Iot In Manufacturing Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of IoT In Manufacturing market in 2021?

The global IoT in manufacturing market size in 2021 was valued at USD 883.3 billion, with a compound annual growth rate (CAGR) of 12.3%. The market is expected to reach USD 1.67 trillion by 2028. The increasing adoption of automation and digitalization in manufacturing processes is driving the growth of the IoT in manufacturing market.

COVID-19 Impact on the IoT In Manufacturing Market

The COVID-19 pandemic had a significant impact on the IoT in manufacturing market. The widespread disruptions caused by the pandemic led to a slowdown in manufacturing activities across the globe. However, as manufacturers began to adopt digital solutions to adapt to the new normal, the demand for IoT in manufacturing solutions surged. This shift towards automation and remote monitoring is expected to drive the growth of the IoT in manufacturing market in the post-pandemic era.

IoT In Manufacturing Dynamics

The dynamics of the IoT in manufacturing market are constantly evolving, driven by technological advancements and changing consumer preferences. The integration of IoT devices in manufacturing processes allows for real-time monitoring, predictive maintenance, and improved efficiency. Manufacturers are increasingly investing in IoT solutions to enhance productivity, reduce costs, and gain a competitive edge in the market.

Segments and Related Analysis

The IoT in manufacturing market can be segmented based on components, application, and region. By components, the market can be divided into hardware, software, and services. The applications of IoT in manufacturing include predictive maintenance, asset tracking, inventory management, and supply chain optimization. Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis

In North America, the IoT in manufacturing market is driven by the presence of key players and the adoption of advanced technologies. Europe is witnessing rapid growth in IoT adoption in manufacturing, particularly in the automotive and aerospace industries. The Asia Pacific region is expected to experience significant growth due to increasing industrialization and government initiatives to promote smart manufacturing solutions. Latin America and the Middle East & Africa are also emerging markets for IoT in manufacturing.

Key Market Players and Competitive Landscape

Some of the key players in the IoT in manufacturing market include Siemens AG, General Electric Company, IBM Corporation, Cisco Systems Inc., and Microsoft Corporation. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market. The competitive landscape of the IoT in manufacturing market is characterized by intense competition, technological advancements, and a focus on customer satisfaction.

Recent Happenings in the IoT In Manufacturing Market

- In August 2021, Siemens AG announced the launch of a new IoT platform for manufacturing, enabling seamless integration of machines and systems. - General Electric Company introduced a predictive maintenance solution for manufacturing plants in September 2021, aimed at reducing downtime and improving operational efficiency. - IBM Corporation partnered with a leading automotive manufacturer to implement IoT solutions for real-time monitoring of production processes in October 2021. - Cisco Systems Inc. collaborated with a major electronics company to deploy IoT sensors for quality control and predictive maintenance in November 2021. - Microsoft Corporation launched a new cloud-based IoT platform for small and medium-sized manufacturers in December 2021, providing affordable and scalable solutions for digital transformation.