From $62.1 billion in 2021, the global IoT in manufacturing market value is expected to witness a CAGR of 13.9%, to reach $200.3 billion by 2030. This can be ascribed to the need for enhancing inventory management, growing requirements for higher production efficiency, and rapid industrial automation. Various industries have started implementing IoT due to the rising awareness on the fact that it plays a significant role in industrial automation. IoT can create new technologies for solving problems, increasing productivity, and enhancing operations.
In addition, IoT devices are helping in improving inventory management, by allowing manufacturers to automate inventory tracking and reporting. This ensures transparency and the constant monitoring of the time between an inventory order and its delivery. It also saves the valuable time of officials in finding any inventory. IoT-driven inventory management solutions save inventory cost and help manufacturers take a tactical business decision. In this regard, government initiatives such as Making Indonesia 4.0, Made in China 2025, and Make in India, are playing an important role in the industry advance.
When the IoT in manufacturing market is segmented based on component, the solution category held the larger share in 2021. It was because most manufacturing companies are inclined toward deploying IoT solutions as they help enhance the manufacturing process and grow their business. In addition, the IoT solutions used for manufacturing offer better control over the supply chain and reduce infrastructure and operational costs. The solutions include an array of sensors and transceivers and other components that help establish an internet connection with the production machine.
Out of all the categories based on application, the predictive maintenance category held the largest share of the IoT in manufacturing market in 2021. It is attributed to the fact that with predictive maintenance, companies can anticipate and address the possible risks and rectify potential issues before they impact workers and production. Moreover, IoT-based predictive maintenance can help companies maintain, monitor, and optimize assets for better utilization and performance. As sudden, unplanned system malfunctions can set production and revenue back by months, predictive maintenance is a good way to avoid losses.
Similarly, the cloud category is predicted to exhibit the faster growth in the IoT in manufacturing market in the coming years, based on deployment. It can be ascribed to the fact that implementing the cloud is a quick process, which requires less investment. Furthermore, cloud-based IoT platforms and services offer the flexibility of increasing or decreasing the storage space. Additionally, most of the companies around the world are SMEs, which don’t have as good a financial health as large companies; therefore, they are deploying cloud-based solutions to cut operational costs and remain profitable.
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In the coming years, APAC is expected to witness the fastest IoT in manufacturing market growth. It will be because of the surging demand for IoT solutions in the manufacturing industry for smart automation. One of the most-significant pillars of the APAC economy is manufacturing, and it is witnessing rapid transformation due to the benefits of IoT solutions. On the other hand, North America is predicted to hold the largest market share in the coming years. It can be attributed to the fact that many large, medium, and small manufacturing enterprises in the region are using IoT.
Therefore, the strong focus of manufacturing firms on automating their process and adopting technologies that can help in predictive maintenance will drive the market.
IoT in Manufacturing Market Size Breakdown by Segments
Business Process Optimization
Asset Tracking and Management
Logistics and Supply Chain Marketing
Real-Time Workforce Tracking and Management
Automation Control and Management
Emergency and Incident Management
By End User
Chemical and Material Equipment
Electronics and Communication Equipment
Food and Agriculture Equipment
Middle East and Africa
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