IoT solutions are transforming manufacturing operations by enabling increased connectivity between people, processes, data and things. Devices such as sensors and actuators connected through wireless networks allow manufacturers to monitor assets, track inventories, optimize processes and build smart, connected products. Some of the key advantages of IoT in manufacturing include improved productivity, reduced operational costs, enhanced asset utilization, improved product quality and predictive maintenance capabilities.

The global IoT in manufacturing market size was valued at US$ 198.8 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 18.4% from 2023 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 growing demand for automation and digitization in manufacturing is expected to drive greater adoption of IoT solutions. Manufacturers are increasingly leveraging IoT technology to build smart plants, maximize efficiencies and launch smart connected products. IoT solutions facilitate global expansion opportunities for manufacturers through remote asset monitoring and management, and by supporting global supply chain visibility.

Market key trends

Investments in smart factory solutions is a key trend in the Iot In Manufacturing Market Forecast. Smart factories leverage technologies like IoT, AI, augmented reality and analytics to provide real-time visibility and control over manufacturing processes. IoT enabled asset tracking, product quality monitoring, predictive maintenance, and defect detection capabilities help optimize operations in smart factories. The growing emphasis on digitization, automation and flexibility is driving greater smart factory investments globally. Smart factories hold the potential to transform manufacturing landscapes by enabling mass customization, minimal human intervention and faster innovation cycles.

Porter's Analysis

Threat of new entrants: High capital investment required in IoT infrastructure and security make threat of new entrants moderate.

Bargaining power of buyers: Buyers have high bargaining power due to availability of various IoT platform and solution providers in the market.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives and differentiated products.

Threat of new substitutes: Threat of new substitutes is low as IoT provides unique value in manufacturing operations that can't be substituted easily.

Competitive rivalry: Market has high competitive rivalry due to presence of many global and local players offering differentiated IoT platforms and solutions.

Geographical Regions

North America region is currently holding the largest share in IoT in manufacturing market in terms of value due to strong presence of electronics and automotive manufacturers adopting IoT solutions in the region.

Asia Pacific region is expected to witness the fastest growth during the forecast period owing to growth of manufacturing industry and government initiatives supporting adoption of industrial IoT in countries like China, India, Japan and South Korea.

Get more insights on Iot In Manufacturing Market

About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)