The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

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

The global IoT in manufacturing market is expected to grow from $209.44 billion in 2022 to $252.23 billion in 2023 at a compound annual growth rate (CAGR) of 20.4%. The global IoT in manufacturing market size is expected to grow to $461.13 billion in 2027 at a CAGR of 16.3%.

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Global IoT In Manufacturing Market Segments Include:

• By Component: Solution, Platform, Service
• By Vertical: Energy And Utilities, Automotive, Food And Beverages, Aerospace And Defense, Chemicals And Materials, High-Tech Products, Healthcare
• 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

Subsegments:

• By Services: Managed Services, Professional Services
• By Solution: Network Management, Data Management, Device Management, Application Management, Smart Surveillanc
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global IoT in manufacturing market in 2021.

Major Market Players in the IoT in manufacturing market include Microsoft Corporation, SAP SE, Bosch Software Innovations GmbH, IBM Corporation, Cisco Systems, General Electric, Huawei, PTC Incorporation.

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. For instance, GE developed digital-twin technology internally for its jet-engine manufacturing process which resulted in providing efficiency and expertise to customers to operate the engine.

The IoT In Manufacturing Global Market Report 2023 provides a IoT in manufacturing market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The IoT in manufacturing market forecast analyzes IoT in manufacturing market size, IoT in manufacturing market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Internet of things (IoT) is a physical object network that contains integrated technologies that allow it to connect, sense, and interact with internal or external environments. It is a collection of end-to-end services where companies contract with external vendors to design, build, install, and operate IoT solutions, including consulting advice for IoT planning.

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