IOT in Manufacturing Market Set to Soar Past USD 2114.33 Billion by 2031
The global IOT in Manufacturing market size is expected to reach USD 2114.33 billion by 2031 and exhibit a CAGR of 23.30% in the forecast period (2024−2031), according to Skyquest’s latest research report. The improved operational efficiency through real-time monitoring and data analytics, enhanced predictive maintenance, which reduces downtime and maintenance costs, increased automation and robotics integration, leading to greater precision and productivity, improved supply chain management and inventory control, and the potential for developing new revenue streams through IoT-enabled products and services is fueling the market’s growth.
Westford,USA, Feb. 22, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the IoT in the Manufacturing market, increasing adoption of edge computing and edge analytics to process data closer to the source reduces latency and improves real-time decision-making. Industrial IoT platforms are becoming more open and interoperable, allowing for seamless integration with existing systems and technologies are the trends that aid in the market’s growth.
Browse in-depth TOC on “IOT in Manufacturing Market”
- Pages – 157
- Tables – 69
- Figures – 75
IoT in manufacturing, also known as the Industrial Internet of Things (IIoT), is the use of internet-connected sensors and devices to collect and exchange data from manufacturing machines and processes. This data can then be used to improve efficiency, reduce costs, and increase product quality.
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Prominent Players in IOT in Manufacturing Market
- Cisco
- IBM
- PTC
- Microsoft
- Siemens AG
- GE
- SAP
- Huawei
- ATOS
- HCL
- Intel
- Oracle
- Schneider Electric
- Zebra Technologies
- Software AG
- Wind River
- Samsara
- Telit
- ScienceSoft
- Impinj
- Bosch.IO
- Litmus Automation
- Uptake
- Mocana
Wireless Connectivity (Wi-Fi, Bluetooth, and 5G) Demand to Grow Substantially in the Forecast Period
Wireless Connectivity (Wi-Fi, Bluetooth, and 5G) dominates the global online market as they gained traction in manufacturing for their flexibility and ease of deployment. The rollout of 5G networks was seen as a potential game-changer, promising low latency, high reliability, and support for massive IoT connectivity.
Predictive Maintenance is the Leading Application Segment
In terms of application, the predictive maintenance is the leading segment as it involves using IoT sensors and data analytics to monitor machinery and predict when maintenance is needed. This application segment is a major driver because it helps manufacturers reduce downtime, prevent equipment failures, and optimize maintenance schedules, leading to significant cost savings.
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North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has a strong manufacturing base, technological innovation, and early adoption of IoT in industrial settings. The the presence of leading technology companies and robust R&D activities has also contributed to North America’s leadership.
A recent report thoroughly analyzes the major players operating within the IOT in the Manufacturing market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for IOT in Manufacturing.
Key Developments in IOT in Manufacturing Market
- Rockwell Automation Inc. announced a partnership with Microsoft Corporation to develop a cloud-based IoT platform for industrial customers. The collaboration aims to combine Rockwell Automation’s expertise in industrial automation and control systems with Microsoft’s Azure cloud services to enable seamless connectivity, data analytics, and AI capabilities for improved productivity and operational performance in manufacturing.
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Key Questions Answered in IOT in Manufacturing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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