Internet-of-Things (IoT) Market In Manufacturing Market Size (2024 - 2029)

Internet of Things (IoT) in Manufacturing Market Analysis

The Internet-of-Things Market In Manufacturing Industry is expected to grow from USD 0.39 trillion in 2024 to USD 1.22 trillion by 2029, at a CAGR of 25.33% during the forecast period (2024-2029).

With the increasing demand in the last two decades for traceability and transparency, companies have started making the processes involved in the production of their products transparent. Data collection and analysis through IoT devices make the whole process seamless for manufacturers.

• Some of the drivers that have fueled the IoT's growth include a greater emphasis on preventative maintenance, increased production effectiveness, and streamlining the management of manufacturing infrastructure. Manufacturers have unprecedented visibility, insight, and control thanks to the IoT. By streamlining production procedures, cutting downtime, enhancing workplace safety, and enabling predictive maintenance, this technology has the potential to transform the industrial sector completely.
• As the number of networked sensors in production, the supply chain, and products grows, manufacturers are moving into a new generation of systems that let machines, systems, assets, and things talk to each other automatically and in real time.The pervasiveness of connected devices is finding applicability across multiple manufacturing and supply chain segments throughout the value chain.
• IoT in manufacturing can help the flow of production in a plant because IoT devices automatically track development cycles and keep track of warehouses and stock. It is one of the reasons that investments in IoT devices have skyrocketed over the past few decades. IoT in manufacturing, logistics, and transportation will grow.
• IoT is widely recognized as a advanced technology that significantly improves the manufacturing sector. It can integrate every industrial sector's components, including sensors, processing units, communication, and actuation devices. This fully integrated smart cyber-physical system creates new manufacturing markets and commercial prospects and sets the path for the fourth industrial revolution. It creates significant potential for the industrial industry.

Internet of Things (IoT) in Manufacturing Industry Segmentation

The Internet-of-Things (IoT) market in manufacturing is adding value to manufacturers by helping them make the proper decisions regarding lead time, demand, inventory in hand, stock out, product visibility, inventory turnover, forecasting, and sales. It also helps the manufacturer connect with both the upstream consumers and downstream suppliers, improving vendor relationships.

The Internet-of-Things (IoT) in manufacturing market is segmented by software (application security, data management and analytics, monitoring, network management, and other software), connectivity (satellite network, cellular network, RFID, NFC, Wi-Fi, and other connectivities), services (professional, system integration and deployment, managed, and other services), application (process optimization, predictive maintenance, asset management, workforce management, emergency and incident management, logistics and supply chain management, and inventory management), end-user vertical (automotive, food and agriculture equipment, industrial equipment, electronics and communication equipment, chemicals and materials equipment, and other end-user verticals), and geography (North America (United States, Canada), Europe (Germany, United Kingdom, France, Spain, and Rest of Europe), Asia Pacific (India, China, Japan, and Rest of Asia-Pacific), and Latin America (Brazil, Argentina, and Rest of Latin America), and Middle East and Africa (United Arab Emirates, Saudi Arabia, South Africa, and Rest of Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.