Global IoT in Manufacturing Market Outlook, Opportunities And Strategies

November 30, 2021November 30, 2021 by The Business Research Company

Learn about the global IoT in manufacturing market through The Business Research Company, which provides information on IoT in manufacturing market size, IoT in manufacturing market drivers and restraints, IoT in manufacturing market players, the COVID-19 impact on the IoT in manufacturing market, and more.

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The global IoT in manufacturing market is expected to grow from $220.03 billion in 2020 to $237.59 billion in 2021 at a compound annual growth rate (CAGR) of 8%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The IoT in manufacturing market is expected to reach $451.51 billion in 2025 at a CAGR of 17.4%.

Increasing need for customized products are expected to drive innovation in IoT in manufacturing, thus driving the market during the forecast period.

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The IoT in manufacturing market consists of sales of IoT enabled systems, devices and software in the manufacturing industry. The IoT in manufacturing market offers IoT-based solutions such as quality management, predictive maintenance, supply chain management and others with the help of IoT based systems and devices that enable interaction among machines, devices, and things in real-time. IoT in manufacturing includes IoT solutions in logistics and supply chain optimization, production flow monitoring, security and safety and others.

Global IoT in manufacturing market segments include:

By Component: Solution, Platform, Service

By Vertical: Energy And Utilities, Automotive, Food And Beverages, Aerospace And Défense, Chemicals And Materials, High-Tech Products, Healthcare

By Services: Managed Services, Professional Services

By Solution: Network Management, Data Management, Device Management, Application Management, Smart Surveillance

By Platform: Device Management Platform, Application Management Platform, Connectivity Management Platform

By Application: Process Optimization, Predictive Maintenance, Asset Management, Workforce Management, Emergency And Incident Management, Logistics And Supply Chain Management, Inventory Management

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

The increasing use of Digital Twins implemented by manufacturing companies in providing IoT solutions is gaining traction in the IoT in manufacturing market. Digital Twin is a merge of virtual and physical world to create digital copies of an industrial product that can be used to run simulations prior to its manufacturing and deployment. Digital Twins support industry 4.0 solutions such as automated root cause analysis, predictive maintenance, predictive quality, supply chain optimization, and inventory intelligence in the manufacturing industry. The technology enhances the accuracy of predictive AI applications, increases efficiency and safety of IoT solutions, optimizes production processes, and enables companies to have digital foot print of their product from its design stage to the deployment stage. It is estimated that more manufacturers will adopt this approach in the near future.

TBRC’s IoT in manufacturing market report covers:

Major Market Players: Microsoft Corporation, SAP SE, Bosch Software Innovations GmbH, IBM Corporation, and Cisco Systems.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)

The IoT in Manufacturing Global Market Report 2021: COVID-19 Growth and Change to 2030 is one of a series of new reports from The Business Research Company that provides IoT in manufacturing market overviews, analyzes and forecasts market size, share, IoT in manufacturing market players, IoT in manufacturing market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s IoT in manufacturing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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