of IIoT in the automotive industry is expected to be fueled by the reduction in the price of sensors considering the decreasing market share and optimized price of the overall IIoT offering including hardware, software, and services.”
Growing market for wearable technology in industries
The requirement for real-time data across different industries, such as manufacturing, logistics, construction, mining, retail, and healthcare has boosted the wearable devices market. To make connectivity as accessible as possible and with IoT being widely utilized across these industries, the employment of wearables is the next technological step. Incorporation of wearables into the portfolio by businesses is getting positive feedback from the workers.
“Wearable devices that are light, portable and easy-to-handle along with long battery power and advanced sensor technologies to improve human ergonomics and decrease fatigue-related issues are being designed by engineers. The development of wearable devices with tiny sensors and electronic components is assisted by the miniaturization trend and advances in materials. These miniature devices can be a part of the human body itself. The automotive industry is adopting wearable technologies because of the growing market,” says Sushmit.
Macroeconomic drivers
The automotive industry can exploit the IIoT market base and increase the market presence through new project additions by the introduction of government policies, such as ‘Make in India’ or ‘Make in China’. To promote employment in the region and make profit out of various related functions, such as import, export, and taxes, such initiatives are usually taken by the governments. Apart from assisting the automotive industry in setting up its units in the region, such policies also provide the scope for deploying IIoT technologies in their manufacturing plants.
During the forecast period, the adoption of IIoT in the automotive industry will rise as these policies allow vertical and horizontal integration of the automotive companies. The deployment of IIoT solutions will enable faster and better product delivery while enhancing the quality in manufacturing.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Suggested Items
ZESTRON Academy Launches 2024 Advanced Packaging & Power Electronics Webinar Series
05/01/2024 | ZESTRONZESTRON, the leading global provider of high-precision cleaning products, services, and training solutions in the electronics manufacturing and semiconductor industries, proudly announces the launch of its highly anticipated webinar series on Advanced Packaging & Power Electronics, a webinar series on the latest innovations, cleaning, and corrosion challenges.
The New Industry: Will the Growth Continue?
04/30/2024 | I-Connect007 Editorial TeamHow sustainable are the primary financial models in the United States regarding PCB fabrication shops? In this interview with economic experts Shawn DuBravac and Tom Kastner, we explore what’s happening with U.S. printed circuit board shops in today’s market, how consolidation affects the industry, and what can be done.
TTM’s High Tech Expansion and Industry Innovation
04/30/2024 | Marcy LaRont, PCB007 MagazineTom Edman has been the CEO of TTM Technologies since 2014 and has an extensive background in electronics and manufacturing. TTM is a leading global manufacturer of technology solutions, including mission systems, RF component and RF microwave microelectronics assemblies, and quick turn and advanced technology printed circuit boards.
U.S. Companies Invest Heavily in Robots
04/30/2024 | IFRManufacturing companies in the United States have invested heavily in more automation: total installations of industrial robots rose by 12% and reached 44,303 units in 2023. Number one adopter is the car industry followed by the electrical and electronics sector.
USPAE to Springboard U.S. Technology Forward
04/30/2024 | Marcy LaRont, PCB007 MagazineThe U.S. Partnership for Assured Electronics (USPAE) was launched as a nonprofit subsidiary of IPC in 2020, specifically to manage the DoD relationship and access to funding, and to develop a cooperative facility to develop UHDI capabilities in the U.S., not only for the defense sector, but for the whole of the U.S. electronics industry. It is a tall order, but industry veteran Joe O'Neil believes it will happen. Having been tasked with making the UHDI Capable Cooperative Production Facility (UCCPF) a reality, he provides an update on this important project for U.S. electronics manufacturing.