MarketsandMarkets forecasts the global IoT in Manufacturing Market size to grow from USD 50.0 billion in 2021 to USD 87.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. IoT in manufacturing is a technique of digital transformation that the manufacturing companies adopt for their efficient working of machines and their employees. This employs a network of sensors to collect critical production data and cloud and analytics software are used to convert these data collected to useful information for effective decision-making about the manufacturing operations. This adoption of IoT enables manufacturing units to automate their processes and are used for reducing cost, shorter time to market, mass customization, and improve safety. Connected sensors and actuators enable companies to pick up on inefficiencies and problems sooner and save time and money, while supporting BI efforts.
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The services to record a higher growth rate during the forecast period
In the IoT in Manufacturing market by component, the services is expected to record a higher growth rate during the forecast period. Services play a vital role in the IoT in Manufacturing market, as they enable manufacturing enterprises to establish digitized and connected manufacturing processes with mass customization and a self-configuring, automated manufacturing floor. The services segment is considered an important component of the IoT in Manufacturing market, as it majorly focuses on improving the business operations and reducing unnecessary expenses and overheads of the manufacturing enterprises.
Large Enterprises are expected to hold a larger market size during the forecast period
By Organisation size, large enterprises are expected to hold the largest market size Large enterprises hold a larger market size in the present market. The high adoption is due to the affordability and high economies of scale of large enterprises that enable organizations to leverage IoT in manufacturing solutions and services. In today’s highly competitive world, large enterprises particularly leave no stone unturned to capture a larger market share. Hence, large enterprises spend significant amounts on becoming technologically proficient.
IoT and integration of the cloud for manufacturing, predictive analytics, and the emergence of the various technologies, such as AI, provide major opportunities for IoT in manufacturing vendors to enhance their product portfolios. IoT solutions and services offer manufacturing companies the benefit of digital disruption. With the growth of Industry 4.0, hundreds of manufacturers have connected thousands of machines across their global factories to IoT platforms, which helps manufacturers increase their capacity utilization and ultimately win more businesses to remain globally competitive in their concerned market. Smart IoT solutions offer manufacturers tangible results in terms of a significant rise in operational productivity.
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The report covers the competitive landscape and profiles of major market players, such as 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), Uptake (US), Mocana (US), HQ Software (Estonia), FogHorn(US), ClearBlade (US). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the global IoT in Manufacturing market.
Cisco provides IoT in manufacturing such as Smart Manufacturing, Industrial IoT solutions and several services. Smart manufacturing offers a secure and intelligent solutions to accelerate the digital transformation. Under the smart manufacturing solutions, Cisco offers various solutions such as Industrial Automation, Workforce Enablement, Industrial Security and Plant Efficiency. Cisco offers its Industrial IoT Solutions for Digital Manufacturing, which helps create a smart factory and deploy a secure and reliable network foundation for digital transformation and Industry 4.0.
Cisco focuses on Y-o-Y growth with organic and inorganic growth strategies. For instance, in September 2021, Cisco and Telstra signed a new contract to collaborate and continue their bridge regions with the powerful IoT network to help various industries, including retail, financial, and government.
IBM is one of the prominent players in the IoT in Manufacturing market. The firm intends to provide IBM Maxino application suite, which helps with intelligent asset management, monitoring, predictive maintenance, computer vision, safety, and reliability.
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