IOT in Manufacturing Market Size, Share, Growth Analysis, By Component(Solution, Services), By End-use(Metal & Mining, Chemical) - Industry Forecast 2024-2031

IOT in Manufacturing Market size was valued at USD 321 Billion in 2022 and is expected to grow from USD 395.79 Billion in 2023 to reach USD 2114.33 Billion by 2031, at a CAGR of 23.30% during the forecast period (2024-2031).

The IOT in manufacturing market is a highly competitive landscape with the presence of several prominent players striving to gain a competitive edge. These companies are actively engaged in product development, partnerships, collaborations, and acquisitions to expand their market presence and offer innovative solutions to manufacturing industries. The competitive landscape of the IoT in the manufacturing market is characterized by the presence of established players with strong technological capabilities. The market is dynamic, with ongoing developments and advancements in IoT technologies driving the competition. As the demand for IoT in manufacturing continues to grow, companies in this space will continue to focus on differentiation, partnerships, and technological advancements to maintain their market position and cater to the evolving needs of the manufacturing industry. 'Siemens AG (Germany)', 'IBM Corporation (US)', 'Microsoft Corporation (US)', 'Cisco Systems Inc. (US)', 'General Electric Company (US)', 'Rockwell Automation Inc. (US)', 'ABB Ltd. (Switzerland)', 'Honeywell International Inc. (US)', 'Bosch Rexroth AG (Germany)', 'Schneider Electric SE (France)', 'Intel Corporation (US)', 'SAP SE (Germany)', 'Oracle Corporation (US)', 'Amazon Web Services Inc. (US)', 'Hewlett Packard Enterprise Development LP (US)', 'PTC Inc. (US)', 'Hitachi Ltd. (Japan)', 'Siemens Digital Industries Software (US)', 'Accenture plc (Ireland)', 'Fujitsu Limited (Japan)'

The adoption of Industry 4.0 principles and technologies, such as IoT, is a significant driver for the IoT in the manufacturing market. Industry 4.0 aims to create intelligent and interconnected manufacturing environments, enabling real-time data analytics, automation, and smart decision-making. This adoption is driven by the need for increased productivity, efficiency, and flexibility in manufacturing processes.

Edge Computing in Manufacturing: Edge computing, which involves processing data near the edge of the network instead of relying on cloud-based systems, is gaining traction in manufacturing. With the increasing volume of data generated by IoT devices, edge computing enables real-time analytics, reduced latency, and improved decision-making capabilities on the factory floor.

In 2022, North America emerged as the leading market for industrial IoT, capturing a significant market share of over 32%. The region's dominance can be attributed to its early adoption and implementation of industrial IoT technology. North America has witnessed strong government support for promoting digitalization in the industrial sector, which has spurred the adoption of industrial IoT devices. Furthermore, the increasing utilization of cutting-edge technologies like cloud computing and AI has further contributed to the growth of the industrial IoT market in the region. These factors are expected to continue driving market growth in North America throughout the forecast period.