Home > Media & Technology > Next Generation Technologies > Analytics and Business Intelligence > IoT in Manufacturing Market

IoT in Manufacturing Market Trends

Report ID: GMI2098
Published Date: Aug 2023
Report Format: PDF

Download Free Sample

IoT in Manufacturing Market Trends

The Industry 4.0 principles of automation, data exchange, and smart manufacturing are driving the IoT in manufacturing industry growth. Industry 4.0 enables real-time insights into production processes and supply chains by integrating IoT devices & sensors as well as data analytics. This integration optimizes resource utilization, enhances quality control, and enables predictive maintenance. As manufacturers seek to create smart factories and embrace digital transformation, Industry 4.0 acts as a catalyst by accelerating the adoption of IoT technology throughout the manufacturing ecosystem.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of IoT in manufacturing reached USD 53.7 billion in 2022 and is set to grow at over 10.5% CAGR from 2023 to 2032, due to the rapid integration of IoT technology in manufacturing processes worldwide.

The hardware segment was valued at USD 23.9 billion revenue in 2022, on account of the growing number of smart factories worldwide.

Asia-Pacific market recorded 25% of revenue share in 2022, owing to the robust manufacturing sector, rapid technological advancements, and the growing adoption of Industry 4.0 principles in the region.

Cisco Systems Inc., Microsoft Corporation, General Electric, Siemens AG, Huawei Technologies Co. Ltd., Intel Corporation, and IBM Corporation are some of the major IoT in manufacturing companies worldwide.