April 18, 2024
IoT in Manufacturing Market

Iot In Manufacturing Is Transforming Operations Through Digitalization Trends

Manufacturing operations have evolved significantly with the integration of IoT technologies. IoT devices are used in manufacturing processes to collect data from assets and machines. IoT helps streamline operations through predictive maintenance, real-time monitoring, and remote management. IoT solutions enable manufacturers to optimize asset utilization, improve productivity, reduce operational costs and downtime. The collected data is analyzed using advanced analytics to gain valuable insights for enhancing process efficiency and product quality.

The Global IoT in Manufacturing Market Size is estimated to be valued at US$ 271.16 Bn in 2024 and is expected to exhibit a CAGR of 28% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the IoT in Manufacturing 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, 8×8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications.

The growing demand for mass customization and personalized products is compelling manufacturers to adopt Industry 4.0 technologies like IoT. IoT implementation helps manufacturers gain end-to-end visibility and control of operations to accelerate production of customized goods.

Globally, industries are increasingly embracing digitalization strategies to enhance productivity and gain a competitive edge. IoT is facilitating global expansion opportunities for manufacturers by enabling remote monitoring and management of distributed facilities across geographies.

Market key trends

Edge computing is gaining traction in manufacturing environments. By processing data closer to where it is generated, edge computing using IoT devices addresses issues of network latency and bandwidth constraints associated with cloud-based analytics. This allows for faster response times for real-time analytics and control applications.

Porter’s Analysis

Threat of new entrants: The IoT in Manufacturing market has moderate threat of new entrants as it requires high capital investment in infrastructure and significant R&D spending to develop new technologies.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many solution providers in the market offering substitutable IoT offerings.

Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component providers and solution providers in the market.

Threat of new substitutes: The threat of new substitutes is moderate as new technologies like AI and big data are emerging as substitutes.

Competitive rivalry: The competitive rivalry in the market is high due to presence of many global and regional players offering diversified IoT solutions.

Geographical Regions

North America dominated the IoT in manufacturing market in terms of value in 2024 due to high adoption of advanced technologies and presence of major players in the region. Asia Pacific is expected to grow at the fastest CAGR during the forecast period driven by increasing investments by companies in digital transformation of manufacturing sector in emerging countries.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it