Internet of Things in Manufacturing Market Trends and Growth: Size and Share by 2024

The latest report published by Fortune business insights, titled "Internet of Things in Manufacturing Market Report 2024 " - Market Size, Trends, And Global Forecast 2024-2032 , delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends. As per the report, the internet of things in manufacturing industry size has grown strongly in recent years.

Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis, By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2032

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Market attributes:

• The Internet of Things in Manufacturing Market was valued at USD 27.8 billion in 2018.
• It is projected to expand at a CAGR of 22.1% between 2018 and 2032.
• By 2032, the market value is expected to reach USD 452.27 billion.

Leading Companies:

The major players in the market prioritize strategic acquisitions to enhance their R&D capabilities and secure a competitive advantage, allowing them to provide innovative products to their customers. Here are some of the top companies in the internet of things in manufacturing industry:

• Cisco Systems, Inc.
• IBM Corporation
• General Electric Company
• Intel Corporation
• Siemens AG
• Microsoft Corporation
• SAP SE
• SOFTWARE AG
• ZEBRA TECHNOLOGIES
• HITACHI LTD.

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 Middle East & Africa)
• Latin America (Brazil, Mexico, and Rest of Latin America)

Key industry developments:

• June 2018: Robert Bosch GmbH collaborated with Huawei Technologies Co. to develop cloud-based IoT services. This collaboration was completed to develop and deploy IoT based solutions and services in manufacturing plants.
• July 2018: GE and Microsoft announced an expanded partnership. GE plans to standardize its Predix solutions on Microsoft Azure and will integrate the Predix portfolio with Azure’s cloud capabilities, including Azure IoT and Azure Data Analytics. The companies will co-sell and offer end customer premier Industrial IoT(IIoT) solutions across verticals.

FAQ’s:

1. What is the current size and growth rate of the #CKW market?
2. What factors are fueling demand for the #CKW?
3. Who are the leading competitors in the internet of things in manufacturing industry?
4. What is the market share of each major player?
5. How are consumer preferences and behaviors influencing the internet of things in manufacturing industry?

Summary

The Internet of Things (IoT) in the manufacturing market is revolutionizing industrial processes by enhancing operational efficiency and productivity. IoT technology integrates sensors, devices, and systems to collect and analyze data from machinery and production lines. This connectivity enables real-time monitoring, predictive maintenance, and optimized resource management. The market is driven by the need for automation, increased operational efficiency, and the rise of smart factories. Key trends include the adoption of advanced analytics, artificial intelligence (AI), and machine learning (ML) to improve decision-making and reduce downtime. Major challenges involve cybersecurity risks and high implementation costs. Despite these hurdles, the IoT in manufacturing market is expected to grow significantly, with investments focusing on developing innovative solutions and expanding IoT infrastructure. Companies are increasingly leveraging IoT to gain a competitive edge by enhancing product quality, reducing waste, and improving supply chain management.