The IoT in manufacturing market is projected to have a market share of USD 948.6 billion by 2033 while it is likely to be valued at USD 265.2 billion in 2023. The market is estimated to grow at a steady CAGR of 14.7% over the forecast period.
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.
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.
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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.
Key Players
- Cisco
- IBM
- PTC
- Microsoft
- Siemens AG
- GE
- SAP
- Huawei
- ATOS
- HCL
- Intel
- Oracle
- Schneider Electric
- Zebra Technologies
- Software AG
- Wind River
- Samsara
- Telit (United Kingdom)
Recent Market Development
- 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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Key Segments Covered
By Component:
- Solution
- Services
By Solution:
- Network management
- Network bandwidth management
- Network security management
- Network performance monitoring and management
- Network configuration management
- Data management
- Data integration
- Data security
- Data migration
- Data analytics and visualization
- Metadata management
- Data governance
- Data orchestration
- Device management
- Device provisioning and authentication
- Device configuration management
- Monitoring and troubleshooting
- Application management
- Smart surveillance
- Central monitoring system
- Video analytics and events
By Services:
- Managed services
- Infrastructure management services
- Security management services
- Network management services
- 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 services
- Mobile and web application development services
- Support and maintenance services
- Education and training services
- IoT consulting services
By Organisation Size:
- Small and Medium Enterprises
- Large Enterprises
By Deployment Mode:
- On-premises
- Cloud
By Application:
- Predictive maintenance
- Business process optimization
- Asset tracking and management
- Logistics and supply chain management
- Real-time workforce tracking and management
- Automation control and management
- Emergency and incident management and business communication
By Vertical:
- Process manufacturing
- Chemical and materials
- Food and beverages
- Water and waste management
- Other verticals
- Discrete manufacturing
- Automotive
- Machine Manufacturing
- Semiconductor and electronics
- Medical devices
- Logistics and transportation
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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