The IoT in manufacturing market is on the verge of experiencing remarkable growth, with an anticipated CAGR of 14.7%. By the year 2033, this dynamic sector is projected to reach a staggering US$ 948.6 billion. This growth signifies a significant transformation in the manufacturing industry, where the integration of Internet of Things (IoT) technologies is set to play a pivotal role.
The IoT in manufacturing market research report highlights the significant impact of IoT, AI, cloud computing, and ML on industrial sectors, driving substantial market expansion. Moreover, the streamlined operations and increased efficiency resulting from the swift automation of manufacturing facilities are compelling industry players to embrace these cutting-edge technologies.
The emergence of AIoT, an acronym for Artificial Intelligence of Things, has the potential to significantly narrow the gap in data performance and utilization. Consequently, the convergence of AI and IoT within the manufacturing sector is opening up exciting opportunities in product manufacturing.
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The IoT devices and next-generation manufacturing industry has experienced a tremendous increase in industrial automation in recent years. As a result, IoT gateway manufacturers are more concerned with generating high-volume and quality products due to increased market rivalry and end-user demand.
As a result, they’ve decided to concentrate on the factory’s essential areas, such as the IoT sensors for manufacturing, asset monitoring, and asset maintenance and support. As a result, manufacturers would be able to minimize direct human labor costs and expenses, boost productivity, improve process or product consistency, and produce high-quality goods by using automation.
Key Takeaways from the IoT in Manufacturing Market Report:
- The increased demand for automated machinery and IoT devices for manufacturing will accelerate IoT adoption. In addition, demand for customization, simpler and easy-to-use machinery, and reliable data will drive the IoT in the future.
- North America now has the largest market share with the growing number of start-ups and the widespread implementation of machine learning algorithms in both software and hardware equipment, which will contribute to the regional market’s growth.
- The services category is a critical component of the IoT in manufacturing market, as it focuses on optimizing company processes and lowering needless expenditures and overheads for manufacturing firms.
- Apart from North America, the Asia Pacific market will expand significantly in the future years. The increasing acceptance of sophisticated and automated concepts, as well as the following demand for them, would add to the market in the Asia Pacific.
- Several factors have contributed to the market’s recent expansion, such as industrial market competition has been extensively studied. The research also indicates the current strong demand and application areas for the product.
Market Developments:
- IBM and ClearBlade, a producer of industrial IoT platforms and edge computing tools, established a partnership in October 2020. To enable Edge IoT asset monitoring for near-real-time asset management.
- Modular Capital, a private financial organization, invested US$ 200K in DesignX, an Industrial IoT company based in India. With edge solutions, the company wants to invest this money in transforming comprehensive IoT solutions. Whereas, focus on asset performance management.
Major Key Players in the IoT in Manufacturing Market:
- Cisco
- IBM
- PTC
- Microsoft
- Siemens AG
- GE
- SAP
- Huawei
- ATOS
- HCL
- Intel
- Oracle
- Schneider Electric
- Zebra Technologies
- Software AG
- Wind River
- Samsara
- Telit (United Kingdom)
- ScienceSoft
- Impinj
- Bosch.IO
- Litmus Automation
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IoT in Manufacturing Market Segmentation:
By Component:
- Solution
- Services
By Solution:
- Network management
- Data management
- Device management
- Application management
- Smart surveillance
By Services:
- Managed services
- Professional services
By Organisation Size:
- Small and Medium Enterprises
- Large Enterprises
By Deployment Mode:
- On-premises
- Cloud
By Application:
- Predictive maintenance
- Business process optimization
- Asset tracking and management
- Logistics and supply chain management
- Real-time workforce tracking and management
- Automation control and management
- Emergency and incident management and business communication
By Vertical:
- Process manufacturing
- Discrete manufacturing
By Regions:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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