IoT has enabled integration of physical assets and operational processes with networked sensors, software, and other technologies to generate and exchange data across assets, systems, locations, and other connected digital platforms. IoT in manufacturing has empowered digital transformation of factories, allowing manufacturers to collect real-time production data, monitor assets and equipment performance, analyze machine downtimes, optimize processes, enhance productivity and reduce operational costs.
The global IoT in Manufacturing Market is estimated to be valued at US$ 235.38 billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of digitization across manufacturing plants has propelled the demand for IoT in manufacturing. Connected operations through advanced sensors and networks allow manufacturers to gain valuable insights from machine data to optimize processes, monitor equipment health, track inventory and work-in-progress in real time. Various manufacturing firms are implementing IoT solutions to centralize plant data on cloud-based platforms for analysis. This enables remote monitoring of manufacturing assets and predictive maintenance of equipment to minimize downtimes. The continuous expansion of cellular networks has further enhanced connectivity at the plant-floor level, fueling applications of IoT in predictive quality control, inventory tracking and supply chain optimization in manufacturing.
Strength: IoT in manufacturing enables mass customization and improves productivity through real-time data collection and predictive maintenance. This helps reduce downtime and optimize operations.
Weakness: Lack of common standards in connectivity and interoperability across diverse equipment from different manufacturers poses integration challenges. Cybersecurity risks and data privacy concerns also act as hurdles.
Opportunity: IoT offers opportunities to enhance efficiency through automation and predictive analysis of equipment performance. Remote monitoring capabilities allow improved services.
Threats: Investment required for IoT implementation is substantial. Technical competency shortage and skills gaps hinder digital transformation. Lack of clarity in regulations for data governance poses compliance issues.
Global Iot In Manufacturing Market Demand is expected to witness high growth.
Regional analysis comprises the Asia Pacific region dominates the global market currently due to rapid industrialization in major economies like China, India and Southeast Asian countries. The region also focuses on adopting emerging technologies to automate manufacturing processes and enhance productivity.
Key players operating in the IoT in Manufacturing market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group. IoT allows manufacturing companies to effectively track equipment performance, predict failures, reduce downtime and optimize operations through real-time data insights. This helps lower operational costs and improve production efficiency. IoT offers potential for predictive quality control and total visibility across global distributed operations through cloud-based platforms.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it