IoT in Manufacturing Market Expected to Reach $233.6 Billion by 2029 - Size, Trends & Industry Research

"Meticulous Research® Unveils Comprehensive Report on IoT in Manufacturing Market, Forecasting Growth to Reach $233.6 Billion by 2029" Meticulous Research®, a distinguished global market research firm, recently released an extensive research report titled "IoT in Manufacturing Market by Component (Platform, Connectivity), Application (Resource Optimization, Machine Inspection & Maintenance), End User (Automotive, Medical Devices) and Geography-Global Forecast to 2029." According to the findings, the IoT in Manufacturing Market is poised to achieve a remarkable CAGR of 13.7% between 2022 and 2029, reaching a valuation of $233.6 billion by 2029.

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The market's growth is primarily attributed to the surging demand for industrial automation in manufacturing and substantial investments in Industry 4.0. While these factors contribute significantly to the market's expansion, challenges related to data security and privacy in IoT may temper growth to some extent. Nonetheless, the adoption of emerging 5G technology is anticipated to open substantial growth avenues for the market.

The report segments the global IoT in manufacturing market based on component, deployment mode, organization size, application, end user, and geography, providing a comprehensive analysis. The study also assesses industry competitors and analyzes market dynamics at the regional and country levels.

Key Highlights from the Report:

Component Segmentation: In 2022, the hardware segment is projected to dominate the global IoT in manufacturing market, owing to the manufacturing sector's consistent efforts to enhance efficiency, reduce costs, and boost overall equipment effectiveness (OEE). The platform segment is anticipated to register the highest CAGR during the forecast period due to increased adoption in the manufacturing sector for improved operational efficiency.

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The on-premise deployment segment is expected to hold a larger share in 2022, primarily due to the high preference for on-premise deployments among large enterprises and the availability of trained IT professionals and infrastructure. However, the cloud-based deployment segment is poised to witness the highest CAGR, driven by the growing adoption of cloud computing in manufacturing.

In 2022, the large enterprises segment is forecasted to account for a larger share of the global IoT in manufacturing market and is expected to register the highest CAGR during the forecast period. This growth is attributed to the robust IT infrastructure of large enterprises and increased investments in advanced technologies such as AI, IoT, and blockchain.

The surveillance & safety segment is anticipated to lead in 2022, driven by the increasing need for monitoring production lines to ensure a safer work environment during manufacturing processes. Meanwhile, the inventory & warehouse management segment is projected to achieve the highest CAGR, fueled by rising IoT platform adoption for precise visibility into raw materials and components flow.

The automotive segment is set to dominate in 2022, with extensive adoption of automation, IoT, and robotics systems to enhance product quality, reduce work-in-progress time, and improve equipment reliability. The medical devices segment is expected to register the highest CAGR during the forecast period, driven by the growing adoption of digital technologies in medical device manufacturing operations.

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Geographic Insights:
Asia-Pacific is predicted to secure the largest share of the global IoT in manufacturing market in 2022. The region benefits from favorable government initiatives, technological innovation, a growing number of industrial organizations, and increased adoption of IoT devices for optimizing operational efficiency. Additionally, half of all APAC manufacturers are expected to have smart factories within three years.

Key Players:
The prominent companies operating in the global IoT in Manufacturing market include General Electric Company, Emerson Electric Co., Intel Corporation, Cisco Systems, Inc., SAP SE, International Business Machines Corporation, Siemens AG, PTC Inc., Robert Bosch GmbH, Atos SE, Microsoft Corporation, HCL Technologies Limited, Zebra Technologies Corporation, Schneider Electric, Oracle Corporation, Hitachi, Ltd., and Software AG.

As the manufacturing industry continues to embrace IoT technologies, Meticulous Research®'s insightful report serves as a valuable resource for industry participants and stakeholders seeking a thorough understanding of market dynamics and potential growth opportunities.

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Related Research:
1. Smart Manufacturing Market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection; Energy, Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-use Industry, and Geography - Global Forecast to 2029 https://www.meticulousresearch.com/product/smart-manufacturing-market-5265

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.