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

Global IOT In Manufacturing Market size was valued at USD 321 billion in 2022 and is poised to grow from USD 395.79 billion in 2023 to USD 2114.33 billion by 2031, growing at a CAGR of 23.30% during the forecast period (2024-2031).

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.  '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)'

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. 

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.