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

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. 

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. 

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. 

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.