The Internet-of-Things (IoT) Market in Manufacturing is expected to grow from USD 313.98 billion in 2023 to USD 970.92 billion by 2028, at a CAGR of 25.33% during the forecast period (2023-2028).
With the increasing demand in the last two decades for traceability and transparency, companies have started making the processes involved in the production of their products transparent. Data collection and analysis through IoT devices make the whole process seamless for manufacturers.
Due to the impact of COVID-19, there were major shutdowns and production losses that took place across the world. A recent survey by the National Association of Manufacturers found that at least 53% of manufacturers in the United States thought the outbreak would have an effect on their businesses. This was expected to have a direct impact on the deployment of IoT in manufacturing in the short run.
The Internet-of-Things (IoT) market in manufacturing is cohesive and coherent. The market after Industry 4.0 has started to be more attractive, as companies are opting for IoT as enablers in their manufacturing units. Moreover, the market is inclined toward fragmentation. Some of the key players in the market are Cisco Systems Inc., General Electric, Intel Corporation, IBM Corporation, AT&T Inc., Qualcomm, and Siemens AG, among others.
In June 2022, Elemental Machines, a leading LabOps Intelligence technology platform, and MasterControl, a developer of a next-generation manufacturing execution system (MES), announced a strategic partnership utilizing two cutting-edge technologies to assist bio manufacturers in automating manual data collection, enhancing data integrity, guaranteeing compliance, and accelerating production for advanced biologics like cell and gene therapies.
In May 2022, the world's largest supplier of RFID and digital ID solutions, Avery Dennison Corporation, and the Internet of Things pioneer, Wiliot, announced a strategic alliance to expand the IoT to the next level and usher in a new era of IoT that benefits people and the environment.
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