The IoT in manufacturing market is projected to have a market share of US$ 948.6 billion by 2033 while it is likely to be valued at US$ 265.2 billion in 2023.
The limited amount of malfunction and its early detection along with the capability of IoT that senses temperature, voltage, and vibration is making it more useful to industrial operations.
The increased satisfaction through IoT and connected devices is enhancing the productivity and efficiency of the manufacturing units, allowing them to work on their maximum capabilities
Updated client calls, improved asset management, and higher customer care service are also some key factors that IoT technology delivers to manufacturing units.
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The IoT deployment also makes the whole work affordable as it allows companies to cut on labor expenditure and implements operational intelligence. Furthermore, the higher popularity of this advanced technological addition fuels market growth.
The advanced addition of artificial intelligence with IoT creating AIoT solutions for custom business requirements are also garnering the market’s success. Also, automation-based research and development facilities are giving the green light to IoT-based industrial manufacturing.
Control systems, such as computers or robots, are used in industrial automation processes to monitor and control machinery. In the manufacturing IoT sensors industry, a critical role is played by improving the process of industrial automation.
The global economy has been influenced by COVID-19. Energy, oil and gas, transportation and logistics, manufacturing, and aviation are among the financial and industrial sectors with a large economic influence. As a result, the world economy is expected to enter a recession due to the loss of billions of dollars.
“Economic activity is diminishing as a result of an increasing number of nations implementing and prolonging lockdowns, which will have an impact on the global economy. To boost flexibility and offer better production, IoT helps produce cooperative communications and interaction from IoT solutions for manufacturing industry field input or output including actuators, robots, and analyzers.”—opines an FMI analyst.
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Key Points
- The United States market leads the market in terms of market share in North America. The United States region held a market share of 20.5% by 2022. The growth in this region is attributed to well-built automated systems and increased industrial automation. North America dominates the IoT in the manufacturing market as it held a 38.5% global share in 2022.
- Germany’s IoT in manufacturing market is another significant market in the European region. The market held a market share of 12.1% in 2022. The growth is attributed to substantial industrial and automotive manufacturing facilities. Along with the new companies investing in the infrastructure. Europe held a global share of 24.3% in 2022.
- The Indian IoT in manufacturing market thrives at a CAGR of 15.7% during the forecast period. The booming growth rate is attributed to the growth of IT businesses and outsourcing in India.
- The discrete manufacturing segment leads the vertical type segment as it held a market share of 57.6% in 2022. The growth is attributed to better efficiency.
- Based on the application type, the automation control and management segment leads as it held a market share of 19.3% in 2022. The growth is attributed to the tracking properties and faster performance.
Competitive Landscape
The key vendors work on customer services, technological integration, and better productivity. Companies also collaborate to expand their supply chain. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
Recent Market Development
- Bosch.IO Has introduced its IoT Suite that acts as a toolbox in the cloud for IoT developers. It provides Bosch’s services like IoT device management, IoT data management, and IoT edge.
- ATOS has also introduced its smart business enablement with cyber-systems, including IoT platforms and products.
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