The global IoT in Manufacturing Market is estimated to be valued at US$ 235.38 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
IoT in manufacturing allows machines, tools, assembly lines, products and humans to connect and communicate with each other via internet and software. IoT collects real-time data from connected devices to provide operational insights and optimize processes. This helps improve productivity, reduce operational costs, ensure quality control and enhance overall customer experience. IoT solutions are increasingly adopted by manufacturing companies across industries to gain competitive advantage.
Market key trends:
One of the major trends in the IoT in manufacturing market is predictive maintenance. IoT-connected sensors provide real-time equipment condition monitoring that helps predict mechanical failures and downtimes. This data-driven approach to maintenance scheduling improves reliability while reducing maintenance costs. Another key trend is adoption of virtual reality and augmented reality solutions. Manufacturers are increasingly using VR and AR technologies for employee training, remote assistance and quality assurance. AR headsets provide visual instructions and real-time problem-solving support. This improves workforce efficiency and safety. Blockchain is another rising technology finding applications in manufacturing supply chain management through asset tracking and transparent transaction processing.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Despite relatively high capital investment and government regulations needed for technology infrastructure and security, low barriers to entry for software solutions allows new players to disrupt the market.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various IoT solutions in the market. Buyers can negotiate on price and demand customized solutions.
Bargaining power of suppliers: Suppliers have moderate power as there are many technology providers for hardware, software, semiconductors, and connectivity options. Switching costs are low for buyers.
Threat of new substitutes: Threat of substitutes is moderate as options like cloud computing offer alternatives for data storage and analytics. However, IoT specialized solutions have stronger value proposition for industrial use cases.
Competitive rivalry: The competitive rivalry is high due to presence of tech giants and startups offering niche IoT platforms and applications. Companies compete on technology, security, and services.
Key Takeaways
Global Iot In Manufacturing Market Size is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing demand for smart factory solutions. Rapid advancements in connectivity, automation, and analytics are driving adoption of IoT across industries.
Regionally, North America dominated the IoT in Manufacturing market in 2023 with a share of over 30%, owing to strong industrial automation trends in the US. However, Asia Pacific is expected to witness the fastest growth during the forecast period supported by growing manufacturing industry and government initiatives for smart infrastructure in China and India.
Key players operating in the IoT in Manufacturing market are Cisco Systems Inc., SAP SE, General Electric, Microsoft Corporation, Intel Corporation, Siemens AG, IBM Corporation, Qualcomm, Verizon Communication Inc., and AT&T Inc. Major players are focusing on developing customized industry-specific solutions around concepts like predictive maintenance, supply chain management, and remote operations to gain competitive advantage.
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