IoT in Manufacturing Market Size Worth $129.42 Billion By 2030 | CAGR: 12.3%

The global IoT in Manufacturing market size is expected to reach USD 129.42 billion by 2030 according to a new study by Polaris Market Research. The report “IoT in Manufacturing Market Share, Size, Trends, Industry Analysis  Report, By Component (Solution, Services); By Application; By Vertical (Process Manufacturing, Discrete Manufacturing); By Deployment Mode; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Key players in the market have adopted the Internet of Things in manufacturing smart software and solutions across their factory operations. The adoption of the Internet of Things allows industrial companies to automate their processes, saving money, reducing time to market, enhancing mass customization, and increasing safety. For instance, in November 2021, Panasonic introduced the Miraie Profactory industrial IoT and smart factory solution aimed at Indian manufacturers looking to digitize their factory operations. The move will assist Panasonic, which sells various products through its consumer appliances business and collaborates with several large manufacturers to provide business-to-business solutions to expand its business-to-business operations.

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Furthermore, smart solutions for industrial units are also driving industry growth. For instance, in May 2021, Zyter, Inc. announced the release of Zyter Smart Factories. This intelligent solution links factory floor machinery, workers, and other systems through Zyter's digitalization platform. Also, in October 2021, Mindtree announced an extending partnership with ServiceNow that helps people work better. Thus, the development of solutions by the major players and the adoption by production units are boosting the market growth during the forecast period.

Based on the deployment mode, the cloud segments accounted for the leading share in the market. Organizations can save money on software, collection, and technical staff by using cloud-based IoT in industrial solutions. Cloud-based IoT in standardized components provides a centralized method of integrating the components with web and mobile applications, assisting organizations in asset management, maintenance works, and asset productivity in the industrial company.

Market players such as  Schneider Electric, Cisco, General Electric, HCL, Atos, Huawei, IBM, Intel, Oracle, PTC, Samsara, Microsoft, SAP, Siemens, and Zebra Technologies are key players operating in the global market. In April 2021, PTC and the Technion, an Israel Institute of Technology, entered into a strategic partnership. PTC invested USD 5 Billion in its Haifa Campus as part of this collaboration and established an R&D center.

Polaris Market Research has segmented the IoT in Manufacturing market report based on component, deployment mode, vertical, application, and region:

IoT in Manufacturing, Component Outlook (Revenue - USD Billion, 2018 - 2030)

• Solution
  • Network Management
  • Data Management
  • Device Management
  • Application Management
  • Smart Surveillance
• Services
  • Managed Services
  • Professional Services
    • IoT Consulting Services
    • IoT Infrastructure Services
    • System Designing and Integration Services
    • Support and Maintenance Services
    • Education and Training Services

IoT in Manufacturing, Development Mode Outlook (Revenue – USD Billion, 2016 - 2028)

• On-premises
• Cloud

IoT in Manufacturing, Application Mode Outlook (Revenue - USD Billion, 2018 - 2030)

• Predictive Maintenance
• Business Process Optimization
• Assets Tracking and Management
• Logistics and Supply Chain Management
• Real-Time Workforce Tracking and Management
• Automation Control and Management
• Emergency and Incident Management
• Business Communication

IoT in Manufacturing, Vertical Outlook (Revenue - USD Billion, 2018 - 2030)

• Process Manufacturing
  • Energy & Utilities
  • Chemical & Materials
  • Food & Beverages
  • Water & Waste Management
  • Others
• Discrete Manufacturing
  • Automotive
  • Machine
  • Semiconductor & Electronics
  • Medical Devices
  • Logistics & Transportation

IoT in Manufacturing, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa