IoT in Manufacturing Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The IoT in Manufacturing Market is expected to register a CAGR of 14.3% during 2023–2031. Rise of edge computing is likely to remain a key trend in the market.

IoT in Manufacturing Market Analysis

• Driven by the growing demand for controlling manufacturing processes and costs, the market is undergoing significant growth. IoT (Internet of Things) technologies contribute to on-the-spot monitoring and data collection, contributing to better decision-making and cost optimization.
• The emergence of Industry 4.0, along with smart factory projects, fosters the popularity of IoT in manufacturing and presents opportunities for improved automation and predictive maintenance.
• In addition, the use of IoT with machine learning and advanced data analytics is creating opportunities for predictive quality control, optimization of the supply chain and improved OEE (Overall Equipment Effectiveness) globally.

IoT in Manufacturing Market Overview

• Internet of Things (IoT) is being used in Manufacturing to optimize and automate processes, take advantage of the power of edge processing, and gain actionable insights from across the network.
• Using IoT technology, companies can take advantage of faster networks, smarter devices, and improvements in edge technology.
• In addition, the adoption of IoT technology paves the way for Industry 4.0. Furthermore, in the manufacturing industry, IoT helps to enhance supply chain productivity and traces the materials' movement, finished products, spare parts, etc. throughout manufacturing.
• Moreover, the technology helps businesses in monitoring production in real-time and take immediate action to improve service levels.

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IoT in Manufacturing Market: Strategic Insights

IoT in Manufacturing Market

• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• Growing Industry 4.0 Integration and Smart Factory Initiatives

FUTURE TRENDS

• Leveraging IoT for Predictive Maintenance and Enhanced Operational Efficiency

OPPORTUNITIES

• Rise of Edge Computing

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Solution
• Services

Application

• Business Process Optimization
• Workforce Management
• Predictive Maintenance
• Supply Chain Management

Industry

• Automotive
• Machine Manufacturing
• Chemical
• Energy and Utilities
• Food and Beverages

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IoT in Manufacturing Market Drivers and Opportunities

Growing Industry 4.0 Integration and Smart Factory Initiatives

• The implementation of Industry 4.0 principles and smart factory initiatives are among the driving factors for the rapid adoption of IoT in manufacturing. Industry 4.0 is conceptualized on the principles of cyber-physical systems, IoT, cloud computing, and cognitive computing that enable the creation of a smart factory that can self-optimize and self-adapt.
• Real-time monitoring and control of manufacturing processes are achievable with the deep analytics of huge amounts of data generated globally.
• The widespread connectivity of machines and systems enabled by IoT has already transformed on-site production process, supply chain management, as well as product maintenance, resulting in improved operational efficiency, reduced downtime, and better-quality maintenance, which are the key values sought by manufacturers to maximize productivity, reduce production costs, and increase their responsiveness to market variations and demands. In turn, these benefits for manufacturers are already driving the growth of the IoT in manufacturing market.

Leveraging IoT for Predictive Maintenance and Enhanced Operational Efficiency

• Using IoT sensors and connectivity, manufacturers can now monitor the operating condition of IoT-connected equipment and machinery in real-time. By doing so, they provide the foundation for predictive maintenance strategies and reduce unplanned downtime, lower maintenance costs and extend the life of critical assets.
• The IoT also enables the collection of large amounts of operational data, which together with advanced analytics and machine learning techniques, can be used to maximize production performance, optimizing OEE and energy efficiency during production runs.
• IoT-enabled supply chain visibility and transparency, for example, enable manufacturers to streamline inventory management, reduce lead times and optimize demand forecasting.

IoT in Manufacturing Market Report Segmentation Analysis

Key segments that contributed to the derivation of the IoT in Manufacturing Market analysis are component, application, and industry.

• Based on component, the IoT in Manufacturing Market is divided into solution and services. Solution segment is further sub-segmented into data management, application management, network management, device management, and smart surveillance. Services segment is further sub-segmented into professional services and managed services.
• On the basis of application, the market is divided into business process optimization, workforce management, predictive maintenance, supply chain management, and others.
• Based on industry, the market is divided into automotive, machine manufacturing, chemical, energy and utilities, food and beverages, and others.

IoT in Manufacturing Market Share Analysis by Geography

• IoT in Manufacturing Market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering IoT in Manufacturing Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the IoT in Manufacturing Market in these regions.

IoT in Manufacturing Market Market Report Scope

IoT in Manufacturing Market News and Recent Developments

The IoT in Manufacturing Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IoT in Manufacturing Market are listed below:

• MasterControl, the developer of a next-generation manufacturing execution system (MES), and Elemental Machines, a leading LabOps Intelligence technology platform, announced a strategic partnership leveraging two innovative technologies to help biomanufacturers automate manual data collection, improve data integrity, ensure compliance, and accelerate production for advanced biologics like cell and gene therapies. (Source: Elemental Machines, Press Release, June 2022)
• PTC and Rockwell Automation announced an extension of their relationship, focused on the adoption of Internet of Things (IoT) and augmented reality (AR) software by manufacturing companies. Rockwell Automation will continue to resell PTC's ThingWorx IoT software, including the Digital Performance Management (DPM) manufacturing solution and Vuforia AR software, to new and existing customers across discrete and process manufacturing verticals. (Source: PTC, News, June 2023).

IoT in Manufacturing Market Report Coverage and Deliverables

The “IoT in Manufacturing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• IoT in Manufacturing Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• IoT in Manufacturing Market trends as well as market dynamics such as drivers, restraints, and key opportunities.
• Detailed PEST/Porter’s Five Forces and SWOT analysis.
• IoT in Manufacturing Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IoT in Manufacturing Market.
• Detailed company profiles.