Global IoT in Manufacturing Market: Size, Growth, and Future Predictions

 Fortune Business Insights recently released a comprehensive market research report titled "The Internet of Things (IoT) in Manufacturing Market Report 2024." This report provides critical insights and a competitive edge for clients by offering a detailed analysis of the market's segmentation and key drivers.

The report, "Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis," breaks down the market by platform (Device Management, Application Management, Network Management), software and services (Software Solutions and Services), and application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management, among others). It also includes a regional forecast from 2019 to 2032.

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Market Overview:

In 2018, the global IoT in manufacturing market was valued at USD 27.8 billion and is projected to reach USD 452.27 billion by 2032, growing at a CAGR of 22.1% during the forecast period. North America dominated the market in 2018 with a 44.12% share.

The competitive landscape of the IoT in manufacturing market is evaluated by examining major industry players, production capacity, capacity utilization, the market’s production chain, manufacturer pricing, and global revenue generated by each company.

Key Market Players:

Cisco Systems, Inc.

IBM Corporation

General Electric Company

Intel Corporation

Siemens AG

Microsoft Corporation

SAP SE

SOFTWARE AG

ZEBRA TECHNOLOGIES

HITACHI LTD.

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Regional Analysis:

North America (U.S. and Canada)

Europe (U.K., Germany, France, Scandinavia, and Rest of Europe)

Asia Pacific (Japan, China, India, Southeast Asia, and Rest of Asia Pacific)

Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

Latin America (Brazil, Mexico, and Rest of Latin America)

Table of Contents:

Introduction

Research Scope

Market Segmentation

Research Methodology

Definitions and Assumptions

Executive Summary

Market Dynamics

Market Drivers

Market Restraints

Market Opportunities

Key Insights

Industry Developments (Mergers, Acquisitions, Partnerships)

Porter’s Five Forces Analysis

SWOT Analysis

Technological Developments

Value Chain Analysis

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Recent Industry Developments:

Robert Bosch GmbH collaborated with Huawei Technologies to develop cloud-based IoT services aimed at enhancing IoT solutions in manufacturing plants.

GE and Microsoft expanded their partnership to standardize GE's Predix solutions on Microsoft Azure and integrate Predix with Azure IoT and Data Analytics. Together, they will offer Industrial IoT (IIoT) solutions across multiple verticals.

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FAQ's:

1. What is the projected market size for IoT in manufacturing in 2024?

By 2024, the global Internet of Things (IoT) in manufacturing market is expected to experience significant growth, building on its 2018 valuation of USD 27.8 billion. The market is projected to grow rapidly, reaching a valuation of USD 452.27 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period.

2. Who are the top key players in this market?

Cisco Systems, Inc., IBM Corporation, General Electric Company, Intel Corporation, Siemens AG, Microsoft Corporation, SAP SE, SOFTWARE AG, Zebra Technologies, Hitachi Ltd.

3. What are the major drivers in the IoT manufacturing industry?

IoT solutions enhance manufacturing by optimizing processes with real-time data, boosting efficiency and increasing automation to reduce errors and improve production speed and accuracy. Predictive maintenance enabled by IoT minimizes downtime and repair costs through proactive equipment monitoring. Additionally, IoT provides valuable analytics for data-driven decision-making, enhancing product quality and operational efficiency. IoT systems also offer greater flexibility, allowing manufacturers to quickly adapt to market demands and changes.

4. What is the future outlook for the IoT in manufacturing market?

The future outlook for the IoT in manufacturing market is highly promising. With a projected CAGR of 22.1% through 2032, the market is expected to witness rapid adoption of IoT technologies across various industries. Enhanced operational efficiency, increased automation, and data-driven insights will drive demand. However, challenges such as high implementation costs, data security, and integration complexity may persist, though they are expected to be addressed as IoT technology evolves. Overall, the market is poised for substantial growth globally.