by The 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:
The IoT in manufacturing enables businesses to connect physical assets like sensors, machines, industrial equipment to digital systems. This helps in remotely monitoring equipment performance, streamlining operations, predictive maintenance, and optimizing supply chain. Key applications of IoT include asset tracking, predictive maintenance, supply chain management, quality control and real-time fleet management.
Market Dynamics:
The increasing need for real-time data analytics across manufacturing operations is fueling the adoption of IoT solutions globally. IoT connected sensors help manufacturers gain insights into machine performance, detect faults and reduce downtime. This has resulted in improved operational efficiency and reduced maintenance costs. Furthermore, growing industrial automation and focus on Industry 4.0 is also driving investments in IoT platforms and solutions. IoT connects all phases of manufacturing through a smart networked infrastructure promoting flexibility, modularity, resource efficiency and real-time control.
SWOT Analysis
Strength: IoT enables predictive maintenance and reduces unplanned downtime. IoT helps optimize production lines and inventory levels. IoT enables remote monitoring of equipment and captures real-time data for analysis.
Weakness: Higher initial investment requirement for IoT infrastructure deployment. Concerns around data security and privacy continue to be a challenge. Lack of skilled workforce and interoperability issues.
Opportunity: IoT allows for innovative business models like pay-per-use and outcome-based services. Growing demand for connectivity of embedded devices offers huge market potential. Increasing digitalization globally is a big opportunity.
Threats: Technical limitations and lack of common standards inhibit scale and interoperability. Cybersecurity threats from increased network connectivity and data sharing. Changes in regulations can impact IoT adoption.
Key Takeaways
Global Iot In Manufacturing Market Size is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing demand for mass production and connected devices. IoT helps optimize production processes, reduce costs and enables data-driven decision making.
Regional analysis – North America dominates the IoT in Manufacturing market currently due to prominent technology adoption. Asia Pacific is expected to grow at the highest CAGR during the forecast period supported by government initiatives, growing manufacturing industry and presence of key players.
Key players operating in the IoT in Manufacturing market are 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 competitive with focus on new product development and partnerships for technology integration.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
