IoT in Manufacturing Market Size & Share 2023 to 2032

IoT in Manufacturing Market Size

IoT in Manufacturing Market size was valued at USD 53.7 Billion in 2022 and is estimated to register a CAGR of 10.5% between 2023 and 2032. The integration of IoT technology in manufacturing allows for the real-time monitoring and data collection from machinery & equipment. This data is harnessed to optimize production processes, minimize downtime, and enhance the overall operational efficiency. By gaining insights into machine performance and production trends, manufacturers can make informed decisions to streamline workflows, reduce wastes, and achieve higher levels of productivity within their facilities.

 

The data-driven insights of IoT enable manufacturers to gather & analyze information pertaining to customer preferences and IoT in manufacturing market trends. This valuable data empowers manufacturers to tailor products & processes to swiftly align with the specific customer demands. By leveraging IoT-driven insights, manufacturers can adapt their production strategies in response to the evolving market conditions, thereby ensuring agility and competitiveness.

 

The growing use of IoT devices in manufacturing is leading to the rise in cyber security risks. These devices can be subject to hacking, malware, and unauthorized access, potentially causing data breaches and operational disruptions. The protection of IoT networks requires robust encryption, authentication protocols, and continuous monitoring. Manufacturers must invest in cybersecurity measures to safeguard sensitive data, intellectual property, and production processes from the evolving cyber threats, thereby ensuring uninterrupted & secure facility operations.

 

COVID-19 Impact

The COVID-19 pandemic has influenced the IoT in manufacturing market in various ways. While some industries accelerated IoT adoption to enhance remote monitoring and automation, many others dealt with reduced investments due to supply chain disruptions and economic uncertainties. The COVID-19 pandemic underscored the value of IoT in maintaining operations during remote work and under social distancing protocols. The market trajectory was shaped by both immediate challenges as well as the long-term realization of the potential of IoT to enhance resiliency & efficiency in manufacturing.

 

IoT in Manufacturing Market Trends

The Industry 4.0 principles of automation, data exchange, and smart manufacturing are driving the IoT in manufacturing industry growth. Industry 4.0 enables real-time insights into production processes and supply chains by integrating IoT devices & sensors as well as data analytics. This integration optimizes resource utilization, enhances quality control, and enables predictive maintenance. As manufacturers seek to create smart factories and embrace digital transformation, Industry 4.0 acts as a catalyst by accelerating the adoption of IoT technology throughout the manufacturing ecosystem.

 

IoT in Manufacturing Market Analysis

The IoT in manufacturing market from hardware segment dominated around USD 23.9 billion revenue in 2022. The surge in building smart factories is boosting the demand for hardware components and subsequently driving the market demand. Hardware manufacturers are the aligning their offerings with software technologies to fulfill the rising demand in projects such as smart factory.

 

For instance, in April 2023, Advantech, a prominent supplier of industrial hardware and automation technology for Internet of Things (IoT), entered into a collaborative agreement with Altizon, a worldwide software provider of the Datonis Digital Factory Industrial IoT platform, to simplify the transition toward a smart factory. This partnership will enhance the demand for hardware components owing to their enhanced compatibility.
 

The IoT in manufacturing market size from predictive maintenance segment held over USD 15.7 billion in 2022. The predictive analytics software designed can significantly boost the market size by utilizing data from IoT devices to anticipate equipment failures, optimize maintenance schedules, and enhance the overall operational efficiency.

 

For instance, in February 2023, AVEVA, a company that deals with the industrial software that fosters innovation & sustainability, launched the latest version of the AVEVA predictive analytics software. This version was specifically designed for the predictive monitoring of industrial assets in sectors such as oil & gas, power generation, chemicals, mining, minerals, and manufacturing. These cutting-edge software solutions can elevate the value proposition of IoT technology along with accelerating its adoption across the manufacturing sector.
 

Asia Pacific IoT in manufacturing market accounted for 25% of the revenue share in 2022, due to its robust manufacturing sector, rapid technological advancements, and the growing adoption of Industry 4.0 principles. Countries including China, Japan, South Korea, and India are heavily investing in IoT infrastructure to enhance production efficiency, quality control, and supply chain management. This proactive approach, coupled with a large market potential and supportive policies, positions Asia Pacific as a key driver of the market demand.

 

IoT in Manufacturing Market Share

The major companies operating in the IoT in manufacturing market are

• Cisco Systems Inc.
• Microsoft Corporation
• General Electric
• Siemens AG
• Huawei Technologies Co. Ltd.
• Intel Corporation
• IBM Corporation.
   

IoT in Manufacturing Industry News:

• In August 2023, NVIDIA introduced a range of advancements aimed at expediting the widespread integration of OpenUSD within its Omniverse metaverse platform. OpenUSD, an innovation of Pixar Animation Studios, encompasses the state-of-the-art 3D scene description technology, which was strategically developed to enhance compatibility among diverse tools, data, and workflows.
   
• In November 2022, Zerynth, an industrial IoT company headquartered in Italy, successfully secured USD 5.6 million in a funding round; this was one of the largest IIoT investments in Italy. The raised capital was set to be allocated toward personnel expansion, product innovations, and the forging of partnerships with significant players in the industrial sector.
   

The IoT in manufacturing market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

Market, By Component

• Hardware
• Software
• Service
  • Professional services
  • Managed services

Market, By Connectivity

• Satellite network
• Cellular network
• Radio-Frequency Identification (RFID)
• Near-Field Communication (NFC)
• Others

Market, By Application

• Predictive maintenance
• Supply chain management
• Quality monitoring & control
• Asset management
• Others

Market, By End-use

• Discrete manufacturing
• Continuous processing

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • ANZ 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia