IoT in Manufacturing Market Analysis And Forecast To 2031: By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software, Service), By Application (Mac

IoT in Manufacturing Market Analysis And Forecast To 2031: By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software, Service), By Application (Machinery, Automotive, Food & Beverages, Pharmaceuticals), And Region

The global IoT in Manufacturing Market was valued at 15.2 billion in 2021 and it is anticipated to grow up to USD 23.1 billion by 2031, at a CAGR of 4.3% during the forecast period.

IoT in Manufacturing refers to the use of Internet of Things (IoT) technology in the manufacturing process. IoT technology can be used to connect various devices and machines in the manufacturing process, allowing for real-time data collection and analysis. This data can be used to improve efficiency and quality control in the manufacturing process. Additionally, IoT-enabled machines can communicate with each other to coordinate production, further increasing efficiency.
Global IoT in Manufacturing Market Scope and Report Structure

Market Trends and Drivers
The growing awareness related to IoT-based production systems to gain optimization, management, and digital benefits is developing the IoT in manufacturing market. With the interconnection of various devices in the advanced internet infrastructure, these solutions offer high safety, efficiency, and product innovation benefits. The increasing penetration of sensors, cloud computing, and robust internet across various sectors is adding up to the industry growth prospects. These components and services aid manufacturers in gaining real-time and crucial information for decision making & management. Moreover, several government initiatives in the countries including India, Italy, etc., for the development of the existing manufacturing sector and the introduction of intelligent solutions are expanding the industry.
Market Restraints and Challenges
The unavailability of skilled employees is a major factor concerning the industrial IoT market growth. These solutions include a combination of hardware & software components, which require proper handling & controlling. Managing IoT hardware requires a skilled workforce. The collaboration of hardware & software has to be done efficiently by a skilled technician, who understands the device processing & communication of the data to the cloud. Lack of professional workforce in underdeveloped regions will hamper the industry growth.
Global IoT in Manufacturing Market Segmental Overview
The report analyses the global IoT in Manufacturing Market based on platform, component, technology, industry, and Region.

Global IoT in Manufacturing Market by Platform

Based on the platform, the IoT in Manufacturing market industry is divided into network management, device management, and application management. Of these, the application management segment registered significant revenue in 2021. The application management platform in the IoT in manufacturing market includes managing and monitoring various applications such as production, assembly, cloud platforms, etc. These applications deploy several hardware & software combinations and need regular monitoring. Companies are focusing on developing specific application-based management solutions that aid manufacturers in handling the in & out of store operations efficiently. The solutions provide regular notifications to manufacturers for software & device upgrades, application development, and scalability of the IoT networks. Additionally, the increasing adoption of various applications in new production lines for controlling, optimizing, and managing the overall process creates the need for this platform.

Global IoT in Manufacturing Market by Component

By component, the industry is bifurcated into hardware, software, and services. In 2021, Depending upon the component, the software segment dominant the IoT in manufacturing market in 2021. In order for manufacturing businesses to build linked, digitized production processes with mass customization and an automated, self-configuring manufacturing floor, services play a crucial role in the IoT in manufacturing industry. As it primarily focuses on enhancing business operations and lowering needless costs and overheads for manufacturing firms, the services category is seen as a crucial part of the IoT in manufacturing market. The adoption of managed services in the U.S. and Canada is one of the contributing causes.

Global IoT in Manufacturing Market by Technology

Based on technology, the industry is categorized into Sensor, RFID, Connectivity Technology, and Others. Of these the sensor segment is expected to grow at a highest CAGR between 2022 and 2031 led by the IoT in manufacturing is a method of digital transformation that manufacturing businesses use to improve the productivity of their personnel and machinery. Critical production data are gathered via a network of sensors, and cloud and analytics tools are then utilized to transform the data into information that can be used to make informed decisions regarding the manufacturing operations. With the implementation of IoT, industrial facilities may automate their processes, which lowers costs, accelerates time to market, allows for mass customization, and boosts safety.

Global IoT in Manufacturing Market by Industry

Based on industry,, the IoT in Manufacturing Market is divided into Machinery, Automotive, Food & Beverages, Pharmaceuticals, and Others. The pharmaceutical segment accounted for significant share in 2021 impelled by requirements such as remote fleet management, controlling the cold chain conditions, and connected equipment management. These solutions play a very vital role in aggregating the data across multiple manufacturing lines and the supervision of the production operations from various locations apart from the industry floor. Real-time monitoring capabilities offer high equipment utilization, lowers the production cost, and minimizes the amount of waste. Additionally, these solutions aid in complying with the stringent regulations applied in the pharma sector across various countries by increasing efficiency, safety, and supporting environmental parameters.
Geographical Analysis of Global IoT in Manufacturing Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific is anticipated to expand rapidly over the next few years as a result of the region's ongoing economic expansion, ageing labor force, and increasing use of mobile devices for work. This will drive the adoption of enterprise mobility solutions to meet the rising demand for safeguarding and protecting sensitive data. The primary drivers of this rapid growth in APAC include regional government programs to encourage the adoption of technology, increased levels of automation at businesses, and the growing digitization of people's lives. Moreover, the presence of impending technological advancements in IoT, creating a lucrative market potential.

The rising investment by government and R&D organizations in IoT manufacturing solutions is expanding due to the uptick in the IT environment. Increased regulatory requirements and the application of AI in IoT will accelerate industry expansion. China is the region's fastest-growing manufacturer; hence it is anticipated that it will have the greatest CAGR. With recent developments in IoT and telematics, which have improved communications, connectivity, and responsiveness to bring infotainment, security, and safety to drivers, passengers, and commuters, India is also a developing technology powerhouse.
Major Players in the Global IoT in Manufacturing Market
The key players in the market  IBM, Microsoft, GE Digital, PTC, Persistent Systems, Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies, among others. Players are trying to apply backward integration of hardware, software, and integration services, to integrate the entire IoT system deployment process. Key players are also focusing on providing solutions that cater to the growing demand of the manufacturing sector.
COVID-19 Impact
The adoption of IoT in Manufacturing solutions & services amid the ongoing COVID-19 pandemic has been significantly impacted owing to the shift of enterprises towards cloud platforms, which exhibited increased deployment of remote access tools & services to ensure business continuity and data security during the pandemic. IoT in Manufacturing providers are witnessing a rapid increase in their sales volume and market demand.
Recent Developments

In November 2021, Panasonic introduces industrial IoT platform Miraie Profactory for Indian manufacturing sector.
In 2020, Mitsubishi Electric Corporation launched its all-new integrated IoT technology platform, under the ClariSense brand, for accelerated development of IoT systems and added-value products & services.
In April 2019, BMW Group partnered up with Microsoft Corporation to enhance open industrial IoT development and build Industry 4.0 solutions. This partnership was completed to develop an ‘Open Manufacturing Platform (OMP)’ based on the Microsoft Azure Industrial IoT cloud platform.
In July 2018, GE and Microsoft announced a partnership, with a view to bettering their product portfolios. Through this agreement, GE plans to standardize its Predix solutions on Microsoft Azure
In June 2018, Robert Bosch announced a collaboration with Huawei Technologies for the development of cloud-integrated IoT services. Through this collaboration, the companies will aim to develop and deploy IoT-based solutions and services in major manufacturing plants across the world.



Frequently Asked Questions
Q1. How big is the IoT in Manufacturing market?

Ans. The global IoT in Manufacturing Market was valued at 15.2 billion in 2021 and it is anticipated to grow up to USD 23.1 billion by 2031, at a CAGR of 4.3% during the forecast period.

Q2. What is the IoT in Manufacturing Market growth rate?

Ans. The growth rate of the IoT in Manufacturing Market is 4.3%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the IoT in Manufacturing Market in 2021.

Q4. Which segment accounted for the largest IoT in Manufacturing Market share?

Ans. By industry, the pharmaceutical segment accounted for the largest IoT in Manufacturing Market share.

Q5. Who are the key players in the IoT in Manufacturing market?

Ans. The global IoT in Manufacturing Market report includes players such IBM, Microsoft, GE Digital, PTC, Persistent Systems, Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies, among others.

Q6. What are the factors driving the IoT in Manufacturing Market growth?

Ans. The major factors driving the growth of the market are the growing emphasis on automation, efficiency, and effective organizational governance processes is expected to drive the growth.

Q7. What are the key growth strategies of IoT in Manufacturing Market players?

Ans. The key growth strategies of IoT in Manufacturing Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the IoT in Manufacturing Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the IoT in Manufacturing Market during the forecast period.

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