IoT in Manufacturing Market growing at a CAGR of 14.50% over 2022-2032, at to reach USD 399.08 billion by 2026, Says FMI

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A comprehensive analysis on the IoT in Manufacturing market by Future Market Insights (FMI) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Component, Solution, Services, Organisation Size, Deployment Mode, Application, Vertical and Region over the next 10-years

DUBAI, UAE, March 2, 2022 /PRNewswire/ -- According to a recent analysis issued by FMI, the IoT in manufacturing market share is likely to reach US$ 399.08 billion by 2026, up from US$ 175.3 billion in 2020, accounting for 14.5% CAGR through 2022-2032. The ecosystem's diversity of significant stakeholders has resulted in a competitive and diversified adoption of IoT in manufacturing market. The Internet of Things enables industrial units to automate their operations, which results in cost savings, faster time to market, mass customisation, and increased safety.

The IoT devices and next-generation manufacturing industry has experienced a tremendous increase in industrial automation in recent years. As a result, IoT gateway manufacturers are more concerned with generating high volume and quality products due to increased market rivalry and end-user demand. 

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As a result, they've decided to concentrate on the factory's essential areas, such as the IoT sensors for manufacturing, asset monitoring, and asset maintenance and support. As a result, manufacturers would be able to minimize direct human labor costs and expenses, boost productivity, improve a process or product consistency, and produce high-quality goods by using automation. 

Control systems, such as computers or robots, are used in industrial automation processes to monitor and control machinery. In the manufacturing IoT sensors industry, a critical role is played by improving the process of industrial automation. 

The global economy has been influenced by COVID-19. Energy, oil and gas, transportation and logistics, manufacturing, and aviation are among the financial and industrial sectors with a large economic influence. As a result, the world economy is expected to enter a recession due to the loss of billions of dollars. 

"Economic activity is diminishing as a result of an increasing number of nations implementing and prolonging lockdowns, which will have an impact on the global economy. To boost flexibility and offer better production, IoT helps produce cooperative communications and interaction from IoT solutions for manufacturing industry field input or output including actuators, robots, and analyzers." - opines an FMI analyst.

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Key Takeaways:

• The increased demand for automated machinery and IoT devices for manufacturing will accelerate IoT adoption. In addition, demand for customization, simpler and easy-to-use machinery, and reliable data will drive the IoT in the future. 
• North America now has the largest market share with the growing number of start-ups and the widespread implementation of machine learning algorithms in both software and hardware equipment, which will contribute to the regional market's growth. 
• The services category is a critical component of the IoT in manufacturing market, as it focuses on optimizing company processes and lowering needless expenditures and overheads for manufacturing firms.
• Apart from North America, the Asia Pacific market will expand significantly in the future years. The increasing acceptance of sophisticated and automated concepts, as well as the following demand for them, would add to the market in the Asia Pacific.
• Several factors have contributed to the market's recent expansion, such as industrial market competition has been extensively studied. The research also indicates the current strong demand and application areas for the product. 

Competitive Landscape

Cisco (US), IBM (US), PTC (US), Microsoft (US), Siemens AG (Germany), GE (US), SAP (Germany), Huawei (China), ATOS (France), HCL (India), Intel (US), Oracle (US), Schneider Electric (France), Zebra Technologies (US), Software AG (Germany), Wind River (US), Samsara (US), Telit (UK), ScienceSoft (US), Impinj (US), Bosch.IO (Germany), Litmus Automation (US (US). To extend their portfolios and market shares in the worldwide IoT in manufacturing market, these companies have used various organic and inorganic growth tactics, such as new product releases, partnerships and collaborations, and acquisitions.

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• Cisco and Telstra inked a new deal in September 2021 to collaborate and continue their bridging regions with the strong IoT network to assist various industries, including retail, financial services, and government.
• IBM and Boston Dynamics teamed in October 2021 to deliver mobile edge analytics to industrial operations. IBM will leverage this cooperation to offer data analysis at the edge, assisting industrial firms to enhance worker safety, optimize field operations, and increase maintenance productivity in places like manufacturing plants, power plants, and warehouses.

Key Market Segments

By Component:

• Solution
• Services

By Solution:

• Network management
• Network bandwidth management
• Network security management
• Network performance monitoring and management
• Network configuration management
• Data management
• Data integration
• Data security
• Data migration
• Data analytics and visualization
• Metadata management
• Data governance
• Data orchestration
• Device management
• Device provisioning and authentication
• Device configuration management
• Monitoring and troubleshooting
• Application management
• Smart surveillance
• Central monitoring system
• Video analytics and events

By Services:

• Managed services
• Infrastructure management services
• Security management services
• Network management services
• Data management services
• Device management services
• Professional services
• Iot consulting services
• Technology consulting services
• Business consulting services
• Operational consulting services
• IoT infrastructure services
• Network services
• Deployment services
• Cloud services
• System designing and integration services
• Platform development and integration services
• Mobile and web application development services
• Support and maintenance services
• Education and training services

By Organisation Size:

• Small and Medium Enterprises
• Large Enterprises

By Deployment Mode:

• On-premises
• Cloud

By Application:

• Predictive maintenance
• Business process optimization
• Asset tracking and management
• Logistics and supply chain management
• Real-time workforce tracking and management
• Automation control and management
• Emergency and incident management and business communication

By Vertical:

• Process manufacturing
• Energy and utilities
• Chemical and materials
• Food and beverages
• Water and waste management
• Other verticals
• Discrete manufacturing
• Automotive
• Machine manufacturing
• Semiconductor and electronics
• Medical devices
• Logistics and transportation

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Key Questions Answered in the Report

• How is the Growth Outlook for the IoT in Manufacturing Market?
• What was the IoT in Manufacturing Market Size in 2021?
• What Factors lead to Leather Industrial Footwear Market Expansion?
• Which Region Leads the Global IoT in Manufacturing Market Report?
• What will be the Size of the IoT in Manufacturing Market by 2026?

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About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

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SOURCE Future Market Insights