The analysis estimates that the global IoT in manufacturing market, which had a market value of $198.25 billion in 2020, will increase at a CAGR of 22.6% from 2021 to 2030 to reach $1,495.65 billion.
The demand for real-time asset monitoring has increased, and smart sensors, virtual & augmented reality, and other technological breakthroughs have all contributed to the market’s expansion. Unfortunately, a lack of adequate IT infrastructure limits market expansion. On the other hand, the emergence of connected operational intelligence and the quick uptake of cloud-based deployment models will present new opportunities for industry participants in the future.
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By component, the software segment held the largest share in 2020, accounting for more than two-thirds of the global IoT in manufacturing market, due to increase in demand for data management, network & application security, smart surveillance, and network & bandwidth security. However, the service segment is expected to manifest the highest CAGR of 24.7% during the forecast period, due to adoption of these services speeds up software implementation, minimizes the deployment cost & risks, and maximizes the value of existing installation through optimization.
By application, the cognitive process and operations management segment is projected to register the highest CAGR of 30.8% during the forecast period, as it helps manufacturers identify defects during production. However, the predictive maintenance segment held the largest share in 2020, contributing to more than one-third of the global IoT in manufacturing market, as it helps in optimizing resource management by sending technicians with right parts.
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The Internet of Things (IoT) is transforming the manufacturing industry by providing real-time visibility and control over production processes, improving operational efficiency, reducing costs, and enhancing product quality. Here are some of the key trends in the use of IoT in the manufacturing industry:
- Predictive Maintenance: One of the most significant trends in IoT in the manufacturing industry is predictive maintenance. IoT devices are used to monitor equipment in real-time and detect anomalies in performance. This information is then used to predict potential failures and schedule maintenance activities before any problems occur, reducing downtime and increasing equipment lifespan.
- Quality Control: IoT devices are also used to monitor and control quality during the production process. Sensors and cameras can detect defects in real-time, and analytics tools can be used to analyze the data and identify trends and patterns, allowing for quick adjustments to the production process.
- Supply Chain Optimization: IoT devices are being used to optimize supply chain operations in the manufacturing industry. By tracking inventory levels, monitoring shipments, and analyzing demand patterns, manufacturers can improve their production planning, reduce inventory costs, and improve delivery times.
- Factory Automation: IoT devices are also being used to automate factory operations, increasing production efficiency and reducing labor costs. Automated machines and robots can work collaboratively with human workers to perform repetitive tasks, increasing productivity and reducing errors.
- Wearable Technology: Wearable technology is becoming increasingly popular in the manufacturing industry. IoT-enabled devices such as smart glasses, watches, and helmets can provide workers with real-time information, allowing them to work more efficiently and safely.
Due to the development of cutting-edge IoT technologies like Industry 4.0, the emergence of cloud-based services, predictive maintenance, and change management, North America held the largest share of the global IoT in manufacturing market by region in 2020, accounting for nearly two-fifths of the market. However, market in Asia-Pacific is predicted to demonstrate the highest CAGR of 25.3% during the forecast period, owing to government initiatives and use of IoT technologies in Smart Cities programmes in India.
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Major market players –
- Cisco Systems Inc.
- Hitachi Ltd.
- IBM Corporation
- Microsoft Corporation
- PTC Inc.
- Robert Bosch GmbH
- SAP SE
- Software AG
- Texas Instruments
- Zebra Technologies
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