Overview and Scope
Internet of Things (IoT) is a physical object network that contains integrated technologies that allow it to connect, sense, and interact with internal or external environments. It is a collection of end-to-end services where companies contract with external vendors to design, build, install, and operate IoT solutions, including consulting advice for IoT planning.
Sizing and Forecast
The iot in manufacturing market size has grown rapidly in recent years. It will grow from <b>$247.96 billion in 2023 to $292.64 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. </b> The growth in the historic period can be attributed to industry 4.0, cost efficiency, predictive maintenance, supply chain optimization, quality control.
The iot in manufacturing market size is expected to see rapid growth in the next few years. It will grow to <b>$538.09 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. </b> The growth in the forecast period can be attributed to 5g connectivity, edge computing, ai and machine learning, customization and personalization, sustainability. Major trends in the forecast period include digital twins, cybersecurity, remote monitoring and control, collaborative robots (cobots), smart factories.
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Segmentation & Regional Insights
The iot in manufacturing market covered in this report is segmented –
1) By Component: Solution, Platform, Service
2) By Vertical: Energy And Utilities, Automotive, Food And Beverages, Aerospace And Defense, Chemicals And Materials, High-Tech Products, Healthcare
3) By Platform: Device Management Platform, Application Management Platform, Connectivity Management Platform
4) By Application: Process Optimization, Predictive Maintenance, Asset Management, Workforce Management, Emergency And Incident Management, Logistics And Supply Chain Management, Inventory Management
Subsegments: 1) By Services: Managed Services, Professional Services 2) By Solution: Network Management, Data Management, Device Management, Application Management, Smart Surveillance
<b>Asia-Pacific</b> was the largest region in the IoT market in 2023. <b>North America</b> was the second largest region in the IoT market. The regions covered in the iot in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The application of IoT in various industries such as automotive industry is driving the growth of the IoT market. The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide. IoT has become a popular hotspot for varied multifunctional applications in the automotive sector. IoT offers enhanced communication, control and data delivery at any transportation point. Major companies like Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc. are increasingly investing in developing smart cars with rich features that offer healthier, more convenient and more enjoyable driving experiences. According to UBS, 12% of the total cars sold in 2030 will be for autonomous taxi fleets with 26 million driverless taxis in operation worldwide, approximately.
Key Industry Players
Major companies operating in the iot in manufacturing market include <b>Microsoft Corporation, SAP SE, Robert Bosch GmbH, International Business Machines Corporation, Cisco Systems Inc., General Electric Company, Huawei Technologies Co. Ltd., PTC Inc., Zebra Technologies Corporation, Siemens Aktiengesellschaft, Rockwell Automation Inc., Wind River Systems Inc., Schneider Electric SE, ClearBlade Inc., Mocana Corporation, Impinj Inc., Uptake Technologies Inc., PalleTech LLC, ELMODIS Sp. z o.o., Water.IO Inc., SensEye LLC, ARCSTONE Pte. Ltd., SupraControl Technologies Inc., Software AG, Texas Instruments Incorporated, Hitachi Ltd., Konux GmbH, Honeywell International Inc., Intel Corporation, ABB Ltd., Mitsubishi Electric Corporation, Fujitsu Limited, Accenture plc, Oracle Corporation, Hewlett Packard Enterprise Development LP, Dell Technologies Inc., Amazon Web Services Inc., Fanuc Corporation, Kuka AG, Yaskawa Electric Corporation</b>
The iot in manufacturing market report table of contents includes:
1. Executive Summary
2. IoT In Manufacturing Market Characteristics
3. IoT In Manufacturing Market Trends And Strategies
4. IoT In Manufacturing Market – Macro Economic Scenario
5. Global IoT In Manufacturing Market Size and Growth
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26. South America IoT In Manufacturing Market
27. Brazil IoT In Manufacturing Market
28. Middle East IoT In Manufacturing Market
29. Africa IoT In Manufacturing Market
30. IoT In Manufacturing Market Competitive Landscape And Company Profiles
Top Major Players:
- Microsoft Corporation
- SAP SE
- Robert Bosch GmbH
- International Business Machines Corporation
- Cisco Systems Inc
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