Meticulous Research®—a leading global market research company, published a 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.’
According to this latest publication from Meticulous Research®, the IoT in Manufacturing Market is expected to register a CAGR of 13.7% from 2022–2029 to reach $233.6 billion by 2029. 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.
The global IoT in manufacturing market is segmented by component, deployment mode, organization size, application, end user, and geography. The study also evaluates industry competitors and analyses the market at the country level.
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Based on component, the global IoT in manufacturing market is segmented into hardware, platform, services, and connectivity. In 2022, the hardware segment is expected to account for the largest share of the global IoT in manufacturing market. The large market share of this segment is attributed to factors such as consistent engagement of the manufacturing sector in improving efficiency, reducing costs, and increasing overall equipment effectiveness (OEE). However, the platform segment is expected to register the highest CAGR during the forecast period. The rising adoption of IoT platforms in the manufacturing sector by various end users to improve operational efficiency drives the segment’s growth.
Based on deployment mode, the global IoT in manufacturing market is segmented into on-premise deployment and cloud-based deployment. In 2022, the on-premise deployment segment is expected to account for the larger share of the global IoT in manufacturing market. The large market share of this segment is attributed to a high preference for on-premise deployments among large enterprises and the availability of trained IT professionals & infrastructure. However, the cloud-based deployment segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of cloud computing in the manufacturing sector.
Based on organization size, the global IoT in manufacturing market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. In 2022, the large enterprises segment is expected to account for the larger share of the global IoT in manufacturing market and is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the strong IT infrastructure of large enterprises and the growing investment in the adoption of advanced technologies such as AI, IoT and blockchain by manufacturers.
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Based on application, the global IoT in manufacturing market is segmented into surveillance & safety, quality management, resource optimization, inventory & warehouse management, machine inspection & maintenance, production planning, energy management, and smart robotics. In 2022, the surveillance & safety segment is expected to account for the largest share of the global IoT in manufacturing market. The large market share of this segment is attributed to factors such as the increasing need for monitoring production lines to promote a safer work environment for safe operation during the manufacturing process. However, the inventory & warehouse management segment is expected to register the highest CAGR during the forecast period. The rising adoption of IoT platforms for precise visibility into raw materials and components flow, work-in-process, and finished goods by providing real-time updates is driving the segment’s growth.
Based on end user, the global IoT in manufacturing market is segmented into automotive, semiconductors & electronics, heavy metals & machine manufacturing, energy & power, aerospace and defense, medical devices, pharmaceuticals, and other end users. In 2022, the automotive segment is expected to account for the largest share of the global IoT in manufacturing market. The automotive industry is extensively adopting automation, IoT, and robotics systems to enhance product quality, reduce work-in-progress time, and improve equipment reliability, promoting the market’s growth. However, the medical devices segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing adoption of digital technologies in medical device manufacturing operations.
Geographic Review:
Based on geography, the global IoT in manufacturing market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the global IoT in manufacturing market. Factors such as favorable government initiatives, technological innovation, the growing number of industrial organizations, and the increasing adoption of IoT devices to optimize operational efficiency drive the market’s growth. The region is also a hotbed of industrial robotics innovation, with China, Japan, and South Korea the three largest global markets. In addition, half of all APAC manufacturers are expected to have smart factories within three years.
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