The IoT in the manufacturing market is poised for significant growth, with a projected steady Compound Annual Growth Rate (CAGR) of 14.7% over the forecast period. In 2023, it is expected to generate revenues of around US$ 265.2 billion, and by 2033, this market is forecasted to surpass an impressive value of US$ 948.6 billion.
The ecosystem’s diversity of significant stakeholders has resulted in a competitive and diversified adoption of IoT in the manufacturing market. The Internet of Things enables industrial units to automate their operations, which results in cost savings, faster time to market, mass customization, and increased safety.
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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 a process or product consistency, and produce high-quality goods by using automation.
Control systems, such as computers or robots, are used in industrial automation processes to monitor and control machinery. In the manufacturing IoT sensors industry, a critical role is played by improving the process of industrial automation.
The global economy has been influenced by COVID-19. Energy, oil and gas, transportation and logistics, manufacturing, and aviation are among the financial and industrial sectors with a large economic influence. As a result, the world economy is expected to enter a recession due to the loss of billions of dollars.
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 the 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.
What is the COVID-19 Impact on IoT in Manufacturing Market?
Due to COVID-19, multiple companies reduced their industrial IoT (IIoT) budgets; a drop in economic activity will negatively impact IoT in the manufacturing market. However, because of its importance, especially during pandemics or other disasters, IIoT or IoT in the manufacturing market is likely to see significant expansion during the forecast period (2022-2032). According to a recent McKinsey survey, 93% of supply chain and industrial IoT professionals focus on smart and resilient IoT solutions.
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.
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