Real-Time Location Systems Market Overview by 2025: Industry Demand, Growth Rate and Future Prospect

"Real-Time Locating Systems Market by Offering (Hardware, Software, Services), Technology (RFID, W-Fi, UWB, BLE), Vertical (Healthcare, Manufacturing, Retail, Education, Govt., Sports), Application/Use case, and Geography - Global Forecast to 2023. Concerns regarding data security and privacy and unsatisfactory results and negative feedback from RTLS end users and the high cost of acquisition and maintenance would be the major factors restraining the growth of the market.

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UWB-based RTLS solutions are expected to register the highest growth in the RTLS market during the forecast period

Education vertical is expected to register the highest growth in the RTLS market during the forecast period

North America is expected to hold the largest market share in the RTLS market during the forecast period

The RTLS market is dominated by STANLEY Healthcare (US), Zebra Technologies (US),

North America is expected to hold the largest market share in the Real-Time Location Systems Market during the forecast period

North America is currently leading the real-time location systems market in terms of market size, and the similar trend is expected to continue during the forecast period. North America is one of the largest contributors to the RTLS market owing to the healthcare revolution in the region. The rising adoption of RTLS solutions and increasing RTLS applications are also contributing to the largest market share of North America. North America, being technologically advanced and developed, is a leading market for cutting-edge technologies, which are used in real-time applications of tracking and monitoring assets in industries.

The real-time location system market is dominated by STANLEY Healthcare (US), Zebra Technologies (US), Aruba Networks (HP Enterprise US), IMPINJ (US), Savi Technology (US), TeleTracking Technologies (US), Ubisense Group (UK), AiRISTA Flow (US), Awarepoint (US), Identec Group (Liechtenstein), and Alien Technology (US) are a few leading players in the RTLS market.

DecaWave (Ireland), Redpine Signals (US), Visible Assets (US), Litum Technologies (Turkey), Mojix (US), Tracktio (Spain), CenTrak (US), and OpenRTLS (Netherlands), while Cerner Corp. (US), GE Healthcare (US), Cisco Systems (US), Sonitor Technologies (Norway), and STATSports Technologies (UK) are some other prominent players in the RTLS market.

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Head-Mounted Display Market worth 25.01 Billion USD by 2022

According to the market research report "Head-Mounted Display Market by Technology (AR, VR), Application (Consumer, Commercial, Enterprise & Industry, Engineering & Design, Military, Medical), Product (Head Mounted, Eyewear), Component, Connectivity, and Geography - Global Forecast to 2022", the head-mounted display (HMD) market, the market was valued at USD 3.25 Billion in 2016 and is expected to reach USD 25.01 Billion by 2022, at a CAGR of 38.8% between 2017 and 2022. The increasing adoption of AR and VR technologies and availability of low-cost HMDs are the major drivers for the HMD market.

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Browse 62 market data tables and 59 figures spread through 192 pages and in-depth TOC on Head-Mounted Display Market

“Consumer application expected to hold major share of HMD market during forecast period“

The consumer application led the HMD market in 2016. The use of VR headsets has been increasing in the gaming application as they are lightweight. Head-worn display devices are available for playing 3D games and are suitable for entertainment applications. The consumer application is expected to continue to lead the market for VR headsets.

“HMD market for augmented reality technology expected to grow at high CAGR between 2017 and 2022”

Increasing importance of AR HMDs or smart glasses in the enterprise and industry application is expected to drive the market. Many AR HMD or smart glass manufacturers are expected to target the enterprise and industry segment in the coming years. Optinvent S.A. (France) is focusing on enterprise solutions, targeting the logistics and manufacturing industries with its Ora-2 Professional Smart Glasses. These developments are expected to help the AR HMD market grow in the enterprise segment.

“APAC expected to hold major share of HMD market between 2017 and 2022”

APAC is expected to hold the largest share of the HMD market during the forecast period. Increasing adoption of VR headsets in the consumer and entertainment application is one of the reasons for the growth of the HMD market in APAC. Continuous developments in the consumer application would enable the region to adopt AR and VR HMDs. APAC is home to many leading companies such as HTC Corporation (Taiwan), Sony Corporation (Japan), Lenovo Group Ltd. (China), Acer Inc. (Taiwan), Xiaomi, Inc. (China), and LG Electronics Inc. (South Korea).

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Major players in the HMD market are Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), HTC Corporation (Taiwan), Oculus VR, LLC (US), Microsoft Corporation (US), BAE Systems, Inc. (US), Seiko Epson Corporation (Japan), Google Inc. (US), Kopin Corporation (US), Osterhout Design Group (US), Recon Instruments, Inc. (Canada), Rockwell Collins, Inc. (US), Sensics, Inc. (US), Thales Visionix, Inc. (US), and Vuzix Corporation (US). It also includes start-up companies such as Avegant Corporation (US), Beijing ANTVR Technology Co., Ltd. (China), FOVE, Inc. (US), Magic Leap, Inc. (US), and Shoogee GmbH & Co. KG (Germany).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Text-to-Speech Market 2022 Overview by: Nuance Communication, Microsoft Corporation, Sensory, LumenVox LLC, NeoSpeech, Amazon, SESTEK, iSpeech, TextSpeak, NextUp Technologies

According to the new research report "Text-to-Speech Market by Vertical (Healthcare, Enterprise, Consumer Electronics, Automotive & Transportation, Finance, Education, Retail), and Geography(Americas, Europe, Asia Pacific) - Global Forecast to 2022", the global text-to-speech market was valued at USD 1.30 Billion in 2016 and is expected to reach USD 3.03 Billion by 2022, at a CAGR of 15.21% between 2017 and 2022. Rising demand for handheld devices and increase in government spending for the education of differently abled persons are the major factors driving the demand for the text-to-speech technology.

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Browse 57 market data tables and 69 figures spread through 131 pages and in-depth TOC on "Text-to-Speech Market - Global Forecast to 2022"

Consumer electronics vertical to hold the largest share of the text-to-speech market

Text-to-speech is widely used in smartphones for navigation and personal assistant apps. Laptops and televisions also use this technology to help blind and partially sighted people access the menu with the help of audible instructions. The consumer electronics vertical is one of the major application areas of the text-to-speech technology. According to the World Health Organization (WHO) Disability & Health report published in November 2016, over a billion people—about 15% of the world’s population—have some form of disability. Smartphones can help this group of people to live more independently. With text-to-speech, these people can easily communicate, seek assistance from others, and stay connected to the society.

Americas to hold the major share of the text-to-speech market during the forecast period

The Americas, which comprises the US, Mexico, Canada, and Brazil, among others, dominates the text-to-speech market in terms of geography. The US is expected to be the major contributor to the text-to-speech market in the Americas between 2017 and 2022. The increased adoption of machine learning in various end-user industries is driving the growth of the text-to-speech market in the Americas. The increased medical spending and government funding for education further contribute to the growth of this market in the region.

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The companies covered in the text-to-speech market are Nuance Communication (US), Microsoft Corporation (US), Sensory Inc. (US), LumenVox LLC (US), NeoSpeech (US), Amazon.Com (US), SESTEK (Turkey), iSpeech Inc. (US), TextSpeak (US), NextUp Technologies (US), Acapela Group (France), CereProc (Scotland), ReadSpeaker (Netherlands), Nexmo (US), and rSpeak (Netherlands).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Collaborative Robot Market worth $12,303 million by 2025

According to the new market research report "Collaborative Robot Market by Payload Capacity (Up to 5 Kg, Between 5 and 10 Kg, Above 10 Kg), Industry (Automotive, Electronics, Metals & Machining, Plastics & Polymers, Food & Beverages, Healthcare), Application, and Geography - Global Forecast to 2025", The collaborative robot market is expected to grow from USD 710 million in 2018 to USD 12,303 million by 2025, at a CAGR of 50.31% during the forecast period. The multifold growth is attributed to the high RoI and low price of collaborative robots, which result in the growing adoption of co-bots by small- and medium-sized enterprises (SMEs), rising investments in automation by industries to support the evolution of Industry 4.0, improving human–machine interface (HMI), and increasing capability of AI to imitate human behavior.

Browse 66 market data Tables and 39 Figures spread through 169 Pages and in-depth TOC on "Collaborative Robot Market - Global Forecast to 2025"




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Market for collaborative robots with a payload capacity between 5 and 10 kg expected to grow at highest CAGR during forecast period

The market for collaborative robots having a payload capacity between 5 and 10 kg is expected to grow at the highest CAGR from 2018 to 2025. This growth is mainly attributed to the expected demand for collaborative robots with medium payload capacity in industries such as automotive, furniture and equipment, and metals and machining. Collaborative robots having a payload capacity between 5 and 10 kg are the safest co-bots for a majority of factory automation tasks. These robots can perform all the collaborative operations that can be performed by robots having a payload capacity up to 5 kg robots. A few major companies that provide these robots are Universal Robots A/S (Denmark) – UR10 (10 kg), KUKA AG (Germany) – LBR iiwa 7 R800 (7 kg), MABI AG (Switzerland) – Speedy6 (6 kg), FANUC Corporation (Japan) – CR 7iA (7 kg), Quanta Storage Inc. (Taiwan) – TM5-700 (6 kg), and Yaskawa Motoman (US) – HC10 (10 kg). A significant surge in demand for co-bots having a payload capacity between 5 and 10kg is observed during the past few years; as well as many new companies have emerged offering robots having this payload capacity range. The strong demand for co-bots for assembly and material handling applications is expected to drive this market growth further.

Pick and place application accounted for largest market share in 2017

The pick and place application accounted for the largest share of the global collaborative robot market in 2017. Majority of the low-payload capacity co-bots, i.e., co-bots having a payload capacity of less than 5 kg are used for pick and place tasks. However, the market for the assembly application is expected to grow at the highest rate during the forecast period. Assembly operations have a huge scope in the manufacturing industry for collaborative robots as these robots allow the new user to grasp the basics of working easily. Collaborative robots are known for the reduced time of assembly, accuracy, speed, reach, and any material handling capacity. Benefits offered by collaborative robots include greater precision than that of special-purpose instruments. They can be easily deployed and sometimes need only reprogramming to resume working on another assembly line. Growing demand from automotive, food & beverages, and furniture and equipment industries is fueling the demand for co-bots for assembly applications.

APAC to grow at highest rate in collaborative robot market

Europe accounted for the largest market share in 2017, closely followed by APAC and North America. The growth of the market in Europe was driven by strong government support to promote factory automation solutions, thereby supporting the evolution of Industry 4.0. However, the market in APAC is expected to surpass Europe by 2025. This growth can be attributed to the increasing demand for collaborative robots in China, Japan, and South Korea, especially by industries such as electronics, automotive, and metals and machining

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Major players in the global collaborative robot market include Universal Robots A/S (Denmark), Rethink Robotics (US), ABB (Switzerland), KUKA AG (Germany), FANUC Corporation (Japan), Robert Bosch GmbH (Germany), MRK-Systeme GmbH (Germany), Precise Automation, Inc. (US), Energid Technologies Corporation (US), F&P Robotics AG (Switzerland), MABI AG (Switzerland), Techman Robot by Quanta Storage, Inc. (Taiwan), Franka Emika GmbH (Germany), AUBO Robotics Inc. (US), YASKAWA Electric Corporation (Japan), Comau S.p.A. (Italy), and KAWADA Robotics Corp. (Japan).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Underfloor Heating is expected CAGR of 7.5% Market expected to reach 4.23 Billion USD by 2023

According to the new report "Underfloor Heating Market by Component (Heating Cables, Heating Mats, Sensor & Thermostat, Heating Pipes, Manifolds), Type (Hydronic Underfloor Heating, Electric Underfloor Heating), Application and Geography - Global Forecast to 2023", The underfloor heating system market was valued at USD 2.53 Billion in 2016 and is expected to reach USD 4.23 Billion by 2023, at a CAGR of 7.5% during the forecast period. The key factors driving the underfloor heating market include tax credit program, automation in industrial, commercial and residential sectors, and increasing awareness about benefits of underfloor heating systems.

Browse 64 Market Data Tables and 35 Figures spread through 143 Pages and in-depth TOC on Underfloor Heating Market



New installation to lead the underfloor heating market in the coming years

New installation held a major share of the underfloor heating market than other equipment in 2016. Underfloor heating is used for various applications, and there are prospects to use it in large-scale commercial properties in both new housing developments and new business premises. It has become the most popular choice of space heating for new build properties because of the significant growth of renewable energy systems. The underfloor heating system operates with a low-flow temperature, which can be easily achieved. It is being used largely in the development of flats and apartments, which are mainly suited to this type of heating system.

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Market for hydronic systems to witness a high growth in the near future

Hydronic radiant heating systems are ideal for those homes that already use a water heater as the energy can be diverted to the floor in an efficient manner. In the hydronic underfloor heating system, heated water is propelled from a boiler through a link of tubing underneath the floor. Heat is conducted to the surface of the floor by hot water, and from there, radiant energy is emitted to the room. The system is controlled by one or more thermostats which control the manifold and boiler as required. Also, the hydronic underfloor heating system is suitable for most floor finishes such as carpet, ceramic, engineered and solid wood, laminate, stone, and vinyl. Including all of these benefits, it is expected to grow with highest CAGR during the forecast period.

Residential application is expected to grow at the highest CAGR during the forecast period

The high growth rate of the underfloor heating market in the residential application is mainly due to the growth in the self-build trend and custom-build trend in the domestic sector wherein house owners are involved in the specification of their new homes and are willing to invest more at the initial level to appreciate long-term benefits. The trend toward simple styling with clean, uncluttered lines, and open-plan living has supported the demand for invisible underfloor heating systems, particularly in kitchens and in bathrooms. For these areas, there are underfloor heating systems specifically designed for use under stones and ceramic tiles. Owing to all these trends, the underfloor heating market is showing an impressive growth.

The underfloor heating market in Europe held the largest share in 2016

The market is growing rapidly because Europe is moving toward a low-carbon economy and because of the increased awareness about environmental and energy efficiency concerns. Also, higher levels of insulation, driven by regulatory requirements and government initiatives are contributing to a reduction in the overall heating load, making underfloor heating a more practical and efficient heating solution in Europe.

Leading players operating in the underfloor heating market include Danfoss A/S (Denmark), Uponor Corporation (Finland), Emersion Electric Co. (US), Honeywell International (US), and Robert Bosch (Germany). Pentair PLC (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), Siemens AG (Germany), and Nexans S.A. (France).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Smart Home Market worth $151.4 billion by 2024 growing with CAGR 12.02%

According to the new research report "Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services, and Region - Global Forecast to 2024", the overall smart home market is expected to grow from USD 76.6 billion in 2018 to USD 151.4 billion by 2024, at a CAGR of 12.0%. The growth of the smart home market is driven by factors such as the growing number of internet users and increasing adoption of smart devices; increasing awareness about fitness and rise in disposable incomes in developing economies; increasing importance of home monitoring in remote locations; rising need for energy–saving and low carbon emission-oriented solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; large number of manufacturers expanding their smart home product portfolios; and growing concern about safety, security, and convenience among people.

Browse 100 market data Tables and 65 Figures spread through 255 Pages and in-depth TOC on Smart Home Market

“Smart speakers likely to grow at a high rate during the forecast period”

Smart speaker is a wireless speaker enabled by Bluetooth, Wi-Fi, or other wireless protocols and powered by virtual assistant, which is driven by artificial intelligence. There has been continuous increase in demand for smart speakers, especially in smart homes, owing to increasing consumer demand for advanced and multifunctional devices. Moreover, the proliferation of smartphones has enabled the development of applications to stream music to a specific device, thus fueling the demand for smart speakers. The market for smart speaker market is primarily expected to be driven by the increased adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers.  Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes.

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“The market for proactive type software and services to grow at a higher rate during the forecast period”

The software and services pertaining to smart homes enable users to control smart appliances and devices installed in their homes. There is high competition between the software and service providers in the smart home market, which revolves around developing technically advanced and user-friendly software solutions as well as providing improved and real-time services to customers, on the back of the growing awareness about reducing energy consumption within households. Moreover, the environmental regulations implemented by government bodies in most countries, both developed and developing, are further driving the rate of smart home installations. The software and service industry is generating huge revenues from the installation and marketing of smart homes and is also providing services to the customers. These factors are expected to contribute to the high growth rate of the market for software and services during the forecast period.

The proactive type software and services facilitate the transmission of data, along with the best possible solutions, to end users for actions to be taken after receiving the information. The proactive type enables the transfer of a larger volume of data than the behavioral type; it can provide the inputs to end users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption. Proactive solutions are more beneficial than the behavioral type as they can also send recommendation signals to end users to take necessary actions to reduce energy consumption; further, based on the user’s actions, measures to control electronic devices can be implemented. Owing to these advantages, the market for proactive type software and services is expected to grow at a higher rate during the forecast period.

“APAC expected to grow at a high rate during the forecast period”

APAC region is witnessing significant growth due to a few new residential projects and efforts for strengthening building infrastructure at a significant rate. There is a considerable demand for smart homes in the APAC countries, such as Japan, South Korea, China, and Rest of APAC (RoAPAC). Currently, South Korea is considered a huge market for smart home systems owing to the high demand for various control devices pertaining to lighting control and entertainment control in the country. The overall smart home market in APAC has high growth potential, primarily driven by strong economic growth, rising population, and rapid urbanization, leading to a sophisticated infrastructure. Further, the major share of Japan and South Korea in the market in APAC can be attributed to their leading position in terms of technological advancements in smart homes. The market in China is expected to grow at the highest rate among other APAC countries during the forecast period, owing to the rising automation demand for many new and existing residential projects. The presence of a large base of end users in advanced economies such as China, Japan, and South Korea and the high demand for energy management systems are the major factors that are likely to fuel the demand for smart homes in the APAC region.

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Players such as Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany) are currently dominating the smart home market. Other key players operating in the smart home space are Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY (Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand S.A. (France), GE (US), Comcast Corp. (US), Hubbell Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (US), Lutron Electronics Co. Inc. (US), Vivint (US), and Axis Communication AB (Sweden), among others. Almost all companies, including key players, have adopted a few major strategies such as product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the smart home market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
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IO-Link Market worth $12.20 billion by 2023

According to the new market research report "IO-Link Market by Component (IO-Link Masters and IO-Link Devices), Application (Machine Tool, Handling & Assembly Automation, Packaging, Intralogistics), Industry (Discrete, Hybrid, and Process), and Geography - Global Forecast to 2023", The IO-Link market is expected to reach USD 12.20 billion by 2023 from USD 2.87 billion in 2018, at a CAGR of 33.56%. The growth of the IO-Link market can be attributed to the initiatives of governments across the world toward the adoption of industrial automation; high focus on increasing energy efficiency, optimizing resources, and reducing production costs; and rise of digital industrial technology Industry 4.0. Moreover, the release of IO-Link safety specification in 2017 and availability of cloud interface in IO-Link are likely to create huge growth opportunities for players in the market.

Browse 78 market data Tables and 41 Figures spread through 142 Pages and in-depth TOC on IO-Link Market

IO-Link market for packaging applications to grow at highest rate during forecast period

The increased focus by many manufacturing industries to ensure greater operating safety and efficiency, as well as reduce errors and improve working conditions, has aided the adoption of the packaging automation solutions in industries. The packaging application is expected to exhibit the highest growth in the IO-Link market owing to the flexibility that IO-Link provides to fulfil the requirements for optimizing the packaging process.

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IO-Link market for discrete industries to register largest shipment in 2018

The IO-Link technology has gained popularity in discrete industries mainly due to the recent surge in the adoption of Ethernet communication protocol in automotive, medical devices, and semiconductor and electronics industries. Due to the high cost and design complexity, the Ethernet communication protocol is not suitable for field-level communication applications wherein many sensors and actuators are used. This limitation of Ethernet has provided new growth opportunity to IO-Link to be adopted as a field-level communication protocol in recent years. Moreover, the Ethernet protocol is expected to account for a major market share for discrete industries during the forecast period. This, in turn, is expected to boost the IO-Link market growth in discrete industries in the coming years.

APAC to hold largest size of IO-Link market by 2023

Growing manufacturing sector in APAC countries such as China, Japan, and South Korea is expected to contribute to the growth of the IO-Link market in this region during the forecast period. China is a global manufacturing hub for semiconductor and automotive manufacturers. Rapidly growing automotive industry in China is likely to create growth opportunities for the IO-Link market players in this country. With the growing automotive and manufacturing industries, China witnessed a significant increase in the adoption of IO-Link in the last couple of years.

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Major players in the IO-Link market covered in this report are Siemens (Germany), Balluff (Germany), Ifm electronic (Germany), SICK (Germany), Rockwell Automation (US), Festo (Germany) Omron (Japan), Banner Engineering (US), Hans Turck (Germany), Pepperl & Fuchs (Germany), and Datalogic (Italy).

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