Press release
IoT in Manufacturing Market Report 2024: Strategies And Recent Developments | Microsoft Corporation, SAP SE, Robert Bosch GmbH, International Business Machines Corporation, Cisco Systems Inc
IoT in Manufacturing Market Size
The Business Research Company offers in-depth market insights through IoT in Manufacturing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The iot in manufacturing market size has grown rapidly in recent years. It will grow from $247.96 billion in 2023 to $292.64 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to industry 4.0, cost efficiency, predictive maintenance, supply chain optimization, quality control.
The iot in manufacturing market size is expected to see rapid growth in the next few years. It will grow to $538.09 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to 5g connectivity, edge computing, ai and machine learning, customization and personalization, sustainability. Major trends in the forecast period include digital twins, cybersecurity, remote monitoring and control, collaborative robots (cobots), smart factories.
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Market Segmentation:
The main platform of Internet of Things (IoT) are device management, application management and device management. The process of managing the implementation, operation, and maintenance of a physical and/or virtual device is known as device management The various application include building and home automation, smart energy and utilities, smart manufacturing, connected logistics, smart retail, smart mobility and transportation, others that are used by BFSI, retail, government, healthcare, manufacturing, transportation, IT and telecom, among other end user industries.
Major Driver - IOT Drives Transformation In The Automotive Industry, Paving The Way For Smart, Autonomous Driving Experiences
The application of IoT in various industries such as automotive industry is driving the growth of the IoT market. The introduction of IoT in the automotive industry has opened up new opportunities for carmakers and consumers worldwide. IoT has become a popular hotspot for varied multifunctional applications in the automotive sector. IoT offers enhanced communication, control and data delivery at any transportation point. Major companies like Mercedes-Benz, Volkswagen, Volvo, Toyota and Google Inc. are increasingly investing in developing smart cars with rich features that offer healthier, more convenient and more enjoyable driving experiences. According to UBS, 12% of the total cars sold in 2030 will be for autonomous taxi fleets with 26 million driverless taxis in operation worldwide, approximately.
Competitive Landscape:
Major companies operating in the iot in manufacturing market include Microsoft Corporation, SAP SE, Robert Bosch GmbH, International Business Machines Corporation, Cisco Systems Inc., General Electric Company, Huawei Technologies Co. Ltd., PTC Inc., Zebra Technologies Corporation, Siemens Aktiengesellschaft, Rockwell Automation Inc., Wind River Systems Inc., Schneider Electric SE, ClearBlade Inc., Mocana Corporation, Impinj Inc., Uptake Technologies Inc., PalleTech LLC, ELMODIS Sp. z o.o., Water.IO Inc., SensEye LLC, ARCSTONE Pte. Ltd., SupraControl Technologies Inc., Software AG, Texas Instruments Incorporated, Hitachi Ltd., Konux GmbH, Honeywell International Inc., Intel Corporation, ABB Ltd., Mitsubishi Electric Corporation, Fujitsu Limited, Oracle Corporation, Hewlett Packard Enterprise Development LP, Dell Technologies Inc., Amazon Web Services Inc., Fanuc Corporation, Kuka AG, Yaskawa Electric Corporation
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Top Trend - Leveraging Data Analytics For Informed Decision-Making And Business Growth
The IoT devices collect a great deal of data of all types. Managing this data and analyzing it will help maximize its value for the company. Data analytics will help in analysis of IoT data in several areas such as data accuracy in time series, predictive and advanced analytics, data preparation, geospatial and location real-time (logistic data). For instance, major cloud vendors such as Amazon, Microsoft and Google, are increasingly using data analytics for business improvement and various companies hope to expand their market share with AI algorithms capable of exploiting machine learning and deep learning, allowing businesses to derive more value and make informed decisions from the increasing data volumes.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. IoT in Manufacturing Market Characteristics
3. IoT in Manufacturing Market Trends And Strategies
4. IoT in Manufacturing Market - Macro Economic Scenario
5. IoT in Manufacturing Market Size And Growth
…..
27. IoT in Manufacturing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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