Global Internet of Things (IoT) in Manufacturing Market – Industry Trends and Forecast to 2030

Internet of Things (IoT) in Manufacturing Market Analysis and Size

IoT in manufacturing is a method of digital transformation that manufacturing businesses use to improve the productivity of their employees and machines. Critical production data are gathered using a network of sensors, and cloud and analytics software are then used to transform the data into information that can be used to make informed decisions about manufacturing operations. This IoT adoption allows manufacturing facilities to automate their processes, which lowers costs and shortens production times.

Data Bridge Market Research analyses that the internet of things (IoT) in manufacturing market, valued at USD 24.65 billion in 2022, will reach USD 95.98 billion by 2030, growing at a CAGR of 18.52% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Internet of Things (IoT) in Manufacturing Market Scope and Segmentation

Market Definition

The Internet of Things (IoT) is a system of interconnected gadgets that allows data transfer and communication through the use of embedded sensors. Applications for IoT in manufacturing include fleet management, connected operational intelligence, and real-time asset monitoring. Industrial applications of computers, such as manufacturing and energy management, are networked with connected sensors, instruments, and other devices under the umbrella of the "industrial internet of things" (IoT).

Internet of Things (IoT) in Manufacturing Market Dynamics

Drivers

• Escalating need for industrial automation in the manufacturing sector

Industrial automation has grown significantly in the manufacturing sector. Through fierce consumer demand and market competition, producers are concentrating more on producing large quantities of high-quality products. Manufacturers could improve the consistency of their processes or products, boost productivity, lower direct labor costs and expenses, and produce higher-quality goods by using automation. Control systems, such as computers or robots, are used in industrial automation processes to monitor and manage tools and procedures.

• Low operational cost drives the market

The connected supply chain and smart manufacturing processes depend heavily on connected and smart products. Additionally, the introduction of inexpensive connected devices has made it possible for manufacturers to implement IoT technologies to reduce resource consumption and boost overall productivity. Additionally, because IoT applications have a low operational cost, many manufacturers prefer to integrate them into their products to increase efficiency while lowering costs.

Opportunities

• Demand for real-time asset monitoring is increasing

IoT in manufacturing is real-time asset monitoring, In addition, the need to predict asset and equipment failure and reduce unplanned downtime is growing, which is what drives IoT adoption in the manufacturing sector. Additionally, this approach supports real-time machine and device monitoring to avoid manufacturing flaws. In order to provide operational and business intelligence, for instance, Hitachi introduced Hitachi Video Analytics (HVA), which enabled the company to produce real-time alerts at public locations to lower risk. As a result, the global IoT in the manufacturing industry is creating a surge in large part by the increase in demand for real-time monitoring.

• Increased quantity of data centres

The internet of things is significantly enhancing manufacturing processes by utilizing intelligent sensors and actuators. To take advantage of IoT, must create solutions that can manage large amounts of unstructured data. Data centers are capable of processing such massive amounts of data; they can gather data sent by IoT-enabled devices, analyze it, and compile valuable information to aid in better decision-making regarding manufacturing operations.

Restraints/Challenges

• Insufficiently trained personnel to operate IoT-based equipment

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

• Lack of IoT protocol standardization restricts the market's expansion

There is a growing diversity in the standardization across data standards, wireless protocols, and technologies as more companies enter the IoT market to automate processes and reduce costs. This is also explained by the rise in the number of newly created connected devices that utilize a variety of platforms and technologies.  Thus, the challenge is to harmonize standards so that machine-to-machine (M2M) communication is more adaptable and user-friendly given that IoT touches almost every aspect of human life.

This internet of things (IoT) in manufacturing market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the internet of things (IoT) in manufacturing Market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2022, In order to help bio manufacturers automate manual data collection, improve data integrity, ensure compliance, and speed up production for advanced biologics such as cell and gene therapies, Elemental Machines and MasterControl, two leading providers of LabOps Intelligence technology platforms, have formed a strategic partnership.
• In 2022, Avery Dennison Corporation, the largest provider of RFID and digital ID solutions in the world, and Wiliot, a pioneer in the Internet of Things, announced a strategic partnership to advance the IoT and usher in a new era of IoT that benefits people and the environment. Cisco and Telstra agreed to renew their contract and work together. Bridge regions with the powerful IoT network to help various industries, including retail, financial, and government.
• In 2021, In order to bring mobile edge analytics to industrial operations, IBM and Boston Dynamics teamed up. With the help of this collaboration, IBM will provide data analysis at the edge to industrial companies so they can enhance worker safety, streamline field operations, and increase maintenance productivity in settings such as factories, power plants, and warehouses.
• In 2021, A long-term strategic partnership was established between PTC and Technion, an Israeli institute of technology. With this partnership, PTC will establish a research and development center and invest USD 5 million in PTC's Haifa Campus. As part of the partnership, PTC and Technion will each conduct research and develop new advanced manufacturing technology-related processes.

Global Internet of Things (IoT) in Manufacturing Market Scope

The internet of things (IoT) in manufacturing market is segmented on the basis of components, software, deployment type, organizational size, connectivity, services, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Services
• Solution/ Software

Software

• Application Security
• Application Management
• Device Management
• Device Provisioning and Authentication
• Device Configuration Management
• Monitoring and Troubleshooting
• Data Management and Analytics
• Data Integration
• Data Security
• Data Migration
• Data Analytics and Visualization
• Metadata Management
• Data Governance
• Data Orchestration
• Monitoring
• Network Management
• Network Bandwidth Management
• Network Security Management
• Network Performance Monitoring and Management
• Network Configuration Management
• Smart Surveillance
• Central Monitoring Systems
• Video Analytics and Events
• Others

Deployment Type

• On Premises
• Cloud

Organizational Size

• SMEs
• Large Enterprises

Connectivity

• Satellite Network
• Cellular Network
• Radio-Frequency Identification (RFID)
• Near-field Communication (NFC)
• Wi-Fi

Services

• Managed Services
• Infrastructure Management Services
• Security Management Services
• Network Management Service
• 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
• Mobile and Web Application Development Services
• Support and Maintenance Services
• Education and Training Services

Application

• Predictive Maintenance
• Business Process Optimization
• Quality Management
• Cognitive Process and Operations Management
• Asset Tracking and Management
• Logistics and Supply Chain Management
• Real Time Workforce Tracking and Management
• Automation Control and Management
• Emergency and Incident Management
• Logistics and Supply Chain Management
• Inventory Management
• Business Communication

End User

• Process of Manufacturing
• Energy and Utilities
• Chemicals and Materials
• Food and Beverages
• Water and Waste Management
• Others
• Discrete Manufacturing
• Automotive
• Machine Manufacturing
• Semiconductors and Electronics and Communication Equipment
• Medical Devices
• Logistics and Transportation
• Industrial Equipment
• Aerospace and Defence
• Hi-tech Products
• Healthcare
• Others

Internet of Things (IoT) in Manufacturing Market Regional Analysis/Insights

The internet of things (IoT) in manufacturing market is analysed and market size insights and trends are provided by components, software, deployment type, organizational size, connectivity, services, application and end user as referenced above.

The countries covered in the internet of things (IoT) in manufacturing market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region’s dominance are the steady development of the economy. Furthermore, the occurrence of a large number of manufacturing units will further boost the growth of the internet of things (IoT) in the manufacturing market in the region during the forecast period.

Asia-Pacific will undergo the highest growth rate during the forecast period owing to the occurrence of upcoming technological innovations in IoT. Moreover, the rise in the IT scenario and the compulsory regulatory guidelines and use of artificial intelligence in IoT is further anticipated to propel the growth of the internet of things (IoT) in the manufacturing market in the region in the coming years

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Internet of Things (IoT) in Manufacturing Market Share Analysis

The internet of things (IoT) in manufacturing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to internet of things (IoT) in manufacturing market.

Some of the major players operating in the internet of things (IoT) in manufacturing market are:

• Cisco Systems, Inc. (U.S.)
• Siemens (Germany)
• ABB (Switzerland)
• Huawei Technologies Co., Ltd (China)
• Hitachi Vantara LLC (U.S.)
• Qualcomm Technologies, Inc. (U.S.)
• Rockwell Automation (U.S.)
• General Electric (U.S.)
• SAP SE (Germany)
• Microsoft (U.S.)
• Fujitsu (Japan)
• IBM (U.S.)
• Robert Bosch GmbH (Germany)
• Uptake Technologies Inc. (U.S.)
• Litmus Automation Inc. (U.S.)
• ClearBlade, Inc. (U.S.)
• Schneider Electric (France)
• Tech Mahindra Limited (India)
• Zebra Technologies Corporation (U.S.)
• Verizon (U.S.)

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