IoT in Manufacturing Market Research
Advancements in technologies including smart sensors and virtual & augmented reality have boosted the growth of the global IoT in manufacturing market.
PORTLAND, PORTLAND, OR, UNITED STATES, January 25, 2024 /EINPresswire.com/ -- In a recent report titled "IoT in Manufacturing Market by Component and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030," published by Allied Market Research, the global IoT in manufacturing market was valued at $198.25 billion in 2020 and is anticipated to reach $1,495.65 billion by 2030, with a robust CAGR of 22.6% from 2021 to 2030.
The IoT in manufacturing involves a range of software and services facilitating IoT solutions like predictive maintenance, supply chain management, and quality control for manufacturing companies. The growth of this market is propelled by technological advancements such as smart sensors, virtual reality, and augmented reality, along with cost-effective operational processes. Notably, the demand for real-time asset monitoring is a significant driver.
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Despite the positive outlook, challenges like insufficient IT infrastructure are hindering market expansion. Nevertheless, the introduction of connected operational intelligence and a rising trend in adopting the cloud-based deployment model is expected to create lucrative opportunities for the IoT in the manufacturing market forecast.
The software component emerged as the dominant force in the IoT manufacturing market in 2020 and is poised to maintain its supremacy in the forecast period. This is driven by the growing adoption of IoT in manufacturing by enterprises seeking strategic and competitive advantages. The analysis of business data facilitated by IoT aids in making prompt and informed decisions, propelling market growth. However, the services segment is expected to experience the highest growth, ensuring the effective operation of software throughout the process. These services expedite software implementation, optimize the value of existing installations, and reduce deployment costs and risks, contributing to market expansion.
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By application, the cognitive process and operations management segment is projected to register the highest CAGR of 30.8% during the forecast period, as it helps manufacturers identify defects during production. However, the predictive maintenance segment held the largest share in 2020, contributing to more than one-third of the global IoT in the manufacturing market, as it helps in optimizing resource management by sending technicians with right parts.
Geographically, North America led the IoT in the manufacturing industry in 2020 and is anticipated to uphold its position. This is attributed to factors such as a significant shift toward digital transformation, increased cloud deployment among small and medium businesses, and the ongoing modernization of manufacturing, prompting substantial investments in the U.S. and Canada. Nevertheless, Asia-Pacific is poised for notable growth due to robust economic expansion and ongoing developments in the services sector. This propels business enterprises to make substantial investments in IoT in manufacturing for sustained growth and enhanced productivity.
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The COVID-19 outbreak has positively influenced market growth, with expectations of continued expansion in the forecasted period. This is linked to substantial investments in advanced technologies like cloud technology, big data, artificial intelligence, and machine learning. The rise in adoption of cloud-based software by manufacturing companies globally, driven by the need for cost-effective solutions to boost productivity, contributes to market growth. Additionally, governments and businesses are investing in smart city projects, presenting lucrative opportunities for global market expansion. The increasing use of business analytics in smart cities is aimed at supporting real-time operational control, enhancing decision-making, improving service quality and efficiency, and strengthening government engagement with businesses, citizens, and other stakeholders. Furthermore, the growing incidence of natural calamities is fueling the demand for IoT technologies in both developing and developed countries.
Major market players:
• Cisco Systems Inc.
• Hitachi Ltd.
• IBM Corporation
• Microsoft Corporation
• PTC Inc.
• Robert Bosch GmbH
• SAP SE
• Software AG
• Texas Instruments
• Zebra Technologies
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