IoT in Manufacturing Market is expand at a CAGR of 4.3% to grow up to USD 23.1 billion by 2031 - IBM, Microsoft, GE Digital, PTC

The global IoT in Manufacturing Market was valued at 15.2 billion in 2021 and it is anticipated to grow up to USD 23.1 billion by 2031, at a CAGR of 4.3% during the forecast period.

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IoT in Manufacturing refers to the use of Internet of Things (IoT) technology in the manufacturing process. IoT technology can be used to connect various devices and machines in the manufacturing process, allowing for real-time data collection and analysis.

This data can be used to improve efficiency and quality control in the manufacturing process. Additionally, IoT-enabled machines can communicate with each other to coordinate production, further increasing efficiency.

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Market Trends and Drivers

The growing awareness related to IoT-based production systems to gain optimization, management, and digital benefits is developing the IoT in manufacturing market. With the interconnection of various devices in the advanced internet infrastructure, these solutions offer high safety, efficiency, and product innovation benefits.

The increasing penetration of sensors, cloud computing, and robust internet across various sectors is adding up to the industry growth prospects.

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These components and services aid manufacturers in gaining real-time and crucial information for decision making & management. Moreover, several government initiatives in the countries including India, Italy, etc., for the development of the existing manufacturing sector and the introduction of intelligent solutions are expanding the industry.

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Global IoT in Manufacturing Market Segmentation

By Platform

Network Management
Device Management
Application Management

By Component

Hardware
Software
Services

By Technology

Sensor
RFID
Connectivity Technology
Others

By Industry

Machinery
Automotive
Food & Beverages
Pharmaceuticals
Others

Major Players in the Global IoT in Manufacturing Market

The key players in the market IBM, Microsoft, GE Digital, PTC, Persistent Systems, Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies, among others. Players are trying to apply backward integration of hardware, software, and integration services, to integrate the entire IoT system deployment process. Key players are also focusing on providing solutions that cater to the growing demand of the manufacturing sector.

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