Internet of Things (IoT) in Manufacturing

Global Internet of Things (IoT) in Manufacturing Market to Reach US$179.6 Billion by 2030

The global market for Internet of Things (IoT) in Manufacturing estimated at US$85.3 Billion in the year 2023, is expected to reach US$179.6 Billion by 2030, growing at a CAGR of 11.2% over the analysis period 2023-2030. Solutions Component, one of the segments analyzed in the report, is expected to record a 10.2% CAGR and reach US$103.7 Billion by the end of the analysis period. Growth in the Services Component segment is estimated at 12.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$23.1 Billion While China is Forecast to Grow at 10.6% CAGR

The Internet of Things (IoT) in Manufacturing market in the U.S. is estimated at US$23.1 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$27.7 Billion by the year 2030 trailing a CAGR of 10.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 9.5% and 9.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR.

Global Internet of Things (IoT) in Manufacturing Market - Key Trends and Drivers Summarized

How Is the Internet of Things (IoT) Revolutionizing Manufacturing?

The Internet of Things (IoT) is revolutionizing the manufacturing industry by enabling smart factories, enhancing operational efficiency, and improving supply chain visibility. IoT devices such as sensors, connected machines, and automated systems collect and transmit data in real-time, allowing manufacturers to monitor production lines, manage inventory, and optimize equipment performance. Smart manufacturing powered by IoT enables predictive maintenance, ensuring that equipment is maintained before breakdowns occur, reducing downtime and extending machinery life. IoT solutions also provide manufacturers with greater visibility into their supply chains, enabling better demand forecasting, inventory management, and logistics optimization, which leads to cost savings and more responsive production processes.

How Are Technological Advancements Shaping IoT in Manufacturing?

Technological advancements in sensor technology, AI, and robotics are driving the adoption of IoT in manufacturing. Sensors embedded in production equipment monitor machine performance, product quality, and energy consumption in real-time, providing valuable data that can be analyzed to optimize production. AI-driven analytics are being used to predict equipment failures, identify inefficiencies, and optimize workflows, enabling manufacturers to make data-driven decisions. Robotics and automation systems are also being integrated with IoT devices to create fully automated production lines that require minimal human intervention, improving efficiency and reducing labor costs. These technological innovations are making IoT-enabled smart manufacturing more efficient, reliable, and cost-effective.

How Do Market Segments Define the Growth of IoT in Manufacturing?

Components include hardware such as sensors and connected machinery, software platforms for data management and analytics, and services such as system integration and maintenance. Applications of IoT in manufacturing include predictive maintenance, quality management, inventory tracking, and production monitoring, with predictive maintenance leading the market as manufacturers prioritize reducing downtime and extending equipment life. Industry verticals include automotive, aerospace, electronics, and food and beverage, with the automotive sector adopting IoT solutions at a higher rate to enhance production efficiency and supply chain management. The market is growing significantly in regions such as North America, Europe, and Asia-Pacific, where industrial automation and smart factory initiatives are driving IoT adoption.

What Factors Are Driving the Growth in the IoT in Manufacturing Market?

The growth in the IoT in manufacturing market is driven by several factors, including the rising demand for operational efficiency, the increasing use of automation, and advancements in predictive maintenance technologies. As manufacturers face growing pressure to improve production efficiency and reduce costs, IoT solutions offer a way to monitor and optimize operations in real time. Technological innovations in AI, machine learning, and robotics are also fueling the growth of IoT in manufacturing by enabling smarter production processes and more effective maintenance strategies. Additionally, the growing trend toward industrial automation and smart factories is pushing manufacturers to invest in IoT solutions that improve productivity, reduce downtime, and enhance supply chain visibility.

Select Competitors (Total 37 Featured) -

• Arcstone
• Bosch
• Cisco Systems
• Clearblade
• Elmodis
• General Electric (US)
• Huawei (China)
• IBM
• Impinj
• Konux
• Litmus Automation
• Microsoft
• Mocana
• New Icon
• PalleTech
• PTC
• SAP
• Schneider Electric
• SensEye
• Siemens
• SupraControl
• Uptake
• Water.IO
• Wind River
• Zebra Technologies

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.