IoT in Manufacturing Market worth $87.9 billion by 2026, growing at a CAGR of 11.9%: Report by MarketsandMarkets™

Chicago, May 22, 2023 (GLOBE NEWSWIRE) -- The global IoT in Manufacturing Market size to grow from USD 50.0 billion in 2021 to USD 87.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period, according to a new report by MarketsandMarkets™. The presence of various key players in the ecosystem has led to a competitive and diverse market. IoT in manufacturing is a technique of digital transformation that the manufacturing companies adopt for their efficient working of machines and their employees. This employs a network of sensors to collect critical production data and cloud and analytics software are used to convert these data collected to useful information for effective decision-making about the manufacturing operations. This adoption of IoT enables manufacturing units to automate their processes and are used for reducing cost, shorter time to market, mass customization, and improve safety. Connected sensors and actuators enable companies to pick up on inefficiencies and problems sooner and save time and money, while supporting BI efforts.
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459 - Tables
57 - Figures
382 - Pages

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Scope of the Report

IoT solutions and services offer manufacturing companies the benefit of digital disruption. With the growth of Industry 4.0, hundreds of manufacturers have connected thousands of machines across their global factories to IoT platforms, which helps manufacturers increase their capacity utilization and ultimately win more businesses to remain globally competitive in their concerned market. Smart IoT solutions offer manufacturers tangible results in terms of a significant rise in operational productivity. The IoT in Manufacturing Market is an integration of IoT solutions and services, helping in the automation of manufacturing operations. The overall use of IoT in the manufacturing sector has revolutionized the manufacturing industry by introducing smart sensors and advanced networking technology. The IoT ecosystem connects heterogeneous processes, personnel, resources, devices, sensors, robotics, heavy machineries, and business procedures in a cohesive way to attain optimum resource usage and enhance the productivity of business processes. MarketsandMarkets forecasts the global IoT in Manufacturing Market size to grow from USD 33.2 billion in 2020 to USD 53.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period.         

The scope of IoT in Manufacturing Market has widened over the years, with the growing demand for industrial automation in the manufacturing industry, the rising need for centralized monitoring and predictive maintenance of assets, the increasing number of cost-effective and intelligent connected devices and sensors, the growing need for reliable, secure, and high-speed network connectivity, and the increased adoption of cloud computing platforms. IoT is a key digital transformation technology, enabling businesses to increase their operational efficiency. The other technologies, such as big data analytics, cloud, and edge computing, are spurring the demand for the digital transformation of businesses. Both the process and discrete manufacturing vertical are undergoing digital transformation. There are immense opportunities for IoT in manufacturing vendors, which include the emerging 5G technology to help IoT adoption globally, increase in smart manufacturing initiatives worldwide, and rise in the number of data centers.

Among solutions, the smart surveillance segment is estimated to grow with the highest CAGR during the forecast period.  Manufacturing companies are focusing on improving their operational efficiency and making optimum use of their resources. The key factor driving manufacturing enterprises toward adopting the smart surveillance solution is the need for having a standardized and consistent unified view of the data and process for seamless access to most stakeholders. The security and surveillance industry is changing, and solutions have moved from alarm monitoring to live video surveillance and other remote security features. These security features have increased the visibility for organizations that want to safeguard their people, assets, and buildings. IoT is helping create safer cities, homes, and businesses by enabling both private and public organizations to securely and remotely monitor facilities and public spaces in real time with smart surveillance solutions.

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Among the organization size, the large enterprises segment is expected to dominate the market. Considering the comparatively higher budget allotted to IT solutions and services in large enterprises, the adoption of IoT in manufacturing is higher in this segment. Both large enterprises and SMEs across the manufacturing industry need access to critical business information for optimizing resources and integration and management of the performance of IoT devices. IoT in manufacturing solutions and services play a vital role in these scenarios. They are majorly opted by SMEs and large enterprises to integrate, monitor, and manage heterogeneous smart devices both inside and outside the manufacturing plant.

Among the applications, the real-time workforce tracking and management is estimated to grow with the highest CAGR during the forecast period. IoT-enabled workforce management provides visibility that connects data and people together to ensure effective deployment of staff and improved service delivery. Workforce automation, tracking, and management help manufacturing enterprises streamline their processes and identify, deploy, validate, as well as manage their employees and connect with them in real time. Workforce management automates activities, such as scheduling tasks and assigning field resources and equipment to various employees on the respective manufacturing floor. 

Among the vertical, discrete manufacturing is estimated to both lead in terms of market share and grow with the highest growth rate during the forecast period. Discrete manufacturers follow strict growth strategies for their manufacturing operations and focus on reducing operational costs, leading to high use of IoT technology in their business operations. This factor makes the adoption of IoT in manufacturing higher in this segment. Discrete manufacturing companies focus on improving the operational efficiency of machines to meet the increasing customer demands. Hence, the discrete manufacturing segment is expected to hold a larger market share and higher CAGR during the forecast period.

North America is one of the most prominent regions in the IoT in Manufacturing Market. North America is a major contributor to the IoT in Manufacturing Market as the region is technologically developed, and a number of government initiatives have been adopted, including smart cities, and IIoT. The IoT in Manufacturing Market is steadily growing in North America, which includes the US and Canada. These countries are the early adopters of advanced technologies across various verticals, such as the manufacturing industry. These countries have sustainable and well-established economies, which empower them to strongly invest in R&D activities, thereby contributing to the development of new technologies. The increasing adoption of smart, secure, and connected technologies for asset-centric applications is expected to increase market growth. The advent of SMEs and the adoption digitization in manufacturing are expected to drive the growth of the market in North America. 

The key and emerging market players in the IoT in Manufacturing Market include Cisco (US), IBM (US), PTC (US), Microsoft (US), Siemens AG (Germany), GE (US), SAP (Germany), Huawei (China), ATOS (France), HCL (India), Intel (US), Oracle (US), Schneider Electric (France), Zebra Technologies (US), Software AG (Germany), Wind River (US), Samsara (US), Telit (UK), ScienceSoft (US), Impinj (US), Bosch.IO (Germany), Litmus Automation (US), Uptake (US), Mocana (US), HQ Software (Estonia), FogHorn(US), ClearBlade (US). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the global IoT in Manufacturing Market.

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