IoT in Manufacturing Market Size Report Predicts Healthy Growth with Demand & Forecasts by 2024-2031

The global IoT in manufacturing market is anticipated to grow at a considerable CAGR of 11.6% during the forecast period. The IoT market is expected to grow due to factors such as the development of wireless networking, digital storage and processing, and the efficiency of computing structures. In addition, IoT applications are driven by the growth of innovative software applications and analysis, such as recent advances in machine-learning techniques for big data analytics. Additionally, the global IoT market is expected to grow owing to the high market competition and end-user demand, manufacturers are more concerned with producing high volume and quality products. This, in turn, has led them to pay attention to core areas, including production process, asset monitoring, and maintenance and support of assets, in the factory.

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Furthermore, the market players are considerably contributing to the market growth by the adoption of various strategies such as mergers & acquisitions. For instance, In April 2021, PTC and Technion, which is an Israel Institute of Technology entered into a long-term strategic collaboration. With this collaboration, PTC will invest USD 5 million in PTC's Haifa Campus and also establish a research and development center. Under the collaboration, both PTC and Technion will research and improve the processes relating to advanced manufacturing technology.

Global IoT in Manufacturing Market Report Segment

By Solution

• Network Management
• Data Management
• Device Management
• Smart Surveillance

By Services

• Managed Services
• Professional Services

By Deployment Mode

• On-Premises
• Cloud

By Application

• Predictive Maintenance
• Business Process Optimization
• Asset Tracking & Management
• Logistics & Supply Chain Management
• Real-Time Workforce Tracking & Management
• Automation Control & Management
• Emergency & Incident Management & Business Communication

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IoT in Manufacturing Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Atos SE
• Bosch.IO GmbH
• Cisco Systems, Inc.
• ClearBlade, Inc.
• General Electric Co
• HCL Technologies Ltd.
• Huawei Technologies Co., Ltd.
• IBM Corp.
• Impinj, Inc.
• Intel Corp
• Litmus Automation Inc.
• Microsoft Corp.
• Oracle Corp.

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