by on February 23, 2024
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The IoT in Manufacturing market will grow at a highest pace of 28% owing to the increased adoption of digital technologies that enable real-time visibility across manufacturing operations and supply chains. IoT-enabled devices installed on manufacturing equipment can transmit operational data to help optimize processes, reduce downtime and ultimately boost productivity.

Industrial IoT (IIoT) involves the integration of sensors, networking, cloud infrastructures and machine learning algorithms to collect data from manufacturing equipment and assets. This data can provide insights into asset performance, process efficiencies and product quality parameters. Embedding IoT connectivity allows manufacturers to streamline operations, improve supply chain management and develop data-driven services. Real-time monitoring helps predict equipment failures and enables condition-based predictive maintenance to minimize unplanned downtimes. IIoT also improves worker safety through remote asset monitoring and process automation.

The Global IoT in Manufacturing Market Size is estimated to be valued at US$ 271.16 Bn in 2024 and is expected to exhibit a CAGR of 28% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the IoT in Manufacturing are EnableX.io (VCLOUDX PTE. LTD), Twilio Inc., Infobip Ltd., Vonage Holdings Corp, M800 Limited, MessageBird BV, Iotum Inc., Plivo Inc., Voxbone SA, Snich AB, Telestax, Voximplant (Zingaya Inc.), Mitel Networks Corporation, 8x8 Inc., AT&T Inc., Voxvalley Technologies, Avaya Inc., Bandwidth Inc. (Bandwidth.com), Wazo Communication Inc., and IntelePeer Cloud Communications.

The rising demand for predictive maintenance, remote monitoring and resource optimization is boosting the adoption of IIoT globally. Manufacturers are increasingly leveraging IoT technologies to gain supply chain visibility, automate plant operations and roll out data-driven customer services.

Technological advancements in cloud computing, edge computing, AI/ML, 5G networks and low-power wireless connectivity solutions are strengthening IIoT infrastructure. Integrating advanced analytics with real-time IIoT data helps optimize processes and resource utilization across factories and remote assets.

Market Trends

- Increased investments in smart factories and manufacturing 4.0: Automation technology providers are developing integrated IIoT solutions for upgrading legacy assets with intelligent sensors and cloud-based control systems.

- Application of IoT in predictive quality management: Data-driven quality testing using machine vision, thermal imaging and vibration analysis helps detect defects early in the process and reduce reworks.

Market Opportunities
- Deploying IoT at the edge for low-latency applications: Edge computing enables localized real-time analytics for applications demanding minimal latency like quality inspection, robotic process control etc.

- Leveraging blockchain with IIoT for supply chain visibility: Blockchain when integrated with IIoT can securely capture workflows, transactions, provenance and optimize supply chain logistics.

Impact of COVID-19 on IoT in Manufacturing Market Growth:

The outbreak of COVID-19 has significantly impacted the growth of the IoT in manufacturing market. Factory closures and supply chain disruptions imposed significant challenges to the manufacturing sector during the initial months of the pandemic. Several IoT deployments and projects were postponed or paused due to the changing priorities of organizations. However, as the pandemic emphasized the importance of remote monitoring and management, many manufacturers accelerated their digital transformation initiatives and adoption of IoT technologies. Social distancing norms further highlighted the relevance of solutions enabling contactless operations and remote asset visibility. Manufacturers leveraged IoT for improving productivity and efficiency of their distributed workforce. Technologies like connected robots, automated workflows, and predictive maintenance supported continuity of production activities under new constraints. Going forward, IoT is expected to play a pivotal role in enhancing resilience of manufacturing supply chains against future disruptions through real-time insights, automating compliance checks, decentralized production and leveraging edge processing. Adoption of IoT solutions for enabling smart factories, predictive quality management and digital supply network management is likely to gather further momentum in the post COVID era.

Geographical Regions with Highest Value Concentration in IoT in Manufacturing Market:

North America represents the largest region in terms of value in the IoT in manufacturing market. The region is home to major automated manufacturing hubs and several global industrial leaders with established IoT initiatives across factories and infrastructure. High technology adoption, emphasis on Industry 4.0, presence of major IoT vendors and availability of talent have propelled the growth of IoT in the North American manufacturing industry.

Europe is another major revenue generator, driven by initiatives like Smart Industry and Made Different contributing towards digitization of European factories. Government support and presence of innovative medium and large enterprises boost IoT deployments across manufacturing facilities. Asia Pacific registers as the fastest growing region with China, Japan, South Korea, Taiwan and India emerging as prominent automated manufacturing powerhouses implementing advanced IoT platforms for productivity uplift, predictive quality and optimized inventory management.

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