What Fueled The Previous Growth In The IoT in Manufacturing Market?
The iot in manufacturing market has seen considerable growth due to a variety of factors.
• The market size of IoT in manufacturing has witnessed a swift expansion in the past few years. Its value will catapult from $286.53 billion in 2024 to a substantial $334.78 billion in 2025, progressing at a CAGR of 16.8%.
Factors such as Industry 4.0, cost efficiency, predictive maintenance, supply chain enhancement, and quality control contribute to the growth observed in the historical phase.
How Does the Forecast Look for the IoT in Manufacturing Market?
The iot in manufacturing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for IoT in manufacturing is projected to experience a swift surge over the coming years, escalating to a figure of $630.32 billion in 2029 with a compound annual growth rate (CAGR) of 17.1%.
The anticipated growth during this forecast period can be ascribed to factors such as 5G connectivity, edge computing, artificial intelligence and machine learning, customization and personalization, coupled with sustainability. Key trends during the forecast spell include digital twins, cybersecurity, remote monitoring and control, cooperative robots (also known as cobots), and smart factories.
What Are The Leading Drivers Of Growth In The IoT in Manufacturing Market?
The growth of the IoT market is being catalyzed by its application in various sectors, including the automotive industry. The use of IoT in the automotive field has unveiled new horizons for manufacturers and customers across the globe. Its multifunctionality has made it an increasingly popular technology in this sector, improving communication, control, and data transmission at every level of transportation. Renowned firms such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are investing heavily to develop smart cars with rich features for a better, safer, and more entertaining driving experience. UBS predicts that by 2030, 12% of all cars sold will serve autonomous taxi fleets, with about 26 million driverless taxis functioning globally.
How Are The Segments Defined Within The Global IoT in Manufacturing Market?
The IoT in manufacturing market covered in this report is segmented –
1) By Component: Solution, Platform, Service
2) By Vertical: Energy And Utilities, Automotive, Food And Beverages, Aerospace And Defense, Chemicals And Materials, High-Tech Products, Healthcare
3) By Platform: Device Management Platform, Application Management Platform, Connectivity Management Platform
4) By Application: Process Optimization, Predictive Maintenance, Asset Management, Workforce Management, Emergency And Incident Management, Logistics And Supply Chain Management, Inventory Management
Subsegments:
1) By Solution: Hardware, Software
2) By Platform: IoT Platform, Cloud Platform, Edge Computing Platform
3) By Service: Professional Services, Managed Services
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How Are New Trends Impacting The Size Of The IoT in Manufacturing Market?
IoT devices are prolific generators of varied data. The organization and examination of this data can significantly augment its worth to a business. The process of data analytics can enhance how IoT data is utilized in multiple domains such as the accuracy of time series data, the prediction and sophisticated analytics, data organization, real-time geospatial and location data (logistic data). For example, big-name cloud service providers like Amazon, Microsoft, and Google are leveraging data analytics progressively for business enhancement. Many companies aspire to broaden their market footprint with AI algorithms that can harness machine learning and deep learning. This will enable businesses to gain more insight and make evidence-based decisions from growing data volumes.
Who Are the Key Players In The IoT in Manufacturing Market?
Major companies operating in the IoT in manufacturing market include:
• Microsoft Corporation
• SAP SE
• Robert Bosch GmbH
• International Business Machines Corporation
• Cisco Systems Inc.
• General Electric Company
• Huawei Technologies Co. Ltd.
• PTC Inc.
• Zebra Technologies Corporation
• Siemens Aktiengesellschaft
• Rockwell Automation Inc.
• Wind River Systems Inc.
• Schneider Electric SE
• ClearBlade Inc.
• Mocana Corporation
• Impinj Inc.
• Uptake Technologies Inc.
• PalleTech LLC
• ELMODIS Sp. z o.o.
• Water.IO Inc.
• SensEye LLC
• ARCSTONE Pte. Ltd.
• SupraControl Technologies Inc.
• Software AG
• Texas Instruments Incorporated
• Hitachi Ltd.
• Konux GmbH
• Honeywell International Inc.
• Intel Corporation
• ABB Ltd.
• Mitsubishi Electric Corporation
• Fujitsu Limited
• Accenture plc
• Oracle Corporation
• Hewlett Packard Enterprise Development LP
• Dell Technologies Inc.
• Amazon Web Services Inc.
• Fanuc Corporation
• Kuka AG
• Yaskawa Electric Corporation
What Is The Most Dominant Region In The IoT in Manufacturing Market?
Asia-Pacific was the largest region in the IoT market in 2023. North America was the second largest region in the IoT market. The regions covered in the iot in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
