IoT In Manufacturing Market size was valued at $198.25 billion in 2020, and is projected to reach $1,495.65 billion by 2030, growing at a CAGR of 22.6% from 2021 to 2030.
The Internet of Things (IoT) is a network of networked devices that employ integrated sensors to communicate and transport data. The Internet of Things (IoT) in manufacturing enables a variety of applications such as real-time asset monitoring, connected operational intelligence, and fleet management.
The Internet of Things in Manufacturing is the path to digital transformation in manufacturing. Industrial IoT combines a network of sensors to collect essential production data and cloud software to transform this data into valuable insights about manufacturing operations’ performance. The primary adoption drivers are faster time to market, lower costs, mass customisation, and increased safety. The Internet of Things is being used to enable industries to create a connected, adaptable, and efficient pumping system. The Industrial Internet of Things (IIoT) has the potential to alter the way industries operate. It can use machine learning to create self-healing machines and improve inventories.
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By Component:
• Hardware
• Software
• Services
• Predictive Maintenance
• Quality Control
• Inventory Management
• Asset Tracking
• Supply Chain Management
• Cloud-based
• On-premise
• Automotive
• Aerospace
• Consumer Goods
• Electronics
• Pharmaceuticals
• Others
Geography:
Asia-Pacific (APAC) region dominates in IoT in manufacturing deployments, and this trend is expected to continue in the coming years. The APAC region has a large manufacturing industry and a significant presence of IoT solution providers. Additionally, the region has a rapidly growing economy and a large population, which creates a high demand for manufactured goods. In particular, China has emerged as a leader in IoT in manufacturing deployments, due to its large manufacturing industry, technological advancements, and government support for IoT initiatives. Other countries in the APAC region, such as Japan, South Korea, and India, are also investing heavily in the IoT in manufacturing market.
North America and Europe are also significant markets for IoT in manufacturing, but they are relatively more mature compared to the APAC region. In these regions, the focus is shifting towards the development of more advanced IoT solutions and the integration of IoT with other emerging technologies like AI and 5G. Such factors are likely to boost the growth of the IoT in manufacturing market.
• Siemens AG
• Bosch
• Honeywell International
• IBM Corporation
• Microsoft Corporation
• Schneider Electric SE
• General Electric
• Cisco Systems, Inc.
• Rockwell Automation, Inc.
• SAP SE
• PTC Inc.
• Oracle Corporation
• Huawei Technologies Co., Ltd.
• Intel Corporation
• ABB Ltd.
The report has helped our clients:
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- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the Market
- To gain competitive intelligence and uncover new opportunities
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- To analyse strategic approaches adopted by players in the Market, such as product launches and developments, acquisitions, collaborations, contracts, expansions, and partnerships
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