Vietnam IoT in manufacturing to grow US$3B by 2024

This is on account of rising demand for industrial internet of things (IIoT), increasing adoption of smart sensors and beacons, growing adoption of IoT in supply chain, favorable government initiatives and rise in demand for analytics.

Moreover, increasing penetration of IoT in various applications like energy & utilities, oil & gas, electronics and electricals etc., is further pushing its demand in the country. Additionally, surge in cloud platform adoption, advent of advanced data analytics and development of wireless networking technologies is likely to propel Vietnam IoT in manufacturing market during forecast period.

Vietnam IoT in manufacturing market can be broadly segmented into component, application area, vertical and region.In terms of application area, the market can be categorized into Asset Tracking & Management, Predictive Maintenance, Business Process Optimization, Logistics & Supply Chain Management and Real-Time Workforce Tracking & Management, Automation Control & Management and Emergency & Incident Management & Business Communication.

Among all, Business Process Optimization is expected to grow at the highest CAGR as it improves product utilization and enable value-added services in manufacturing sector.Based on components, the market can be segmented into solutions, services and platforms.