USD 321 Billion
IOT in Manufacturing Market Size, Share, Growth Analysis, By Component(Solution, Services), By End-use(Network management (Network Bandwidth Management, Network Security Management, Network Performance Monitoring and Management, Network configuration management)), By Services(Managed services (Infrastructure management services, Security management services, Network management services, Data management services), By Deployment mode(On-premises, Cloud), By Organization size(Small and Medium Enterprises, Large Enterprises), By Application(Predictive maintenance, Business process optimization, Asset tracking and management, Logistics and supply chain management), By Vertical(Process manufacturing (Energy and utilities, Chemical and materials, Food and beverages, Water and waste management), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45A2121 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
69
|Figures:
75
IOT in Manufacturing Market Insights
IOT in Manufacturing Market size was valued at USD 395.79 Billion in 2023 and is poised to grow from USD 488.01 Billion in 2024 to USD 2606.97 Billion by 2032, growing at a CAGR of 23.30% during the forecast period (2025-2032).
The growth of IoT in the manufacturing market is being boosted by the increasing adoption of automated & intelligent technologies, which helps in improving production efficiency and minimizes environmental effect. In various production facilities efficiency can be increased through intelligent production and process management strategies. This helps the manufacturers in manufacturing items more quickly and cheaply. Furthermore, such advanced technologies allow businesses to learn about customer preferences so that they can design products as per their preference. The demand for IoT technology is increasing in many manufacturing firms due to improved worker safety, customer service, and competitive benefits.
Industrial automation has grown significantly in the manufacturing sector. Producers are focusing more on producing large quantities of high-quality products because of increased consumer demand and market competitiveness. As a result, they are now emphasizing important aspects of the facilities like the manufacturing process, asset monitoring, and asset maintenance and support. By using automation, manufacturers could increase productivity, minimize direct labor expenses, enhance the consistency of their processes or products, and produce higher-quality goods. The improvement of industrial automation in the manufacturing industry depends on the Internet of Things (IoT).
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
23.30% CAGR
Global IOT in Manufacturing Market ($ Bn)
Country Share for North America Region (%)
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IOT in Manufacturing Market Segmental Analysis
The global IOT in Manufacturing Market is segmented on the basis of component, solution, services, deployment mode, organisation size, application, vertical end-use, and region. Based on component, the market is segmented into solution, and services. Based on solution, Network management, Data management, Device management , Application management, Smart surveillance. Based on services market is segmented into, Managed services (Infrastructure management services, Security management services, Network management services, Data management services, Device management services), Professional services (lot consulting services {Technology consulting services, Business consulting services, Operational consulting services}, IoT infrastructure services {Network services, Deployment services, Cloud services}, System designing and integration services {Platform development and integration services, Mobile and web application development services}, Support and maintenance services, education and training services. Based on deployment mode market is segmented into, on premises and cloud. Based on organisation size market is segmented into, small, medium and large enterprises. Based on application, Predictive maintenance, Business process optimization, Asset tracking and management, Logistics and supply chain management, Real-time workforce tracking and management, Automation control and management, Emergency and incident management and business communication. Based on verticals market is segmented into, Process manufacturing, Discrete manufacturing. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Solution
Based on solution, the data management segment is dominating the market with the largest IOT in manufacturing market share. The data management segment is witnessing such growth in the market due to the rising deployment of end-to-end data management solutions. These solutions provide more effective and flexible capitalization of IoT data across companies. Modernizing data warehouse design, increasing use of data encryption for IoT device security, and rising need for data security and data traffic management are the main factors propelling the growth of the segment, which is contributing to the market's expansion. Moreover, adoption of IoT data management solutions has increased rapidly because of opportunities like the adoption of established content models in businesses, the emergence of unified metadata services, and efficient procedures for boosting return on investment.
The smart surveillance segment is witnessing the fastest growth in the IOT in the manufacturing market. The smart surveillance segment consists of a central monitoring system, and video analytics and events. The rapid expansion of Internet of Things (IoT) has created immense commercial opportunities and allowed operational models across various different sectors and use cases. Furthermore, apart from security and video surveillance, the Internet of Things supports business operations, monitoring, and even internal projects like marketing and advertising. Banks can now implement smart IoT-enabled video surveillance solutions to get benefits like advanced analytics, targeted marketing, and improved branch operations.
Analysis by Connectivity
Based on connectivity, the near field communication segment is dominating the IOT in manufacturing market. This segment is witnessing rapid growth due to benefits like easy connections, quick transactions, and straightforward data transmission. Near field communication also addresses the challenges of unavailability of network access for powered things. The non-powered items which are embedded with NFC tags allow the incorporation of intelligence anyplace. Furthermore, to enhance the user experience, consumers just must tap an NFC-enabled device to open a URL and provide content. Moreover, it also allows simple and straightforward device connection. With the incorporation of near field communication, the requirement for tedious data entering is reducing or hand shaking which is expected to enhance market demand.
As per IOT in manufacturing market analysis, satellite technology segment is experiencing tremendous growth and popularity in recent years. Many businesses who are implementing remote facility monitoring and real-time asset management are depending on satellites for supplying the vital communication infrastructure. These satellites are primarily necessary at unmanned and offshore platforms and in geographically remote areas. Furthermore, many companies all over the world are using the IoT to push for energy-saving policies and more intelligent resource allocation in an effort to make cities more sustainable. For example, satellite technology is vital for extending smart grids to remote areas where terrestrial networks are inadequate.
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IOT in Manufacturing Market Regional Insights
North America is dominating with the largest IOT in Manufacturing market share. The stable and well-established economies in North America have enabled heavy investment in R&D activities and contribute to the growth of new technologies. Connected devices and information flows are already being used in production. As a result of the lower expense of infrastructure, it is now possible to realize faster deliveries. A highly skilled workforce in production companies in the country is increasing the adoption of advanced technologies, such as big data and analytics, which are the key factors driving the market's growth. Manufacturers are willing to integrate technologies into their processes due to the early implementation of trending technologies such as mobility and big data.
Asia-Pacific is anticipated to expand rapidly over the next few years. This is because of the region's ongoing economic expansion, ageing labor force, and increasing use of mobile devices for work. This is also boosting the adoption of enterprise mobility solutions for fulfilling the rising demand for safeguarding and protecting sensitive data. The primary drivers of this rapid growth in APAC include regional government programs to encourage the adoption of technology, increased levels of automation at businesses, and the growing digitization. Moreover, the presence of impending technological advancements in IoT is creating immense potential for profit for the market. These factors are cumulatively increasing the growth of the IOT in manufacturing market in this region.
Global IOT in Manufacturing Market By Geography
- Largest
- Fastest
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IOT in Manufacturing Market Dynamics
IOT in Manufacturing Market Drivers
Increasing Investment on Industrial Automation
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Owing to the high market competition and end-user demand, manufacturers are more concerned with producing high volume and quality products. This, in turn, has led them to focus on core areas, such as production process, asset monitoring, and maintenance and support of assets, in the factory. Using automation would enable manufacturers to reduce direct human labor costs and expenses, increase productivity, enhance consistency of processes or products, and deliver quality products. Industrial automation processes use control systems, such as computers or robots, to monitor and handle processes and machines. IoT plays an important role in enhancing the process of industrial automation in manufacturing industries.
Growing Demand for Data Centers
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IoT is playing a major role in enhancing manufacturing processes by using smart sensors and actuators. These companies require to develop solutions that can handle large volumes of unstructured data to avail the benefits of IoT. Data centres can handle such large volumes of data; they can collect data transmitted by IoT-enabled devices, analyse it, and accumulate meaningful information to facilitate improved decision-making related to manufacturing operations.
IOT in Manufacturing Market Restraints
Lack of Standardization
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As more and more organizations enter the IoT industry, the standardization across data standards, wireless protocols, and technologies become more divergent to reduce complexity and cost. This can also be attributed to the increasing number of newly developed connected devices that are running on various platforms and technologies. IoT involves almost every aspect of human life, and the challenge lies in unifying these standards so that Machine-to-Machine (M2M) communication becomes more user-friendly and flexible.
Unavailability of Skilled Professionals
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A trained workforce with adequate skill sets is required to handle the latest manufacturing equipment and software systems equipped with IoT-related technologies. Though manufacturing industries are dynamic toward adopting new technologies, they face a shortage of highly skilled and proficient workforce. Emerging economies also struggle to efficiently implement IoT in manufacturing operations and carry out the next-level industrialization due to the lack of a skilled workforce.
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IOT in Manufacturing Market Competitive Landscape
The global IOT in manufacturing industry is a highly competitive landscape with the presence of several prominent players. These companies are constantly trying to gain a competitive edge in the market. They are actively engaged in product development, partnerships, collaborations, and acquisitions to expand their market presence and offer innovative solutions to manufacturing industries. The competitive landscape of the IoT in the manufacturing market features the presence of established players with strong technological capabilities. The market is dynamic, with ongoing developments and advancements in IoT technologies driving the competition. As the demand for IoT in manufacturing continues to grow, companies in this space will emphasize on differentiation, partnerships, and technological advancements. This will help them to maintain their market position and cater to the evolving needs of the manufacturing industry.
IOT in Manufacturing Market Top Player’s Company Profiles
- Siemens AG (Germany)
- IBM Corporation (US)
- Microsoft Corporation (US)
- Cisco Systems Inc. (US)
- General Electric Company (US)
- Rockwell Automation Inc. (US)
- ABB Ltd. (Switzerland)
- Honeywell International Inc. (US)
- Bosch Rexroth AG (Germany)
- Schneider Electric SE (France)
- Intel Corporation (US)
- SAP SE (Germany)
- Oracle Corporation (US)
- Amazon Web Services Inc. (US)
- Hewlett Packard Enterprise Development LP (US)
- PTC Inc. (US)
- Hitachi Ltd. (Japan)
- Siemens Digital Industries Software (US)
- Accenture plc (Ireland)
- Fujitsu Limited (Japan)
IOT in Manufacturing Market Recent Developments
- In August 2023, NVIDIA has introduced a number of technology solutions in order to promote the adoption of Open USD in its Omniverse metaverse platform.
- In February of 2023, AVEVA, a company that specializes in supporting industrial software that promotes progress and eco-friendly practices, presented a new version of AVEVA predictive analytics software.
- In November 2022, Zerynth, an Italian company focused on industrial IoT-based solutions, was able to raise funding of USD 5.6 million, one of the largest IIoT horisers in Italy.
IOT in Manufacturing Key Market Trends
- Increasing Use of Smart Devices: The implementation of technologies, like industrial 4.0, artificial intelligence (AI) based smart robots, and others in the manufacturing industry is increasing. This helps in minimizing the overall manufacturing cost and offer enhanced quality and reliability. These trends are very crucial for the manufacturing companies to withstand a leading position in the competitive market. Key manufacturing companies are focused on strategic mergers and collaboration to discover new opportunities by adopting IoT technology-based models.
- Rising Need for Scalability: Automated systems are inherently scalable and adaptable to changing production requirements and market dynamics, vs. the traditional method of scaling up or scaling down staffing. Whether ramping up production volumes or diversifying product offerings, automation allows manufacturers to respond quickly and effectively to evolving business needs, maintaining competitiveness and agility.
IOT in Manufacturing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, with the increasing demand for traceability and transparency, companies have started the usage of advanced technologies like IoT in their manufacturing to increase the production transparency. Data collection and analysis through IoT devices make the whole process seamless for manufacturers. The growth of the market is boosted by factors like better emphasis on preventative maintenance, increased production effectiveness, and streamlining the management of manufacturing infrastructure. In recent times, manufacturers have better visibility, insight, and control because of implementing IoT. By streamlining production procedures, reducing downtime, improving workplace safety, and enabling predictive maintenance, this technology has the capability to transform the manufacturing sector completely.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 321 billion |
| Market size value in 2031 | USD 2114.33 billion |
| Growth Rate | 23.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on IOT in Manufacturing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on IOT in Manufacturing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the IOT in Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IOT in Manufacturing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IOT in Manufacturing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the IOT in Manufacturing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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