Industrial IoT (IIoT) refers to the use of internet-connected sensors and actuators to collect data from machinery and make real-time operational and maintenance decisions. This integration of smart devices allows manufacturers to improve operational efficiency by tracking machine performance and proactively maintaining equipment to prevent downtime. IIoT enables predictive maintenance through real-time monitoring of equipment parameters such as vibration, temperature, and power consumption. IoT connectivity in manufacturing also facilitates remote equipment diagnostics to reduce on-site service calls.
The global IoT in Manufacturing Market is estimated to be valued at US$ 271.16 Bn in 2024 and is expected to exhibit a CAGR of 28% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Integration of artificial intelligence (AI) and machine learning (ML) capabilities with IoT is poised to drive significant growth in the IoT in manufacturing market over the coming years. AI-enabled IoT solutions can help manufacturers gain real-time operational insights from equipment sensor data to optimize production processes. Machine learning algorithms can detect patterns in historical data to predict equipment failures or recommend proactive maintenance routines. This helps minimize equipment downtime and reduce operational costs. Advanced predictive capabilities of AI-powered IoT solutions are making them increasingly attractive for industrial applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the IoT in Manufacturing Market is moderate as it requires high initial capital investments and expertise to start an IoT business. However, the market growth provides opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many solution providers and established technologies in the market. Buyers can negotiate on price and delivery terms.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component manufacturers and solution providers. Switching costs are also low.
Threat of new substitutes: Threat of new substitutes is low as IoT solutions provide operational efficiency and productivity gains which are not easily substituted.
Competitive rivalry: The competitive rivalry is high due to presence of many global and regional players offering differentiated IoT solutions.
Key Takeaways
Global IoT In Manufacturing Market Demand is expected to witness high growth during the forecast period. Adoption of IoT solutions helps improve operational efficiency, reduce costs, enhance productivity and gain real-time insights.
Regional analysis: North America dominates the global IoT in Manufacturing market currently owing to presence of major players and early adoption by manufacturing companies in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period led by countries like China and India.
Key players: Key players operating in the IoT in Manufacturing market are EnableX.io (VCLOUDX PTE. LTD), Twilio Inc., Infobip Ltd., Vonage Holdings Corp, M800 Limited, MessageBird BV, Iotum Inc., Plivo Inc., Voxbone SA, Snich AB, Telestax, Voximplant (Zingaya Inc.), Mitel Networks Corporation, 8×8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
