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Top 3 Drivers for IIoT Market in Automotive Industry | Technavio

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.

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.

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Article source: http://www.businesswire.com/news/home/20171109006432/en/Top-3-Drivers-IIoT-Market-Automotive-Industry

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