by The global IoT in Manufacturing Market is estimated to be valued at US$198.8 billion in 2022 and is expected to exhibit a CAGR of 18.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IoT in Manufacturing refers to the use of internet-connected devices and sensors to collect, analyze, and share data in the manufacturing industry. This technology enables manufacturers to optimize their processes, improve efficiency, and make data-driven decisions. IoT solutions in manufacturing offer several advantages such as real-time monitoring, predictive maintenance, improved quality control, and supply chain optimization. The increasing need for automation, productivity enhancement, and cost reduction in the manufacturing sector is driving the adoption of IoT solutions.
Market Key Trends:
One key trend in the IoT in Manufacturing market is the implementation of predictive maintenance solutions. By leveraging IoT technology, manufacturers can collect real-time data from their machines and equipment, enabling them to detect any potential issues before they occur. This proactive approach helps in reducing downtime, minimizing maintenance costs, and improving overall productivity. Predictive maintenance also enables manufacturers to shift from reactive maintenance practices to predictive and preventive maintenance strategies, resulting in increased equipment lifespan and enhanced operational efficiency.
Overall, the IoT in Manufacturing market is witnessing significant growth due to the increasing demand for automation and data-driven decision making in the manufacturing sector. Predictive maintenance solutions are playing a crucial role in driving market growth by offering numerous advantages to manufacturers.
Porter’s Analysis
The Iot In Manufacturing Market Share is expected to witness a high growth rate, exhibiting a compound annual growth rate (CAGR) of 18.4% from 2023 to 2030. This growth is primarily attributed to the increasing adoption of IoT technologies in the manufacturing sector, driving the demand for IoT in Manufacturing solutions.
Threat of New Entrants: The threat of new entrants in the IoT in Manufacturing market is low to moderate. While the market offers significant opportunities, the barriers to entry are relatively high. Established players hold a strong market position and have the advantage of extensive experience and resources.
Bargaining Power of Buyers: The bargaining power of buyers in the IoT in Manufacturing market is moderate. As the market is growing rapidly, buyers have access to a wide range of IoT solutions from various vendors. However, the key players in the market, such as Cisco Systems Inc., SAP SE, and General Electric, hold a significant market share, giving them some leverage in negotiations.
Bargaining Power of Suppliers: The bargaining power of suppliers in the IoT in Manufacturing market is moderate to high. Suppliers of IoT hardware and software components have a strong position due to the specialized nature of their products and the limited number of qualified suppliers. However, the market attractiveness and potential volume of orders provide an opportunity for suppliers to establish mutually beneficial partnerships with manufacturers.
Threat of New Substitutes: The threat of new substitutes in the IoT in Manufacturing market is relatively low. The integration of IoT technologies into manufacturing processes offers unique benefits and efficiencies that are difficult to replicate with traditional methods. Substitutes such as manual or non-automated processes are becoming less common as manufacturers increasingly embrace IoT solutions.
Competitive Rivalry: The competitive rivalry in the IoT in Manufacturing market is high. Key players such as Cisco Systems Inc., SAP SE, and General Electric have established themselves as market leaders and constantly innovate to maintain their competitive edge. Smaller players also strive to differentiate themselves by focusing on niche markets or offering specialized IoT solutions.
Key Takeaways
The global IoT in Manufacturing market is expected to reach US$ 198.8 billion in 2022, exhibiting a significant growth rate. The market is being driven by the increasing adoption of IoT technologies in the manufacturing sector, which enables enhanced connectivity, automation, predictive maintenance, and improved operational efficiency. The Asia-Pacific region is expected to be the fastest-growing and dominating region in the IoT in Manufacturing market, driven by the presence of major manufacturing hubs and increasing industrialization. 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. These companies have a strong market presence and offer a wide range of IoT solutions tailored to the manufacturing industry’s specific needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
