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 enables connectivity between machines and people across the value chain through use of sensors, actuators and connectivity which helps in optimization of operations and assets. Adoption of IoT helps manufacturers gain real-time visibility into processes, predict equipment failure and reduce downtime.
Market key trends:
One of the major trends in the IoT in manufacturing market is use of IoT for predictive maintenance. IoT connected sensors on manufacturing equipment can monitor operational conditions, performance metrics and detect anomalies in real-time. Data from these sensors is analyzed using machine learning algorithms to predict maintenance needs and prevent unplanned downtime. This has helped manufacturers improve equipment uptime through condition-based predictive maintenance instead of conventional time-based maintenance approaches.
The IoT in manufacturing market is witnessing increasing adoption of advanced technologies such as artificial intelligence (AI), cloud computing, and data analytics solutions by manufacturing companies. These technologies have enabled manufacturing plants to incorporate predictive maintenance, inventory management, and supply chain optimization. Furthermore, IoT connectivity helps increase productivity, reduce operational costs, and gain real-time insights into manufacturing processes.
SWOT Analysis
Strength: IoT in manufacturing helps improve efficiencies, reduce wastage, enhance productivity and quality of products. It allows remote monitoring of assets to predictive maintenance needs.
Weakness: High initial investment and lack of common standards are major challenges. Cybersecurity risks and compatibility issues exist with legacy systems.
Opportunity: Growth in disruptive technologies like AI, 5G, edge computing and blockchain will further drive the market. It supports customization, flexibility and reduced time to market.
Threats: Skill shortage of IoT talent and data privacy regulations pose threats. Dependence on telecom operators for connectivity is also a challenge.
Key Takeaways
Global Iot In Manufacturing Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing need for asset tracking and management. With growing digital transformation of industries, IoT offers advantages of real-time operational visibility, predictive maintenance, and performance optimization.
Regional analysis:
North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period as well, owing to strong presence of IoT vendors and manufacturers adopting advanced technologies for operational efficiency in this region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing manufacturing activities, growing industrial automation, and presence of emerging technologies.
Key players operating in the IoT in manufacturing market include Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc. The market is witnessing increased consolidation with larger players acquiring smaller ones to gain end-to-end solution capabilities. Standards-based hardware interoperability has also increased due to partnerships between vendors.
Manufacturing as a Service (Maas) is the largest segment driving the growth of IoT in Manufacturing Market
