IoT in Manufacturing Market: Industry Value is Projected to Reach $1,495.65 billion by 2030, at CAGR of 22.6%
August 5, 2022
Advent of connected operational intelligence & rapid adoption of cloud-based deployment model would open new opportunities for the market players in the future.PORTLAND, PORTLAND, OR , UNITED STATES , August 5, 2022 /EINPresswire.com/ -- Rise in demand for real-time asset monitoring and advancements in technologies including smart sensors and virtual & augmented reality have boosted the growth of the global IoT in manufacturing market.
Major market players such as - Cisco Systems Inc., Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies
The global IoT in manufacturing industry accounted for $198.25 billion in 2020, and is expected to reach $1,495.65 billion by 2030, growing at a CAGR of 22.6% from 2021 to 2030.
By region, the global IoT in manufacturing industry across North America held the largest share in 2020, accounting for nearly two-fifths of the market, due to development of advanced IoT technologies such as Industry 4.0, advent of cloud-based services, predictive maintenance, and change management. However, market across Asia-Pacific is expected to showcase the highest CAGR of 25.3% during the forecast period, owing to government initiatives and adoption of IoT technologies in Smart Cities initiatives in India.
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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 Covid-19 pandemic positively affected the demand for IoT technology due to implementation of lockdown by governments and rise in adoption of work from home culture across various industries.
• The increase in acceptance of data gathered through smart devices during the pandemic to monitor and maintain manufacturing life cycle supplemented the market growth.
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The market numbers are verified by means of numerous data triangulation techniques. Additionally, reliable industry journals, accurate press releases from trade association, and government websites have also been revised for producing exclusive industry insights.
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