The IoT in manufacturing market refers to the implementation of internet of things (IoT) technologies in manufacturing processes and equipment. IoT devices enable real-time monitoring and analysis of manufacturing operations. This helps improve productivity, reduce downtime, gain operational insights, and enhance product quality. IoT offers advantages like remote management and predictive maintenance of industrial assets. With technologies like artificial intelligence, edge computing and advanced analytics, IoT is helping transform traditional manufacturing into smart factories.
The Global IoT in Manufacturing Market Size is estimated to be valued at US$ 271.16 billion in 2024 and is expected to exhibit a CAGR of 28% over the forecast period of 2024 to 2030. Advanced technologies are driving adoption of IoT solutions across manufacturing facilities.
Key Takeaways
Key players operating in the IoT in manufacturing market are EnableX.io (VCLOUDX PTE. LTD), Twilio Inc., Infobip Ltd., Vonage Holdings Corp, M800 Limited, MessageBird BV, Iotum Inc., Plivo Inc., Voxbone SA, Snich AB, Telestax, Voximplant (Zingaya Inc.), Mitel Networks Corporation, 8x8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications. These players are focusing on developing innovative IoT platforms and solutions.
IoT offers significant opportunities to manufacturing companies by enabling data-driven decision making, predictive maintenance, inventory management, remote monitoring and more. This is boosting investments and partnerships in IoT projects across industries.
North America, Europe and APAC are major markets for IoT in manufacturing due to presence of global industrial players. However, manufacturers in emerging economies are also rapidly adopting IoT solutions to modernize operations and gain competitive edge. This is fueling global expansion of IoT in manufacturing industry.
Market drivers: Advanced technologies like AI, 5G, edge computing and blockchain are driving IoT adoption in manufacturing. IoT enables asset tracking, predictive maintenance, remote management and optimizes operations.
Market restraints: High initial costs, data security challenges and lack of standards are some challenges restraining broader IoT implementation. Connectivity and technology integration issues can also hamper seamless IoT enabled manufacturing.
Segment Analysis
The global IoT in manufacturing market can be segmented based on component, application, connectivity technology, and region. Based on component, the market can be bifurcated into software and hardware. The software segment dominates the global market as advanced software is required to integrate various IoT devices, collect data from sensors, analyze data and provide insights to manufacturers for enhancing their productivity and efficiency.
Based on application, the market can be classified into predictive maintenance, quality control & inspection, inventory management, production planning, asset management, and others. The predictive maintenance segment leads the market as IoT technology helps manufacturers in forecasting maintenance needs through real-time monitoring of equipment performance. This reduces unplanned downtime and associated costs.
Connectivity technology segment includes wired and wireless technology. Wireless technology dominates as IoT sensors and devices use cellular networks, Wi-Fi, Bluetooth, and other wireless connectivity solutions for monitoring and transmitting data. This provides flexibility and is cost-effective for asset tracking across large factory premises compared to wired installations.
Global Analysis
Regionally, the global IoT in manufacturing market is dominated by Asia Pacific with India and China being the major countries. This is due to strong adoption of IoT across industries, favorable government policies promoting smart manufacturing, and presence of leading manufacturing hubs. North America stands as the second largest region driven by surge in technology adoption among US companies. Europe is also a prominent regional market supported by initiatives to build smart factories by the EU and Germany leading in manufacturing exports. The Middle East & Africa region shows lucrative growth prospects fueled by urbanization and investments in industrial automation projects.
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