The global IoT in Manufacturing Market is estimated to be valued at US$ 235.38 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IoT in manufacturing allows the networking of physical objects via sensors, electronics, software and other technologies that facilitate the collection and exchange of data across the supply chain and manufacturing process. This integration of operational, control and informational aspects helps companies to optimize the manufacturing process and increase operational efficiency.
Market key trends:
One of the major trends fuelling the growth of IoT in manufacturing market is increased adoption of machine learning at manufacturing facilities. Machine learning helps manufacturers make real-time decisions regarding quality checks, predictive maintenance, process adjustments and resource allocation using large amounts of operational data collected from IoT sensors and devices. By analyzing patterns and correlations in historical and real-time IoT data, machine learning algorithms provide actionable insights to manufacturing engineers and help improve overall equipment effectiveness. This trend is expected to significantly boost the demand for IoT solutions in manufacturing industry over the forecast period.
Segment Analysis
The IoT in manufacturing market is segmented based on software, platform, application, end user and region. The Software segment is further divided into security software, data management software, remote monitoring software, networking software, and others. The data management software segment holds the largest market share as it helps manufacturing companies in real time data analysis and making decisions based on it. The application segment includes predictive maintenance, business process optimization, asset management, logistics and supply chain management, real-time workforce tracking, and automation control and product lifecycle management. Among these, asset management dominates currently due to increasing need for efficient asset utilization in manufacturing plants.
Key Takeaways
Global Iot In Manufacturing Market Size is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing need for operational efficiency and productivity in manufacturing plants.
Regional analysis:
North America holds the largest share in the global IoT in manufacturing market currently due to presence of leading IoT technology providers and adoption of advanced technologies by manufacturing companies in this region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to expansion of manufacturing sector and government initiatives to promote IoT adoption in various countries like China and India.
Key players:
Key players operating in the IoT in manufacturing market are Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc. These players are focusing on new product launches and collaborations to gain more market share. For instance, in 2022, Siemens collaborated with AWS to expand its MindSphere IoT platform capabilities on AWS.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it