The Growing Industry 4.0 Adoption Is Anticipated To Openup The New Avenues For IoT In Manufacturing Market

IoT In Manufacturing Market


The IoT in Manufacturing Market is estimated to be valued at US$ 235.38 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
IoT in manufacturing allows manufacturing companies to connect various industrial equipment, machines and systems over internet for monitoring performance, collecting data and making informed decisions. IoT helps in improving manufacturing processes, asset efficiency, productivity, supply chain management and delivery of customized products. Key applications of IoT in manufacturing include predictive maintenance, supply chain management, remote monitoring, inventory management and quality control.

Market Dynamics:
Increasing focus on industrial automation across manufacturing industries is a major factor driving growth of IoT in manufacturing market. Manufacturers are widely adopting industrial IoT solutions to gain real-time insights, optimize production processes and reduce operational costs. Further, growing demand for customization is encouraging manufacturers to leverage IoT for faster product development and delivery. IoT enables mass customization of products by collecting and analyzing customer data. This helps manufacturers better understand customer preferences and develop personalized products.

Rising need for predictive maintenance is also propelling market growth. IoT-connected sensors monitor equipment health and transmit operational data in real-time. This helps in identifying anomalies and potential breakdowns, thereby enabling planned maintenance and reducing unexpected downtime. IoT also helps in tracking assets, automating inventory counting and improving supply chain efficiencies. Connected devices provide real-time inventory visibility across supply chain network.

Segment Analysis

The IoT in manufacturing market is segmented into hardware, software and services. Among these, hardware segment dominates the market and is expected to continue its dominance over the forecast period. This is owing to the higher adoption of IoT sensors, RFID tags, connected devices and others which make up the hardware components in manufacturing facilities for connectivity and operational purpose. Further, the segment is driven by rising deployment of industrial PC, industrial robotics and other advanced machineries which require integration of hardware components for effective functioning.

PEST Analysis

Political: Favorable government policies and initiatives promoting adoption of Industry 4.0 and smart manufacturing is driving the IoT adoption in manufacturing sector. Economic: Significant cost reduction achieved through optimization of operations, predictive maintenance and remote asset management is fueling investment towards IoT solutions. Social: Growing emphasis on worker safety and productivity has boosted deployment of IoT devices in manufacturing plants. Technological: Advent of technologies like edge computing, low power wide area networks and 5G connectivity have increased ease of deploying IoT at scale in manufacturing facilities.

Key Takeaways

Global Iot In Manufacturing Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for optimized resource utilization and predictive maintenance. The Asia Pacific regional market dominates the global market and is projected to exhibit the fastest growth over 2023-2030 owing to growing manufacturing industry and rising adoption of advanced technologies in countries like China, India and Japan.

Regional analysis: The Asia Pacific region dominates the global IoT in manufacturing market with over 35% share in 2023. China is the leading country driving the regional market growth owing to presence of large manufacturing sector, government support for adoption of Industry 4.0 standards and increasing Focus of Chinese firms on predictive maintenance. Japan and India are other major contributors to market growth in the region supported by their advanced technological capabilities and increasing R&D investments in Industry 4.0.

Key players operating in the IoT in manufacturing market include Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc. Key players are focusing on extending their connectivity and analytics capabilities to offer end-to-end IoT solutions for manufacturing plants. They are also investing in developing competencies around cloud, edge computing and artificial intelligence required for enabling use cases like predictive quality, remote operations and autonomous asset management. 

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