Redding, California, Nov. 03, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ’IoT in Manufacturing Market by Component (Platform, Connectivity), Application (Resource Optimization, Machine Inspection & Maintenance), End User (Automotive, Medical Devices) and Geography—Global Forecast to 2029’, the global IoT in manufacturing market is expected to register a CAGR of 13.7% from 2022–2029 to reach $233.6 billion by 2029.
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The rising demand for industrial automation in manufacturing and growing investments in Industry 4.0 are the major factors driving the growth of this market. However, data security and privacy issues in IoT can restrain market growth to a certain extent. Emerging 5G technology to help IoT adoption is expected to offer significant opportunities for the growth of this market.
Impact of COVID-19 on the IoT in Manufacturing Market
In the first quarter of 2020, the world was severely impacted by the COVID-19 pandemic. The effects of the COVID-19 outbreak can be seen throughout every industry, especially in the manufacturing sector. Business operations across the manufacturing sector have been disrupted due to shortages in raw materials & workforce, supply chain disruption, and restrictions on operating capacities. Despite the disruptive impact of COVID-19, organizations are planning to increase their investments in the Internet of Things (IoT) as a rapid increase in the adoption of industrial internet of things (IoT). Thus, the pandemic influenced the manufacturing industry to reduce its dependency on manual labor and adapt to advanced technologies such as AI, machine learning, and IoT.
With the adoption of IoT in manufacturing, manufacturers have observed improved productivity, higher quality, near-zero design error, energy efficiency, leaner process, flexibility in production scale, increased agility, improved predictability, and enhanced monitoring of the processes. Thus, the adoption of IoT technology influenced business operations worldwide to sustain business operations. Thus, the COVID-19 pandemic has positively impacted the global IoT in manufacturing market. This adoption trend of IoT technology is anticipated to continue and grow during the forecasted period.
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The global IoT in Manufacturing market is segmented by component (hardware, platform (network management, device management, application management, data management), services, and connectivity (satellite network, cellular network, near field communication (NFC), and other connectivity modes), deployment mode (on-premise and cloud-based), organization size (SMEs and large enterprises), application (surveillance & safety, quality management, resource optimization, inventory & warehouse management, machine inspection & maintenance, production planning, energy management, and smart robotics), end user (automotive, electronics & semiconductors, heavy metals & machine manufacturing, energy & utility, aerospace and defense, medical devices, pharmaceuticals, and other end users) and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on component, the global IoT in manufacturing market is segmented into hardware, platform, services, and connectivity. In 2022, the hardware segment is expected to account for the largest share of the global IoT in manufacturing market. The large market share of this segment is attributed to factors such as consistent engagement of the manufacturing sector in improving efficiency, reducing costs, and increasing overall equipment effectiveness (OEE). However, the platform segment is expected to register the highest CAGR during the forecast period. The rising adoption of IoT platforms in the manufacturing sector by various end users to improve operational efficiency drives the segment’s growth.
Based on deployment mode, the global IoT in manufacturing market is segmented into on-premise deployment and cloud-based deployment. In 2022, the on-premise deployment segment is expected to account for the larger share of the global IoT in manufacturing market. The large market share of this segment is attributed to a high preference for on-premise deployments among large enterprises and the availability of trained IT professionals & infrastructure. However, the cloud-based deployment segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of cloud computing in the manufacturing sector.
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Based on organization size, the global IoT in manufacturing market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. In 2022, the large enterprises segment is expected to account for the larger share of the global IoT in manufacturing market and is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the strong IT infrastructure of large enterprises and the growing investment in the adoption of advanced technologies such as AI, IoT and blockchain by manufacturers.
Based on application, the global IoT in manufacturing market is segmented into surveillance & safety, quality management, resource optimization, inventory & warehouse management, machine inspection & maintenance, production planning, energy management, and smart robotics. In 2022, the surveillance & safety segment is expected to account for the largest share of the global IoT in manufacturing market. The large market share of this segment is attributed to factors such as the increasing need for monitoring production lines to promote a safer work environment for safe operation during the manufacturing process. However, the inventory & warehouse management segment is expected to register the highest CAGR during the forecast period. The rising adoption of IoT platforms for precise visibility into raw materials and components flow, work-in-process, and finished goods by providing real-time updates is driving the segment’s growth.
Based on end user, the global IoT in manufacturing market is segmented into automotive, semiconductors & electronics, heavy metals & machine manufacturing, energy & power, aerospace and defense, medical devices, pharmaceuticals, and other end users. In 2022, the automotive segment is expected to account for the largest share of the global IoT in manufacturing market. The automotive industry is extensively adopting automation, IoT, and robotics systems to enhance product quality, reduce work-in-progress time, and improve equipment reliability, promoting the market’s growth. However, the medical devices segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing adoption of digital technologies in medical device manufacturing operations.
Based on geography, the global IoT in manufacturing market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the global IoT in manufacturing market. Factors such as favorable government initiatives, technological innovation, the growing number of industrial organizations, and the increasing adoption of IoT devices to optimize operational efficiency drive the market’s growth. The region is also a hotbed of industrial robotics innovation, with China, Japan, and South Korea the three largest global markets. In addition, half of all APAC manufacturers are expected to have smart factories within three years.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2020–2022).
The key players operating in the global IoT in Manufacturing market are General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), Siemens AG (Germany), PTC Inc. (U.S.), Robert Bosch GmbH (Germany), Atos SE (France), Microsoft Corporation (U.S.), HCL Technologies Limited (India), Zebra Technologies Corporation (U.S.), Schneider Electric (France), Oracle Corporation (U.S.), Hitachi, Ltd. (Japan), and Software AG (Germany).
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Scope of the Report:
IoT in Manufacturing Market, by Component
- Hardware
- Platform
- Network Management
- Device Management
- Application Management
- Data Management
- Services
- Connectivity
- Satellite Network
- Cellular Network
- Near Field Communication (NFC)
- Other Connectivity Modes
IoT in Manufacturing Market, by Deployment Mode
- On-premise Deployment Mode
- Cloud-based Deployment Mode
IoT in Manufacturing Market, by Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
IoT in Manufacturing Market, by Application
- Surveillance & Safety
- Quality Management
- Resource Optimization
- Inventory & Warehouse Management
- Machine Inspection & Maintenance
- Production Planning
- Energy Management
- Smart Robotics
IoT in Manufacturing Market, by End User
- Automotive
- Electronics & Semiconductors
- Heavy Metals & Machine Manufacturing
- Energy & Utility
- Aerospace and Defense
- Medical Devices
- Pharmaceuticals
- Other End Users
IoT in Manufacturing Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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