The IoT in manufacturing market 2021 value stood at an estimated $62.1 billion, and it will increase to $200.3 billion by 2030, at a 13.9% CAGR between 2021 and 2030. To further enhance the IoT solutions in use, industrialists are deploying artificial intelligence (AI) to analyze the data generated by IoT sensors in real time and make sound decisions.
In turn, the key reason behind the rapid installation of IoT and connected sensors in the manufacturing sector is the swift automation of production processes. The main idea behind the Industry 4.0 revolution is the enhancement of production and reduction of operational costs. IoT helps create and streamline affordable, responsive, and effective system architectures, which is why its deployment is rising in the manufacturing sector.
Key Findings of IoT in Manufacturing Market Report
Associated solutions have witnessed the higher demand over services till now as companies race to automate their manufacturing processes with IoT sensors and accompanying software.
In the coming years, the majority of the industrialists will avail of IoT software via the cloud, to easily scale up or down their data usage, access solutions in short time, and avoid spending on expensive IT infrastructure.
Predictive maintenance is the most-significant application in the IoT in manufacturing market because it allows users to know of any impending system malfunction and correct the problem before machines break down.
Being the most-technologically advanced region, North America displays the highest usage of IoT in the manufacturing sector. Considering the high demand for these solutions, vendors are collaborating with industrialists to develop smart production machines.
Across the world, the adoption of IoT is the highest in the automotive sector, which is scrambling to meet the rising demand for automobiles, therefore automating and speeding up its assembly and other processes.
Another key driver for the IoT in manufacturing market is the fact that such solutions improve the inventory management process. By integrating IoT into radiofrequency identification (RFID) scanners, manufacturers can track the inventory from the time of ordering to delivery.
Due to all these advantages, industrialists in Asia-Pacific (APAC) will adopt IoT at the highest pace in the world. Led by initiatives such as Made in China 2025, Making Indonesia 4.0, and Make in India, the regional manufacturing sector is undergoing technological evolution and automation. Moreover, with the burgeoning regional population impelling industrialists to augment production, they are deploying the IoT technology for various processes.
Browse detailed report on Internet of Things in Manufacturing Market Size, Share, Growth Drivers and Forecast Report, 2030
This presents lucrative growth opportunities to IoT in manufacturing market players, including General Electric Company, International Business Machines (IBM) Corporation, Cisco Systems Inc., Microsoft Corporation, Siemens AG, PTC Inc., Robert Bosch GmbH, Atos SE, Huawei Technology Co. Ltd., and HCL Technology Ltd. To leverage them, these companies are engaging in mergers & acquisitions and solution & service launches.
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Source : https://www.prnewswire.com/news-releases/iot-in-manufacturing-market-revenue-to-cross-200-3-billion-by-2030-ps-intelligence-301473482.html