The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s IoT In Manufacturing Global Market Report 2024 offers crucial insights into the IoT in manufacturing market help businesses analyse and build stronger strategies.

The Internet of Things (IoT) in manufacturing has witnessed remarkable growth, with the market size expanding rapidly in recent years. Key factors fueling this growth include industry 4.0, cost efficiency, predictive maintenance, supply chain optimization, and quality control.

Market Expansion in 2023-2024

• Market size to grow from $247.96 billion in 2023 to $292.64 billion in 2024.
• Compound Annual Growth Rate (CAGR) at an impressive 18.0%.

Driving Forces in the Historic Period

• Industry 4.0
• Cost Efficiency
• Predictive Maintenance
• Supply Chain Optimization
• Quality Control

Anticipated Growth by 2028

• Projected market size: $538.09 billion.
• CAGR: 16.4%.

Emerging Trends in the Forecast Period

• Digital Twins
• Cybersecurity
• Remote Monitoring and Control
• Collaborative Robots (Cobots)
• Smart Factories

The Role of Artificial Intelligence (AI)

The integration of AI into the manufacturing sector is a major catalyst for the IoT market’s growth. AI, involving the simulation of human intelligence processes by machines, holds the potential to enhance operational excellence, efficiency, and overall profitability.

• AI and IoT Integration Statistics
  • In 2022, 53% of global IT companies reported increased AI utilization over the past two years.
  • AI is expected to play a crucial role in propelling IoT in manufacturing market growth.

Key Players

Major companies contributing to the IoT in manufacturing market include Microsoft Corporation, SAP SE, Robert Bosch GmbH, Cisco Systems Inc., Huawei Technologies Co. Ltd., and many others.

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Leveraging Data Analytics for Informed Decision-Making and Business Growth

The vast amount of data collected by IoT devices can be a valuable asset for companies. Efficient management and analysis of this data are essential for maximizing its potential value.

• Data Analytics in IoT
  • Analysis in areas such as time series, predictive and advanced analytics, data preparation, and geospatial and location real-time (logistic data).
  • Major cloud vendors like Amazon, Microsoft, and Google are increasingly utilizing data analytics for business improvement.

Breadware LLC.’s Strategic Move

In February 2022, Breadware LLC., a US-based IoT solutions company, made a significant acquisition. The company acquired Medium One Inc., an American IoT software company, for an undisclosed amount.

• Acquisition Impact
  • Addition of Medium One platform to Breadware’s portfolio.
  • Enhanced capabilities for developing and offering IoT-enabled products.
  • Integrated environment for quick and easy implementation of IoT products.

Market Segmentation

Understanding the diverse components and verticals within the IoT in manufacturing market is crucial for stakeholders. The market is segmented based on components, verticals, platforms, and applications.

Segmentation Overview

1. By Component
   • Solution
   • Platform
   • Service
2. By Vertical
   • Energy And Utilities
   • Automotive
   • Food And Beverages
   • Aerospace And Defense
   • Chemicals And Materials
   • High-Tech Products
   • Healthcare
3. By Platform
   • Device Management Platform
   • Application Management Platform
   • Connectivity Management Platform
4. By Application
   • Process Optimization
   • Predictive Maintenance
   • Asset Management
   • Workforce Management
   • Emergency And Incident Management
   • Logistics And Supply Chain Management
   • Inventory Management

Regional Dominance

Asia-Pacific emerged as the largest region in the IoT market in 2023, emphasizing the global nature of IoT adoption.

Read The Full IoT In Manufacturing Market Report Here:

https://www.thebusinessresearchcompany.com/report/iot-in-manufacturing-global-market-report

The IoT In Manufacturing Global Market Report 2024  provides a comprehensive outlook of the IoT in manufacturing market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The IoT in manufacturing market forecast offers a thorough analysis on IoT in manufacturing market size, IoT in manufacturing market share, prominent players and their strategies.

The Table Of Content For The IoT In Manufacturing Market Include:
1. IoT In Manufacturing Market Executive Summary
2. IoT In Manufacturing Market Segments
3. IoT In Manufacturing Market Size And IoT In Manufacturing Market Growth Rate
4. Key IoT In Manufacturing Market Trends
5. Major IoT In Manufacturing Market Drivers
……
25. Key Mergers And Acquisitions In The IoT In Manufacturing Market
26. Top IoT In Manufacturing Companies
27. IoT In Manufacturing Market Opportunities And Strategies
28. IoT In Manufacturing Market, Conclusions And Recommendations
29. Appendix

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