February 25, 2024
IoT in Manufacturing Market

IoT in Manufacturing Market is expected to be Flourished by Increasing adoption of IoT Technologies in Manufacturing industries

IoT in manufacturing solutions are helping manufacturers to improve operational efficiency and productivity by connecting machines and equipment to the internet. These solutions are enabling manufacturers to gain real-time visibility into operations, predictive maintenance of assets through sensor data analysis, reducing downtime and minimizing maintenance costs. IoT also enables remote monitoring of manufacturing facilities and smart automation of processes using intelligent robots and algorithms.

The global IoT in Manufacturing Market is estimated to be valued at US$ 271.16 Bn in 2023 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.

IoT applications in manufacturing include supply chain and logistics management, quality control, predictive maintenance, asset management, production planning and other value-added services. For instance, IoT sensors installed on manufacturing equipment capture real-time production data including temperature, pressure, speeds, and other metrics that can identify inefficiencies and potential problems before they occur. This pre-emptive maintenance helps reduce downtime and outages significantly. IoT integration into computer numerical control (CNC) machines, robotic arms, conveyor belts and other assets enables remote monitoring and control of manufacturing operations from any location.

Market Dynamics:
The increasing adoption of IoT technologies in manufacturing industries is expected to drive the global IoT in manufacturing market growth over the forecast period. IoT helps manufacturers gain real-time visibility, predictive maintenance capabilities, remote monitoring, and optimize operations through connectivity and analytics. This is helping manufacturers reduce downtime, minimize production costs, optimize supply chains, and improve overall operational efficiency. Integrating IoT into manufacturing processes generates massive amounts of data that can be leveraged for predictive quality control, predictive maintenance, production planning, remote operations, and other value-added services through analytics. Leveraging such IoT derived insights helps manufacturers make informed decisions, streamline operations and enhance productivity.

Segment Analysis:
The IoT in manufacturing market can be segmented into component, software solution, platform, network technology, application, and region. The component segment is further divided into sensors, processors, connectivity devices, memory devices, and others. The sensors sub-segment currently dominates the component segment owing to high demand for temperature sensors, pressure sensors, proximity sensors, optical sensors for various manufacturing applications.

PEST Analysis:
Political: Governments across the world are supporting IoT adoption in manufacturing through policy reforms and funding to boost industrial digitalization and automation. This is driving market growth.
Economic: IoT helps optimize supply chain and production processes, reduce costs, and enhance productivity and efficiency. This results in significant economic benefits for manufacturing companies and national economies.
Social: IoT improves workplace safety and working conditions for labor through connected devices, remote monitoring, and analytics. This factor has a positive social impact.
Technological: Emerging technologies like 5G, cloud computing, edge computing, AI/ML are making IoT solutions more robust, scalable and affordable for manufacturers. This widespread technology proliferation is facilitating market expansion.

Key Takeaways:
Global IoT In Manufacturing Market Demand is expected to witness high growth over the forecast period owing to the increasing digital transformation of industrial operations worldwide.

Regional analysis – North America currently dominates the market due to strong technology adoption and presence of leading solution providers in the region like EnableX.io, Twilio Inc, Infobip Ltd, etc. Asia Pacific is poised to grow at the fastest pace led by China, India, and other developing Asian countries.

Key players – Key players operating in the IoT in manufacturing market are 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, 8×8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications. EnableX.io is a prominent player owing to its innovative IoT platforms and solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it