According to a new market research report titled, ’IoT in Manufacturing Market by Component (Platform, Connectivity), Application (Resource Optimization, Machine Inspection & Maintenance), End User (Automotive, Medical Devices) and Geography—Global Forecast to 2029’, the global IoT in manufacturing market is expected to register a CAGR of 13.7% from 2022–2029 to reach $233.6 billion by 2029.
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The rising demand for industrial automation in manufacturing and growing investments in Industry 4.0 are the major factors driving the growth of this market. However, data security and privacy issues in IoT can restrain market growth to a certain extent. Emerging 5G technology to help IoT adoption is expected to offer significant opportunities for the growth of this market.
Impact of COVID-19 on the IoT in Manufacturing Market
In the first quarter of 2020, the world was severely impacted by the COVID-19 pandemic. The effects of the COVID-19 outbreak can be seen throughout every industry, especially in the manufacturing sector. Business operations across the manufacturing sector have been disrupted due to shortages in raw materials & workforce, supply chain disruption, and restrictions on operating capacities. Despite the disruptive impact of COVID-19, organizations are planning to increase their investments in the Internet of Things (IoT) as a rapid increase in the adoption of industrial internet of things (IoT). Thus, the pandemic influenced the manufacturing industry to reduce its dependency on manual labor and adapt to advanced technologies such as AI, machine learning, and IoT.
With the adoption of IoT in manufacturing, manufacturers have observed improved productivity, higher quality, near-zero design error, energy efficiency, leaner process, flexibility in production scale, increased agility, improved predictability, and enhanced monitoring of the processes. Thus, the adoption of IoT technology influenced business operations worldwide to sustain business operations. Thus, the COVID-19 pandemic has positively impacted the global IoT in manufacturing market. This adoption trend of IoT technology is anticipated to continue and grow during the forecasted period.
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The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2020–2022).
The key players operating in the global IoT in Manufacturing market are General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), International Business Machines Corporation (U.S.), Siemens AG (Germany), PTC Inc. (U.S.), Robert Bosch GmbH (Germany), Atos SE (France), Microsoft Corporation (U.S.), HCL Technologies Limited (India), Zebra Technologies Corporation (U.S.), Schneider Electric (France), Oracle Corporation (U.S.), Hitachi, Ltd. (Japan), and Software AG (Germany).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/iot-in-manufacturing-market-5371
Scope of the Report:
IoT in Manufacturing Market, by Component
- Hardware
- Platform
- Network Management
- Device Management
- Application Management
- Data Management
- Services
- Connectivity
- Satellite Network
- Cellular Network
- Near Field Communication (NFC)
- Other Connectivity Modes
IoT in Manufacturing Market, by Deployment Mode
- On-premise Deployment Mode
- Cloud-based Deployment Mode
IoT in Manufacturing Market, by Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
IoT in Manufacturing Market, by Application
- Surveillance & Safety
- Quality Management
- Resource Optimization
- Inventory & Warehouse Management
- Machine Inspection & Maintenance
- Production Planning
- Energy Management
- Smart Robotics
IoT in Manufacturing Market, by End User
- Automotive
- Electronics & Semiconductors
- Heavy Metals & Machine Manufacturing
- Energy & Utility
- Aerospace and Defense
- Medical Devices
- Pharmaceuticals
- Other End Users
IoT in Manufacturing Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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Related Report:
Smart Manufacturing Market – Global Opportunity Analysis and Industry Forecast (2022–2029)
https://www.meticulousresearch.com/product/smart-manufacturing-market-5265
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