As per the report published by Fior Markets, the global IoT in Manufacturing market is expected to grow from USD 76.70 billion in 2020 and reach USD 131.78 billion by 2028, growing at a CAGR of 7% forecast period 2021-2028.
The Internet of Things (IoT) incorporates networked sensors and intelligent devices into manufacturing processes, collecting data for AI and predictive analytics. The Internet of Things is transforming the way organizations function in a range of industries, including manufacturing. Until now, technology has primarily been used to run enterprises and manage industrial operations and automate procedures and collect data related to assembly operations. On the other hand, the Internet of Things raises the bar for data collecting to a whole new level. IoT allows data to be collected from various ‘Things,’ such as operations, production, quality, use, and consumption, and then speed up and optimize business processes. Manufacturers can also profit from the introduction of connected operational intelligence and real-time asset monitoring, which can improve production processes.
As businesses come to terms with digitization and automation, the industrial IoT industry is fast growing. The Internet of Things is a means of bringing manufacturing into the digital age. Industrial IoT uses a network of sensors to collect essential production data, which is then transformed into valuable insights into manufacturing operations’ effectiveness using cloud software. It’s no surprise that manufacturing has embraced the Internet of Things. When the industry struggled to adapt to shifting economic conditions and rebuild slow linear supply networks, the Internet of Things gave businesses the tools they needed to modernize.
Growing IoT in Manufacturing around the globe, rapid artificial intelligence use, Internet of Things in the manufacturing sector, development of Internet Protocol version 6 control, and new AI applications drive the market. Lack of awareness, incompatibility of old equipment with communication networks, and network connectivity limit industry growth. The expanding application of AI and IoT and a wearable device paired with intelligent algorithms, technological advancements, and increased investment in research & development are projected to drive market expansion.
Key players operating in the global IoT in Manufacturing market include Huawei, Cisco, Intel, Rockwell Automation, Texas Instruments, IBM, NEC Corporation, Bosch.IO, Siemens AG, SAP, Microsoft, Atos, HCL Technologies Limited, Oracle, and Zebra Technologies. To gain a significant market share in the global IoT in Manufacturing market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Solution segment dominated the market and held the largest market share of 59% in the year 2020
Based on components, the global IoT in Manufacturing market is segmented into Solutions and Services. The solution segment dominated the market and held the largest market share of 59% in 2020. This growth is attributed to the increased number of networked sensors, manufacturers of logistics, and supply chain systems are transitioning to a new generation of technologies that provide a variety of solutions and adopting IoT across the manufacturing industry. Further, Manufacturing IoT solutions allow companies to track assets and receive warnings when a repair is required. It enables businesses to do routine maintenance, hence enhancing the asset’s productivity.
The predictive Maintenance segment dominated the market and held the largest market share of 26% in the year 2020
Based on application, the global IoT in Manufacturing market is segmented into Predictive Maintenance, Asset Performance Management, Quality Management, Cognitive Process & Operations Management, Supply Chain Management, and Others. The predictive Maintenance segment dominated the market and held the largest market share of 26% in 2020. This growth is attributed to the networked sensors, autonomous machines, saves time & resources, improves the overall productivity of the equipment by reducing excessive maintenance, and enhances the visibility of businesses.