Key Market Trends Highlight Industrial Automation, Growth Opportunities from 5G, and Challenges in Data Security
Meticulous Research®, a globally recognized leader in market research, has published an insightful new report titled, “IoT in Manufacturing Market by Component (Platform, Connectivity), Application (Resource Optimization, Machine Inspection & Maintenance), End User (Automotive, Medical Devices), and Geography—Global Forecast to 2029.” This extensive report offers a deep dive into the rapidly evolving IoT in manufacturing sector, forecasting a strong Compound Annual Growth Rate (CAGR) of 13.7% between 2022 and 2029, with the market expected to reach a value of $233.6 billion by 2029.
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1 Market Drivers and Opportunities
The robust growth of the IoT in manufacturing market is largely driven by the increasing demand for industrial automation and growing investments in Industry 4.0 initiatives. Companies are focusing on optimizing resources and improving operational efficiencies, which is significantly bolstering the adoption of IoT technologies in manufacturing processes. However, challenges such as data security and privacy concerns remain potential barriers to growth. On the upside, the emergence of 5G technology is set to accelerate IoT adoption, unlocking new opportunities for manufacturers to enhance connectivity and automation.
2 Key Market Segments
The report offers a detailed analysis of the IoT in manufacturing market across multiple segments:
- Component: The market is segmented into hardware, platforms, services, and connectivity. The hardware segment dominated the market in 2022, driven by the industry’s emphasis on improving equipment effectiveness and reducing operational costs. However, IoT platforms are expected to witness the fastest growth over the forecast period due to increasing end-user demand for enhanced operational efficiency.
- Deployment Mode: On-premise deployment led the market in 2022, particularly favored by large enterprises with established IT infrastructure. Nonetheless, the cloud-based segment is poised for the highest CAGR, driven by the growing adoption of cloud technologies in manufacturing.
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- Organization Size: Large enterprises currently hold the largest market share, leveraging their robust IT capabilities and greater investments in advanced technologies like AI and IoT. However, small and medium-sized enterprises (SMEs) are also increasingly adopting IoT solutions to remain competitive.
- Applications: Surveillance and safety applications captured the largest market share in 2022, reflecting the rising need for real-time monitoring of production lines to ensure worker safety. The inventory and warehouse management segment is anticipated to grow rapidly, driven by IoT’s ability to offer precise, real-time visibility into production processes and inventory flow.
- End Users: The automotive industry was the largest end user of IoT technologies in 2022, with manufacturers adopting IoT to enhance product quality and reduce operational inefficiencies. However, the medical devices sector is projected to grow at the fastest rate, fueled by the adoption of digital manufacturing technologies.
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3 Geographic Insights
Geographically, the Asia-Pacific region leads the global IoT in manufacturing market, accounting for the largest share in 2022. The region’s dominance is supported by favorable government initiatives, technological advancements, and a strong presence of industrial robotics innovation in countries like China, Japan, and South Korea. Moreover, the rise of smart factories across APAC is further expected to drive market growth in the coming years.
4 Key Market Players
Leading players in the global IoT in manufacturing market include:
- General Electric Company (U.S.)
- Emerson Electric Co. (U.S.)
- Intel Corporation (U.S.)
- Cisco Systems, Inc. (U.S.)
- SAP SE (Germany)
- Siemens AG (Germany)
- Microsoft Corporation (U.S.)
- HCL Technologies Limited (India)
- Schneider Electric (France)
These key players, along with others, are actively pursuing strategies such as product innovation, mergers, and acquisitions to expand their market presence and meet evolving industry demands.
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