IoT in Manufacturing Global Market Report 2024

The iot in manufacturing market size has grown rapidly in recent years. It will grow from $247.96 billion in 2023 to $292.64 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth observed during the historical period can be attributed to several key factors, including the emergence of Industry 4.0, which emphasizes automation and data exchange in manufacturing, leading to increased efficiency. Additionally, cost efficiency initiatives, predictive maintenance practices, supply chain optimization, and enhanced quality control methods have played pivotal roles in driving this growth.

The iot in manufacturing market size is expected to see rapid growth in the next few years. It will grow to $538.09 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The anticipated growth in the forecast period can be attributed to various key factors, including the widespread adoption of 5G connectivity, the integration of edge computing, advancements in Artificial Intelligence (AI) and machine learning, a focus on customization and personalization, and an increasing emphasis on sustainability practices. Notable trends expected to shape this period include the implementation of digital twins for enhanced simulations, heightened attention to cybersecurity, the expansion of remote monitoring and control capabilities, the integration of collaborative robots (cobots) for improved automation, and the rise of smart factories incorporating cutting-edge technologies.

The integration of IoT across industries, notably the automotive sector, is a pivotal driver fueling the expansion of the IoT market. The inclusion of IoT within the automotive industry has presented fresh opportunities for global carmakers and consumers. This technology has emerged as a hub for a wide array of applications, enriching the automotive sector with multifunctional features. IoT provides enhanced communication, control, and data delivery, revolutionizing transportation. Key industry players such as Mercedes-Benz, Volkswagen, Volvo, Toyota, and Google Inc. are significantly investing in the development of smart cars, integrating advanced functionalities for a more convenient, healthier, and enjoyable driving experience. According to UBS reports, it's anticipated that by 2030, 12% of all cars sold will be dedicated to autonomous taxi fleets, with an estimated 26 million driverless taxis operational globally.

Key components of the Internet of Things (IoT) platform encompass device management, application management, and device management. Device management involves overseeing the deployment, operation, and maintenance of physical and/or virtual devices. IoT applications find utility in a range of domains, including building and home automation, smart energy and utilities, intelligent manufacturing, connected logistics, smart retail, and advanced mobility and transportation. These applications serve various industries, including Banking, Financial Services and Insurance (BFSI), retail, government, healthcare, manufacturing, transportation, Information Technology (IT), and telecommunications, among others.

The internet of things iot market research report is one of a series of new reports that provides internet of things iot market statistics, including internet of things (IoT) industry global market size, regional shares, competitors with an internet of things iot market share, detailed internet of things iot market segments, market trends and opportunities, and any further data you may need to thrive in the internet of things iot market industry. This internet of things iot market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing integration of artificial intelligence is poised to be the driving force behind IoT market growth within the manufacturing domain. Artificial Intelligence (AI) encompasses computer systems mimicking human intelligence processes. The amalgamation of AI and IoT within the manufacturing sector holds significant potential for enhancing operational efficiency, excellence, and overall profitability. Reports from July 2023 by TechReport have indicated that in 2022, 53% of IT companies globally have reported a surge in the utilization of artificial intelligence over the past two years. Thus, the increasing use of artificial intelligence is expected to further propel the growth of the IoT in the manufacturing market.

Security concerns related to data significantly impact the progression of the IoT market. With technological advancements, data intrusions are on the rise. The creation of new IoT systems often inadvertently leaves vulnerabilities that can be exploited by hackers, posing a major challenge in the IoT sensors market. Enterprise data protection holds considerable importance when designing analytical solutions for numerous vertical applications. The consistent growth of ransomware and denial-of-service attacks (DoS attacks) persists as prevalent cybersecurity threats. Therefore, these data security issues pose limitations to the overall growth of the IoT market.

IoT devices gather copious amounts of diverse data. Effectively managing and analyzing this data is crucial to maximize its value for a company. Data analytics provides an essential framework for analyzing IoT data across various segments such as time series, predictive analytics, advanced analytics, data preparation, and geospatial and real-time location logistics data. Major cloud service providers like Amazon, Microsoft, and Google are increasingly leveraging data analytics for business enhancement. Many companies seek to expand their market share by deploying AI algorithms, leveraging machine learning and deep learning capabilities to help businesses extract more value and make informed decisions from the burgeoning data volumes.

Significant companies within the IoT in Manufacturing market are focusing on innovating new products, like the SimpleLink family of Wi-Fi 6 companion integrated circuits (ICs), to enhance their market profitability. The SimpleLink family of Wi-Fi 6 companion ICs is designed to aid designers in establishing highly reliable, secure, and efficient Wi-Fi connections at a reasonable cost, particularly for applications operating in high-density or high-temperature settings up to 105°C. In April 2023, Texas Instruments (TI), a US-based semiconductor manufacturing company, unveiled the new SimpleLink family of Wi-Fi 6 companion ICs. When combined with a microcontroller (MCU) or CPU, the CC33xx devices offer a secure Internet of Things (IoT) connection, delivering robust radio frequency (RF) performance in various industrial sectors, including grid infrastructure, healthcare, and building automation.

In February 2022, Breadware LLC., a US-based company specializing in IoT solutions, completed the acquisition of Medium One Inc. for an undisclosed amount. This acquisition integrates the Medium One platform into Breadware's offerings, enabling the development and delivery of IoT-enabled products while providing an integrated environment for the swift and straightforward implementation of IoT products. Medium One Inc. is an American IoT software company.

Major companies operating in the iot in manufacturing market include 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

Asia-Pacific was the largest region in the IoT market in 2023. North America 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

The countries covered in the iot in manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The Internet of Things iot market includes revenues earned by entities by offering IoT solutions used in building and home automation, smart energy and utilities, connected logistics, smart retail, smart mobility, and transportation. The internet of things, or IoT, is a collection of interconnected smart devices, mechanical and digital machines, objects, animals or people supplied with unique identifiers (UIDs) and the ability to transmit data across a network without needing human-to-human or human-to-computer interaction. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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