Press release
IoT in Manufacturing Projected to Reach $233.6 Billion by 2029, Unveils Meticulous Research® Report
Meticulous Research®, a prominent global market research company, has recently published a detailed 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.' This comprehensive report projects the IoT in Manufacturing Market to register a remarkable CAGR of 13.7% from 2022-2029, reaching an impressive $233.6 billion by 2029.
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The robust growth of the IoT in Manufacturing Market can be attributed to the escalating demand for industrial automation in the manufacturing sector and substantial investments in Industry 4.0. These factors serve as pivotal drivers, fueling the market's expansion. Despite these positive trends, challenges related to data security and privacy concerns in IoT pose some restrictions on the market's growth. However, the emergence of 5G technology is anticipated to provide significant opportunities, propelling further market growth.
The global IoT in manufacturing market is meticulously segmented based on components, deployment modes, organization sizes, applications, end-users, and geography. The report not only scrutinizes industry competitors but also provides a thorough analysis of the market at both regional and country levels.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/iot-in-manufacturing-market-5371
Breaking down the segments, the hardware segment is projected to dominate the market in 2022, emphasizing the manufacturing sector's continual efforts to enhance efficiency, reduce costs, and boost overall equipment effectiveness (OEE). Moreover, the platform segment is anticipated to exhibit the highest CAGR during the forecast period due to the growing adoption of IoT platforms in manufacturing to improve operational efficiency.
In terms of deployment modes, on-premise deployment is anticipated to hold the larger share in 2022, driven by the strong preference for on-premise deployments among large enterprises. Conversely, cloud-based deployment is expected to witness the highest CAGR, attributed to the increasing adoption of cloud computing in the manufacturing sector.
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Large enterprises are poised to dominate the IoT in manufacturing market based on organization size in 2022, registering the highest CAGR during the forecast period. This growth is attributed to their robust IT infrastructure and substantial investments in advanced technologies like AI, IoT, and blockchain.
The application segment reveals that surveillance & safety is expected to hold the largest share in 2022, primarily driven by the increasing need to monitor production lines for a safer work environment. Conversely, the inventory & warehouse management segment is projected to witness the highest CAGR due to the rising adoption of IoT platforms for precise visibility into material flows.
In the end-user category, the automotive sector is forecasted to account for the largest share in 2022, showcasing extensive adoption of automation, IoT, and robotics systems. Simultaneously, the medical devices segment is expected to register the highest CAGR during the forecast period due to the growing adoption of digital technologies in medical device manufacturing.
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Geographically, the Asia-Pacific region is predicted to hold the largest share in 2022, attributed to favorable government initiatives, technological innovation, a growing number of industrial organizations, and increasing IoT device adoption for operational optimization.
Key Players in the 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.
Download Research Sample Report @ https://www.meticulousresearch.com/download-sample-report/cp_id=5371
Related Report:
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
2. Smart Factory Market by Component (Solutions, Services, Technologies), Sector (Automotive, Heavy Machinery & Tools, Aerospace & Defense, Metals & Mining, Electronics & Semiconductors, Pharmaceuticals), and Geography - Global Forecast to 2030 https://www.meticulousresearch.com/product/smart-factory-market-5365
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We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition. Through our mixed bag of research offerings - syndicated research, custom research, and analyst engagement - we enable smart decision making to enhance business performance for global organizations. Our focus is also on finding answers to the challenging questions that global business leaders face on a daily basis. Each year, we deliver more than 300 syndicate studies and 60+ consulting projects across eight industry verticals in 20+ geographic markets.
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