Internet of Things in Manufacturing Market: Growth, Trends by 2024

The global IoT in manufacturing market size was valued at USD 27.8 billion in 2018 and is projected to reach USD 452.27 billion by the end of 2032, exhibiting a CAGR of 22.1% during the forecast period. The North America dominated the IoT in manufacturing market with a share of 44.12% in 2018.

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Internet of Things (IoT) in Manufacturing Market Share, Size & Industry Analysis, By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast Between, 2019-2032

Top Companies of internet of things in manufacturing market:

• Cisco Systems, Inc.
• IBM Corporation
• General Electric Company
• Intel Corporation
• Siemens AG
• Microsoft Corporation
• SAP SE
• SOFTWARE AG
• ZEBRA TECHNOLOGIES
• HITACHI LTD.

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Internet of Things in Manufacturing Market Drivers and restrains:

• Drivers:
  • Enhanced Operational Efficiency: IoT solutions optimize manufacturing processes by providing real-time data and insights, leading to improved operational efficiency.
  • Increased Automation: The adoption of IoT enables greater automation in manufacturing, reducing human error and increasing production speed and accuracy.
  • Predictive Maintenance: IoT technologies facilitate predictive maintenance by monitoring equipment health and predicting failures before they occur, reducing downtime and repair costs.
  • Data-Driven Decision Making: IoT provides valuable data analytics that helps manufacturers make informed decisions, enhance product quality, and streamline operations.
  • Customization and Flexibility: IoT systems enable greater flexibility and customization in manufacturing processes, allowing for more agile responses to market demands and changes.
• Restraints:
  • High Implementation Costs: The initial investment required for IoT infrastructure, including sensors and data management systems, can be significant.
  • Data Security Concerns: The integration of IoT introduces cybersecurity risks, requiring robust measures to protect sensitive manufacturing data from breaches.
  • Complexity of Integration: Integrating IoT solutions with existing manufacturing systems can be complex and require significant technical expertise and time.
  • Interoperability Issues: Compatibility challenges between different IoT devices and platforms can hinder seamless communication and data sharing across systems.
  • Regulatory Compliance: Compliance with industry-specific regulations and standards for data privacy and operational safety can add to the implementation complexity and costs.

Reasons to buy this report:

This report provides a detailed analysis of the current market status, trends, growth segments, and competitive dynamics in the internet of things in manufacturing market. It enables businesses to identify opportunities for growth and development while also highlighting potential challenges and risks. By evaluating business segments and product portfolios, the report enables stakeholders to make more informed market strategies and investments.

A thorough understanding of the industry dynamics outlined in the report can significantly improve decision-making and facilitate the development of effective success strategies in the internet of things in manufacturing market. Overall, this report is an excellent resource for those seeking in-depth information about this rapidly changing industry.

Regional Atributes:

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
• Latin America (Brazil, Mexico, and Rest of Latin America)

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Industry developments of internet of things in manufacturing market:

• Robert Bosch GmbH collaborated with Huawei Technologies Co. to develop cloud-based IoT services. This collaboration was completed to develop and deploy IoT based solutions and services in manufacturing plants.
• GE and Microsoft announced an expanded partnership. GE plans to standardize its Predix solutions on Microsoft Azure and will integrate the Predix portfolio with Azure’s cloud capabilities, including Azure IoT and Azure Data Analytics. The companies will co-sell and offer end customer premier Industrial IoT(IIoT) solutions across verticals.

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