IoT in Manufacturing Market Growth Accelerated by Improved Operational Efficiency

IoT in Manufacturing Market


Manufacturing industries are increasingly adopting Internet of Things (IoT) technologies to enhance their operations. IoT offers several advantages such as remote asset monitoring, predictive maintenance, supply chain and logistics management, and quality control. IoT enables real-time data collection from the plant floor to optimize operations and resource allocation. Critical assets can be monitored remotely to take preemptive actions and avoid unplanned downtime. Predictive analytics tools uses data from machines to identify malfunctions early on and schedule maintenance accordingly.

The global IoT in Manufacturing Market is estimated to be valued at US$ 271.16 Bn in 2024 and is expected to exhibit a CAGR of 28% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Improved operational efficiency has emerged as one of the major trends driving the growth of the IoT in manufacturing market. IoT-enabled devices collect real-time production data that helps optimize workflows, automate routine tasks, track inventory levels and resource allocation in real-time. This improves overall equipment effectiveness, reduces downtime and waste. For instance, sensors in machines can track machine utilization rates and detect abnormalities early on. The collected data is analyzed using advanced algorithms to identify improvement areas and recommend best practices. Over time, manufacturing processes become more streamlined using data-driven insights from IoT implementations. This significantly boosts productivity and overall equipment efficiency.

Segment Analysis
The global IoT in Manufacturing market can be segmented by component, application, connectivity, and geography. By component, the market can be divided into hardware, software, and services. Among these, the hardware sub-segment accounted for the highest share in 2024 due to large-scale deployment of sensors, RFID tags, actuators, and other IoT devices in manufacturing facilities. By application, it is segmented into predictive maintenance, asset management, logistics and supply chain management, real-time workforce tracking, automation control, emergency and incident management, and business process optimization. The asset management sub-segment captured a major chunk of the market in 2024 as IoT solutions allow manufacturing organizations to track assets in real time, optimize inventory levels, increase equipment uptime, and plan maintenance activities.

Key Takeaways
Global IoT In Manufacturing Market Demand is expected to witness high growth during the forecast period of 2024 to 2031.

Regional analysis: North America is expected to hold the largest share of the global IoT in Manufacturing market during the forecast period. Continuous focus on implementing automated processes, emphasis on predictive maintenance techniques, and presence of advanced infrastructure are some of the key factors driving market growth in this region. The IoT market in the United States is projected to grow at a CAGR of over 30% during the forecast period.

Key players operating in the IoT in Manufacturing market include EnableX.io (VCLOUDX PTE. LTD), Twilio Inc., Infobip Ltd., Vonage Holdings Corp, M800 Limited, MessageBird BV, Iotum Inc., Plivo Inc., Voxbone SA, Snich AB, Telestax, Voximplant (Zingaya Inc.), Mitel Networks Corporation, 8x8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications. Major players are focusing on developing innovative IoT solutions and establishing partnerships to strengthen their presence in the market.

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