LONDON--(BUSINESS WIRE)--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).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global IIoT market in the automotive industry:
- Decreasing cost of sensors
- Growing market for wearable technology in industries
- Macroeconomic drivers
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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.
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.
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