IoT in Manufacturing Market Key Highlights:
- Market Size (2024): USD 614.39 Million
- Projected Market Size (2034): USD 1,697.92 Million
- CAGR (2023-2034): 10.7%
Pricing Analysis:
- Price Growth
- Regional Variations
Market Historic Sales
- Total sales volume, year-over-year growth, product categories, and market share.
Revenue Estimation
- Forecasting future revenues based on historical data, market trends, and economic indicators.
Sales by Region
- Breakdown of sales performance across different geographical areas.
Revenue by Manufacturer
- Analysis of revenue contributions from different manufacturers in the market.
IoT in Manufacturing Market Definition
The IoT in the manufacturing market providing internet-based solutions for tracking processes in efficiently manufacturing goods. The main components of this industry include solutions and services. This industry deals in providing efficient solutions to large organizations and SMEs. Several applications of these IoT-based solutions generally consist of predictive maintenance, business process optimization, automation control and management, asset tracking, and others.
The trend of cloud-based IoT solutions in large organizations and the growing application of these solutions in several process manufacturing industries consisting of energy & utilities, chemical & materials, and others has boosted the market growth. Also, the increasing demand for IoT solutions in discrete manufacturing industries such as automotive, medical devices, machine manufacturing, logistics, and others, coupled with advancements in IoT-based hardware components, has positively impacted the market expansion. Moreover, the upsurge in demand for IoT consulting services and IoT infrastructure services for numerous purposes in the manufacturing sector is expected to propel the growth of the IoT in the manufacturing market.
Advancements in quantum computing, along with enhanced adoption of IoT in the manufacturing sector, are expected to create ample opportunities for market players in the future. In October 2024, Qualcomm launched a new range of Industrial IoT chipsets. These chipsets are designed to operate several IoT-based applications in the manufacturing sector.
IoT in Manufacturing Market Segmentation:
By Type
- Network Management
- Data Management
- Device Management
- Application Management
By Application
- Industrial Equipment Manufacturing
- Electronic Products, Communications Equipment Manufacturing
- Chemical, Material Equipment Manufacturing
- Food, Agricultural Equipment Manufacturing
- Other
IoT in Manufacturing Market Companies:
- PTC INCORPORATION
- CISCO SYSTEMS
- GENERAL ELECTRIC
- IBM
- SAP SE
- ZEBRA TECHNOLOGIES
- ROCKWELL AUTOMATION
- SIEMENS
- HUAWEI
- MICROSOFT
- BOSCH SOFTWARE INNOVATIONS.
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