IOT IN MANUFACTURING MARKET ANALYSIS

IoT in Manufacturing MarketSize and Trends

The global IoT in manufacturing market size was valued at US$ 198.8 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18.4% from 2023 to 2030. The market is driven by the growing need for automation, increasing inventory management technologies, and increased demand for higher production efficiency. In the global IoT in manufacturing market, the deployment of smart technologies is facilitating automation processes that aid in lowering costs, decreasing time to market, and enabling mass customization. These factors are driving the growth of the market.

Figure 1: Global IoT in Manufacturing Market Share (%), By Region, 2022

Figure 2: IoT in Manufacturing Market Share (%), By Application, 2022

Global IoT in Manufacturing Market Trends:

Growing adoption of data analytics, transparent connectivity, and augmented reality is a recent trend

Manufacturers around the world are increasingly adopting novel technologies such as adopt data analytics, transparent connectivity, and augmented reality for increasing productivity due to evolution in manufacturing facilities is driving the demand for IoT devices. For instance, as per the government of China, Industrial IoT will increase to value nearly US$ 65 billion by 2020. Moreover, the government of Japan granted approval for a plan known as the Rebirth of Japan that outlines the route toward strengthening the manufacturing sector further through targeting the US$ 1.3 trillion development. Thus, this trend is likely to drive growth of the market.

Need for flexible factory is a growing trend in the market

The adoption of flexible factory will enable manufacturing as per the preference of customers and make changes in production ranging up to integration of novel machines at any time, without any significant effort. Moreover, the levels of machine use is increasing, due to which the resources consumption is likely to decrease. Thus, the need for flexible factory is increasing which is further expected to drive the demand for IoT technologies in the global IoT in manufacturing market over the forecast period.