IoT in Manufacturing Market Size - By Component (Hardware, Software, Services), Connectivity (Satellite Network, Cellular Network, Radio-Frequency Identification (RFID), Near-Field Communication (NFC)), Application, End Use & Global Forecast, 2023 - 2032

IoT in Manufacturing Market Size - By Component (Hardware, Software, Services), Connectivity (Satellite Network, Cellular Network, Radio-Frequency Identification (RFID), Near-Field Communication (NFC)), Application, End Use & Global Forecast, 2023 - 2032

Global IoT in Manufacturing Market will witness over 10.5% CAGR between 2023 and 2032. The market is growing due to the rising number of digital expos and conferences supporting technological advancements in IoT. For instance, in October 2023, Wuxi, a prominent R&D & manufacturing services provider, took the lead in riding the digital wave with their Internet of Things Expo. The 2023 World Internet of Things Exposition, spanning four days under the auspices of the Jiangsu provincial government, is a collaborative effort between the Jiangsu Provincial Industry and Information Technology Department and the city government of Wuxi. The event centers around the theme Intelligent Connectivity and Integrated Empowerment and includes 47 activities aimed at fostering a top-tier IoT industry cluster and catalyzing digital transformation in manufacturing through IoT.

These events serve as platforms for knowledge exchange and product demonstrations, showcasing the transformative potential of IoT in manufacturing. As industry stakeholders recognize the benefits of IoT in enhancing productivity and efficiency, the demand for these solutions continues to escalate, driving IoT manufacturing market growth.

The overall IoT in Manufacturing Market is classified based on component, application, and region.

Service segment will undergo significant development from 2023 to 2032. This surge is driven by the increasing adoption of IoT technologies in manufacturing processes. IoT service providers offer critical support for system integration, maintenance, and data analytics. As manufacturers seek to optimize operations and enhance efficiency, the demand for these services continues to grow, solidifying their role in the IoT manufacturing market outlook.

Supply chain management segment will register a notable CAGR from 2023 to 2032. IoT solutions are revolutionizing supply chain operations by offering real-time visibility, predictive analytics, and enhanced traceability. Manufacturers are leveraging these technologies to streamline logistics, reduce costs, and improve overall efficiency. This growing popularity backs up the importance of IoT in transforming supply chain management practices in the manufacturing sector.

North America IoT in manufacturing industry will showcase an appreciable CAGR from 2023 to 2032. This growth is fueled by the region's industrial innovation and a strong emphasis on Industry 4.0 practices. Manufacturers across various industries are adopting IoT solutions to improve operational efficiency, enhance product quality, and reduce costs. The North American market's demand for IoT in manufacturing underscores the pivotal role of these technologies in modernizing the industrial landscape.