IoT in Manufacturing Market Size, Share, Trends | Global For

The value of the global IoT in Manufacturing Market was estimated at USD 30,000 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 25% to reach USD 70,000 million by 2033.

The Internet of Things, or IoT, is a network of linked objects that uses integrated sensors to facilitate data transfer and communication. Applications for IoT in manufacturing include fleet management, networked operational intelligence, and real-time asset monitoring.

The study focuses on the global IoT in manufacturing market trends, including growth prospects, constraints, and analysis. In order to comprehend the effects of numerous variables on the global IoT in manufacturing market share, including supplier bargaining power, competitor competitive intensity, threat of new entrants, threat of substitutes, and buyer bargaining power, the study offers Porter’s five forces analysis.

Review of Segments

IoT in Manufacturing Market : By Component

  • Hardware
  • Software
  • Services

IoT in Manufacturing Market : By Application

  • Predictive Maintenance
  • Quality Control
  • Inventory Management
  • Asset Tracking
  • Supply Chain Management

IoT in Manufacturing Market : By Deployment mode

  • Cloud-based
  • On-premise

IoT in Manufacturing Market : By Industry

  • Automotive
  • Aerospace
  • Consumer Goods
  • Electronics
  • Pharmaceuticals
  • Others

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Application-wise, the predictive maintenance segment accounted for the largest share in 2020 and is anticipated to maintain this trend over the course of the forecast period. This is because predictive maintenance optimizes resource management by dispatching technicians with the appropriate parts, a significant factor in the growth of the IoT in manufacturing market. In the next years, the cognitive process and operation management market is anticipated to grow at the fastest rate since it aids in the identification of production flaws by manufacturers. This method, which is mostly used in the United States, was developed to speed up continuous process improvement and cut down on inspection times.

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Main Advantages for Parties Involved

  • In order to explain the impending investment pockets, the study offers a thorough analysis of the worldwide IoT in manufacturing market projections along with present & future trends.
  • The study includes details on the main factors pushing the global IoT in manufacturing industry as well as opportunities, challenges, and their effects.
  • The strength of the suppliers and buyers in the market is demonstrated by the Porter’s Five Forces study.

Significant Companies:

  • Siemens AG
  • Bosch
  • Honeywell International
  • IBM Corporation
  • Microsoft Corporation
  • Schneider Electric SE
  • General Electric
  • Cisco Systems Inc.
  • Rockwell Automation, Inc.
  • SAP SE
  • PTC Inc.
  • Oracle Corporation
  • Huawei Technologies Co., Ltd.
  • Intel Corporation
  • ABB Ltd.

Key Influential Elements of IoT in manufacturing market

Minimal Cost of Operations

Smart manufacturing processes and a connected supply chain depend heavily on intelligent and linked products. Additionally, the introduction of inexpensive connected devices has made it possible for manufacturers to implement IoT technologies in order to reduce resource consumption and boost overall productivity. Furthermore, a number of manufacturers opt to integrate IoT applications into their machinery in order to optimize productivity while minimizing expenses, owing to the cheap operational costs.

An increase in the need for real-time asset tracking

One of the main forces behind IoT in manufacturing market is real-time asset monitoring. The need to anticipate asset and equipment breakdown and reduce unscheduled downtime is also driving the expansion of IoT in the manufacturing market. Additionally, this program keeps an eye on priceless machinery to guarantee equipment safety and provides immediate updates regarding asset delivery time. Additionally, this technique aids in real-time machine and device monitoring to avoid manufacturing defects. In order to lower risk, Hitachi, for example, developed Hitachi Video Analytics (HVA) to offer operational and business intelligence. This allowed the corporation to create real-time alerts at public locations. Therefore, one of the main factors propelling the worldwide IoT in the industrial sector is the increase in need for real-time monitoring.

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June 20, 2024