by The IoT in Manufacturing market is estimated to be valued at US$ 198.8 billion in 2022 and is expected to exhibit a CAGR of 18.4% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The IoT in Manufacturing market refers to the utilization of Internet of Things (IoT) devices and technologies in the manufacturing sector. This includes the integration of sensors, smart devices, and software solutions to enhance operational efficiency, automate processes, and improve overall productivity. The market encompasses various use cases such as predictive maintenance, real-time monitoring, supply chain optimization, and asset tracking, among others. With the increasing demand for cost-effective and sustainable manufacturing practices, the adoption of IoT in the manufacturing industry is witnessing significant growth.
Market Dynamics:
The IoT in Manufacturing market is driven by the increasing adoption of industrial automation to enhance productivity, reduce operational costs, and improve product quality. The integration of IoT technologies allows manufacturers to gather real-time data from connected devices, enabling predictive maintenance and proactive decision-making. Additionally, the growing demand for machine-to-machine (M2M) communication in the manufacturing sector is further fueling market growth. This facilitates efficient collaboration between various machines and systems, enabling seamless production processes and improved supply chain management. Overall, the IoT in Manufacturing market is poised for high growth due to the transformative potential it offers to the manufacturing industry.
Segment Analysis:
The IoT in Manufacturing market can be segmented based on application and end-user. The dominating sub-segment is the Industrial Automation segment. This is due to the increasing adoption of Industrial IoT (IIoT) in the automation processes of manufacturing industries. IIoT enables real-time monitoring, analysis, and control of industrial processes, leading to increased efficiency, reduced downtime, and improved productivity. The Industrial Automation segment is also driven by the rising demand for predictive maintenance solutions, which help in identifying potential issues and taking preventive measures before equipment failure occurs.
PEST Analysis:
Political: The political factors influencing the IoT in Manufacturing market include government regulations and policies related to data privacy and cybersecurity. Governments around the world are implementing stricter regulations to protect sensitive data and prevent cyber threats.
Economic: The economic factors include the overall economic growth of countries, inflation rates, and currency exchange rates. The IoT in Manufacturing market is expected to witness high growth due to the increasing demand for automation and digital transformation in the manufacturing sector.
Social: The social factors include the acceptance and adoption of IoT technologies by end-users. As the manufacturing industry is becoming more aware of the benefits of IoT, the adoption is increasing, driving the market growth.
Technological: The technological factors include advancements in IoT technologies and the development of advanced sensors, connectivity options, and data analytics tools. The continuous advancements in technology are driving the growth of the IoT in Manufacturing market.
Key Takeaways:
The global Iot In Manufacturing Market Share is expected to witness high growth, exhibiting a CAGR of 18.4% over the forecast period. This growth is primarily driven by the increasing adoption of IIoT in the automation processes of manufacturing industries. The Industrial Automation segment is the dominating sub-segment, fueled by the rising demand for predictive maintenance solutions.
In terms of regional analysis, North America is the fastest-growing and dominating region in the IoT in Manufacturing market. This can be attributed to the presence of major key players in the region and the early adoption of IoT technologies by manufacturing industries. Europe and Asia Pacific are also witnessing significant growth, driven by the increasing focus on Industry 4.0 initiatives and the rising adoption of automation in manufacturing processes.
Key players operating in the IoT in Manufacturing market include Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc. These key players are focusing on strategic partnerships, acquisitions, and product innovations to strengthen their market position and cater to the growing demand for IoT solutions in the manufacturing industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
