Internet of Things in Manufacturing Market Growth, Trends, and Size 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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Recent 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.

Top Keyplayers 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 Segmentation

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

Reasons to buy this report:

This report thoroughly examines the competitive dynamics, growth areas, market conditions, and trends in the internet of things in manufacturing market. It assists businesses in identifying opportunities for growth and development while highlighting potential challenges and risks. Stakeholders are assisted in developing more informed investment and market strategies by the report’s assessment of product portfolios and business segments.

A thorough grasp of the industry dynamics outlined in the report can help develop successful success strategies in the internet of things in manufacturing market and greatly improve decision-making. All things considered, this report is an excellent source of information for anyone wishing to learn more about this rapidly changing sector.

Key Report Highlights on the Internet of Things in Manufacturing Market:

• Market CAGR for the Forecast Period: Provides insights into the Compound Annual Growth Rate (CAGR) of the Internet of Things in Manufacturing Market from 2024 to 2032.
• Comprehensive Analysis of Growth Drivers: Offers a detailed evaluation of the key factors driving the growth of the Internet of Things in Manufacturing Market during the forecast period.
• Accurate Market Size and Share Estimates: Precise projections on the size and share of the Internet of Things in Manufacturing Market, underscoring its position within the larger market landscape.
• Forecasts on Emerging Trends and Consumer Behavior: Predicts future trends and shifts in consumer behavior relevant to the Internet of Things in Manufacturing Market.
• Regional Growth Analysis: Examines the growth of the Internet of Things in Manufacturing Market across key regions, including North America, Asia-Pacific (APAC), Europe, South America, the Middle East, and Africa.
• Competitive Landscape Overview: Detailed assessment of the competitive environment, offering insights into the key players within the Internet of Things in Manufacturing Market.
• Evaluation of Growth Barriers: Analyzes the challenges that may hinder the expansion of suppliers in the Internet of Things in Manufacturing Market.

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…!

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.

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