IoT in Manufacturing Market Reaches $1,495.65 Billion, Signaling Rapid Growth and Industry Transformation

The main adoption drivers are a shorter time to market, cost reduction, mass customization, and improved safety.

PORTLAND, PORTLAND, OR, UNITED STATES, October 11, 2023 /EINPresswire.com/ -- The global IoT in the manufacturing market has experienced significant growth, driven by increased demand for real-time asset monitoring and technological advancements such as smart sensors, virtual reality, and augmented reality. Nevertheless, the market's progress is hindered by the absence of adequate IT infrastructure. Conversely, the emergence of connected operational intelligence and the swift adoption of cloud-based deployment models present promising prospects for future market expansion.

As per the report, the global IoT in manufacturing industry accounted for $198.25 billion in 2020, and is expected to reach $1,495.65 billion by 2030, growing at a CAGR of 22.6% from 2021 to 2030.

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Internet of Things (IoT) in manufacturing provides various software and services that enable manufacturing companies to provide IoT-based solutions such as predictive maintenance, supply chain management, and quality management. Furthermore, the introduction to connected operational intelligence and real-time asset monitoring assists manufacturers in boosting the manufacturing process. The key factor that drives the growth of the IoT in manufacturing market includes advancements in technologies such as smart sensors and virtual & augmented reality as well as low operational cost.

The service segment is expected to experience fastest growth in the coming years, as services speeds up software implementation, maximizes the value of existing installation by optimizing it, and minimizes the deployment cot & risks. In addition, services ensure effective functioning of software throughout the process, which fuel the growth of the market.

The key players profiled in the IoT in manufacturing market analysis are Cisco Systems Inc., Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT in manufacturing industry.

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Covid-19 Impact:

• The Covid-19 pandemic had a favorable impact on the demand for IoT technology, as governments enforced lockdowns and various industries embraced the work-from-home culture.

• The heightened acceptance of data collected through smart devices during the pandemic for monitoring and managing manufacturing processes contributed to the market's growth.

On the basis of components, the software segment dominated the overall IoT in manufacturing market in 2020, and is expected to continue this trend during the forecast period. This is attributed to increase in adoption of IoT in manufacturing among enterprises to gain strategic as well as competitive advantage over their competitors. In addition, it helps them to make quick & informed decisions through the analysis of the business data, which drives the growth of the market. However, the services segment is expected to witness highest growth, as these services ensure effective functioning of software throughout the process. The adoption of these services speeds up software implementation, maximizes the value of existing installation by optimizing it, and minimizes the deployment cot & risks, which further fuel the growth of the market.

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Region-wise, the IoT in manufacturing industry was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to factors such as major shift toward digital transformation, rise in cloud deployment among small & medium businesses, and ongoing modernization of manufacturing drive heavy investment in IoT in manufacturing market size in U.S. and Canada. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to strong economic growth along with ongoing development in the services sector, which drives business enterprises to invest heavily in IoT in manufacturing to sustain growth and improve productivity.

By application, the cognitive process and operations management segment is projected to register the highest CAGR of 30.8% during the forecast period, as it helps manufacturers identify defects during production. However, the predictive maintenance segment held the largest share in 2020, contributing to more than one-third of the global IoT in the manufacturing market, as it helps in optimizing resource management by sending technicians with right parts.

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