IoT in Manufacturing Market Size to Reach USD 1.52 Trillion by 2030

Ottawa, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Recently published report on “IoT in Manufacturing Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

IoT suggests real-time monitoring of industry items and equipment. Instead of waiting for a machine to fail, manufacturers can give remedies when particular machinery parts are likely to fail. IoT helps systems by keeping track of the health of its mechanisms, machinery, and engines. Through the effective use of data and the closer integration of different systems, the capabilities of IoT enable manufacturers to gain increased visibility and insights into their operations. This gives manufacturers the opportunity to diversify their business model from only selling goods to offering services and building stronger bonds with their customers.

The path to digital transformation in manufacturing is through IoT in manufacturing. Industrial IoT uses a network of sensors to gather important production data, and then uses cloud software to transform this data into insightful knowledge about how well industrial processes perform. The key factors influencing acceptance include a quicker time to market, lower costs, mass customization, and increased safety. Industries can create a connected, adaptable, and effective pumping system thanks to IoT.

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Key Insights:

• By application, the predictive maintenance segment has reached at 27% market share in 2021.
• By components, the software segment contributed 59% market share in 2021.
• The services segment has garnered 41% market share in 2021.
• Asia-Pacific region is expected to reach at a CAGR of 23.5% between 2022 to 2030.

Regional Snapshots

Asia-Pacific held dominant position and predicted to be in the dominating state during forecast period. Due to the region's ongoing economic expansion, ageing labor force, and increasing use of tablets and smartphones for work-related purposes, the IoT in manufacturing market is predicted to expand rapidly in the coming years. This will necessitate the adaptation of enterprise mobility solutions to meet the rising demand for safeguarding and protecting sensitive data. The primary drivers of this rapid growth in APAC include the region's expanding levels of personal digitalization, industrial automation, and government programs to encourage technology usage.

Report Highlights

• On the basis of component, the service segment is the leading segment and is expected to make the largest contribution to the IoT in manufacturing market. In order for manufacturing businesses to build linked, digitized production processes with mass customization and an automated, self-configuring manufacturing floor, services play a crucial role in the IoT in Manufacturing industry. As it primarily focuses on enhancing business operations and lowering needless costs and overheads for manufacturing firms, the services category is seen as a crucial part of the IoT in Manufacturing market.
• On the basis of solution, the data management segment is the leading segment and is expected to make the largest contribution to the IoT in manufacturing market. The factors can be ascribed to the IoT devices' maximum storage volume size. The legacy data management infrastructure and processes will no longer be adequate to adequately oversee and operate IoT as devices and sensors ingest huge data volumes. These businesses integrate data management into the gadgets and sensors that produce data in order to ensure a constant flow of information during production, increasing the effectiveness of industrial processes.
• On the basis of connectivity, the highest CAGR is projected for the near field communication segment during the forecasted period. Due to the shorter communication distance between two devices and its use in digital payments, it is anticipated to hold the biggest market share. Easy connections, quick transactions, and straightforward data transmission are all advantages of NFC. It works in conjunction with other widely used wireless technologies like Bluetooth, which has a longer range than NFC but also uses more power.
  
  

Recent Developments

• To work together and maintain their bridge areas with the potent IoT network to support diverse industries, including retail, finance, and government, Cisco and Telstra inked a new deal.
  
  

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Scope of the Report

Market Dynamics

Market Drivers

The manufacturing industry has witnessed a tremendous increase in industrial automation during the past several years. Due to intense consumer demand and market competition, producers are more focused on manufacturing big volumes of high-quality goods. In turn, this has caused them to concentrate on key areas within the plant, such as the production process, asset monitoring, and maintenance and support of assets. Manufacturers could lower direct labor costs and expenses, improve the consistency of their processes or goods, boost productivity, and produce higher-quality goods by using automation. Control systems, like computers or robots, are used in industrial automation processes to monitor and manage machinery and processes. The Internet of Things (IoT) is crucial for improving industrial automation in the manufacturing sector.

One of the key drivers of IoT in manufacturing is real-time asset monitoring. In addition, the requirement to foresee asset and equipment breakdown and reduce unexpected downtime is growing, which is what drives IoT adoption in the manufacturing sector. Additionally, this program provides immediate updates regarding asset delivery times and keeps an eye on priceless machinery to guarantee equipment safety. Additionally, this approach supports real-time machine and device monitoring to avoid production flaws. In order to deliver operational and business intelligence, for instance, Hitachi launched Hitachi Video Analytics (HVA), which enabled the corporation to produce real-time alerts at public locations in order to lower risk. As a result, the global IoT in manufacturing industry is being driven in large part by the increase in demand for real-time monitoring. The benefits associated with the IoT in manufacturing industry is driving the market.

Market Restraints

The standardizing across data standards, wireless protocols, and technologies becomes increasingly varied as more firms enter the IoT industry in an effort to simplify and lower costs. This is also explained by the rise in the quantity of newly created connected devices that are powered by different platforms and technologies. The goal is to harmonize various standards so that Machine-to-Machine communication is more flexible and user-friendly given that IoT touches practically every element of human life.

Market Opportunities

By utilizing intelligent sensors and actuators, the Internet of Things is significantly improving manufacturing processes. To take advantage of IoT, these businesses must create solutions that can manage enormous amounts of unstructured data. Data centers are capable of processing such massive amounts of data; they can gather data sent by IoT-enabled devices, evaluate it, and compile valuable information to aid in better decision-making regarding manufacturing operations.

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Market Challenges

To operate the newest software systems and manufacturing equipment outfitted with IoT-related technologies, a skilled crew is necessary. Although manufacturing sectors are quick to adopt new technologies, they struggle with a lack of highly qualified workers. Due to a lack of a qualified workforce, emerging nations also struggle to successfully deploy IoT in manufacturing operations and complete the next stage of industrialization.

Market Segmentation

By Component

• Software
• Services

By Solution

• Data Management
• Network Management
• Device Management
• Connectivity Management Platform
• Application Management
• Smart Surveillance

By Connectivity

• Satellite Network
• Cellular Network
• Near Field Communication (NFC)
• Others

By Deployment Mode

• On-premises
• Cloud

By Organization Size

• Small and Medium Enterprises
• Large Enterprises

By Service

• Managed services
  • Infrastructure management services
  • Security management services
  • Network management services
  • Data management services
  • Device management services
• Professional services
  • Iot consulting services
    • Technology consulting services
    • Business consulting services
    • Operational consulting services
  • IoT infrastructure services
    • Network services
    • Deployment services
    • Cloud services
  • System designing and integration services
    • Platform development and integration services
    • Mobile and web application development services
  • Support and maintenance services
  • Education and training services

By Vertical

• Process manufacturing
  • Energy and utilities
  • Chemical and materials
  • Food and beverages
  • Water and waste management
  • Other verticals
• Discrete manufacturing
  • Automotive
  • Machine manufacturing
  • Semiconductor and electronics
  • Medical devices
  • Logistics and transportation

By Application

• Predictive Maintenance
• Asset Performance Management
• Quality Management
• Cognitive Process & Operations Management
• Supply Chain Management
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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