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Lending And Payments Market Size Projected To Reach $17569.09 Billion By 2034 With A Cagr Of 7.2%
Lending And Payments
What Is the Projected Growth of the IoT in Manufacturing Market?
The IoT in manufacturing market has expanded rapidly, forecasted to grow from $286.53 billion in 2024 to $334.78 billion in 2025, at a CAGR of 16.8%. Growth is fueled by Industry 4.0 initiatives, cost-efficiency measures, predictive maintenance, supply chain optimizations, and quality control improvements.
The IoT in manufacturing market is forecasted to grow rapidly, reaching $630.32 billion by 2029 with a CAGR of 17.1%. The growth is fueled by advancements in 5G connectivity, edge computing, AI, machine learning, customization, and sustainability efforts. Major trends include the development of digital twins, enhanced cybersecurity measures, remote monitoring and control systems, collaborative robots (cobots), and the growth of smart factories.
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What Are the Different IoT in Manufacturing Market Segments?
The IoT in manufacturing market covered in this report is segmented -
1) By Component: Solution, Platform, Service
2) By Vertical: Energy And Utilities, Automotive, Food And Beverages, Aerospace And Defense, Chemicals And Materials, High-Tech Products, Healthcare
3) By Platform: Device Management Platform, Application Management Platform, Connectivity Management Platform
4) By Application: Process Optimization, Predictive Maintenance, Asset Management, Workforce Management, Emergency And Incident Management, Logistics And Supply Chain Management, Inventory Management
Subsegments:
1) By Solution: Hardware, Software
2) By Platform: IoT Platform, Cloud Platform, Edge Computing Platform
3) By Service: Professional Services, Managed Services
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What Are the Primary Drivers Shaping the IoT in Manufacturing Market?
The adoption of IoT in the automotive industry is accelerating the IoT market's growth. Automakers like Toyota, Volkswagen, and Mercedes-Benz are developing smart vehicles with advanced features that improve user experience. According to UBS, 12% of vehicles sold by 2030 will be for autonomous taxi fleets, with 26 million self-driving taxis in operation globally, demonstrating IoT's strong automotive impact.
Which Companies Are Leading in the IoT in Manufacturing Market?
Major companies operating in the IoT in manufacturing market include Microsoft Corporation, SAP SE, Robert Bosch GmbH, International Business Machines Corporation, Cisco Systems Inc., General Electric Company, Huawei Technologies Co. Ltd., PTC Inc., Zebra Technologies Corporation, Siemens Aktiengesellschaft, Rockwell Automation Inc., Wind River Systems Inc., Schneider Electric SE, ClearBlade Inc., Mocana Corporation, Impinj Inc., Uptake Technologies Inc., PalleTech LLC, ELMODIS Sp. z o.o., Water.IO Inc., SensEye LLC, ARCSTONE Pte. Ltd., SupraControl Technologies Inc., Software AG, Texas Instruments Incorporated, Hitachi Ltd., Konux GmbH, Honeywell International Inc., Intel Corporation, ABB Ltd., Mitsubishi Electric Corporation, Fujitsu Limited, accenture* plc, Oracle Corporation, Hewlett Packard Enterprise Development LP, Dell Technologies Inc., Amazon Web Services Inc., Fanuc Corporation, Kuka AG, Yaskawa Electric Corporation
What IoT in Manufacturing Market Trends Are Gaining Traction Across Different Segments?
In the IoT devices market, data analytics is increasingly used to process and maximize the value of the data collected by these devices. Companies like Amazon, Microsoft, and Google are utilizing AI-driven data analytics to process large volumes of data, enabling businesses to make more informed decisions and enhance operational efficiency.
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What Are the Top Revenue-Generating Geographies in the IoT in Manufacturing Market?
Asia-Pacific was the largest region in the IoT market in 2023. North America was the second largest region in the IoT market. The regions covered in the iot in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the IoT in Manufacturing Market?
2. What is the CAGR expected in the IoT in Manufacturing Market?
3. What Are the Key Innovations Transforming the IoT in Manufacturing Industry?
4. Which Region Is Leading the IoT in Manufacturing Market?
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