Internet of Things in Manufacturing Market Share, Growth, Development and Forecast Report, 2030

According to the latest market research study published by P&S Intelligence, the global Internet of Things (IoT) in manufacturing market is poised for substantial growth, with revenues estimated at USD 87.9 billion in 2024 and projected to reach USD 194.9 billion by 2030, reflecting a compound annual growth rate (CAGR) of 14.2%. This surge is primarily driven by the rapid adoption of industrial automation, advancements in inventory management technologies, and an escalating demand for enhanced production efficiency.

Technological innovations have been instrumental in this expansion, facilitating seamless connectivity among devices and systems within manufacturing plants, thereby optimizing operational processes. Notably, approximately 72% of manufacturing companies are currently leveraging IoT technology to enhance their operations, leading to an estimated 30% boost in productivity. Furthermore, about 40% of global IoT platforms are specifically developed for manufacturing applications, underscoring the sector's pivotal role in the IoT landscape.

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Key Insights

Segmentation Analysis:

Component: In 2024, the solution segment dominated the market, accounting for approximately 75% of the revenue. This dominance is attributed to manufacturing firms increasingly deploying IoT solutions to refine processes and bolster output. These solutions offer benefits such as reduced operational costs and enhanced supply chain control.

Deployment: Cloud-based deployments are anticipated to exhibit a faster growth rate, with a projected CAGR of 14.7% during the forecast period. This trend is driven by the swift implementation capabilities and lower investment requirements of cloud solutions.

Application: Predictive maintenance emerged as the leading application in 2024 and is expected to maintain the highest growth trajectory. By enabling companies to foresee and address potential safety risks and operational issues proactively, predictive maintenance enhances asset availability and performance.

End User: The automotive sector held the largest market share in 2024, while the medical device segment is projected to experience the fastest growth. The rising demand for IoT-enabled medical devices, such as patient monitors and imaging systems, fuels this acceleration.

Regional and Geographical Trends:

North America led the market in 2024, contributing 35% of the global revenue. This leadership is attributed to the region's advanced IT infrastructure, substantial technological investments, and the widespread adoption of 5G technology, all of which facilitate IoT integration in manufacturing.

Conversely, the Asia-Pacific (APAC) region is projected to witness the fastest growth during the forecast period. The escalating demand for smart automation solutions in manufacturing, coupled with significant contributions from countries like China, Japan, and India, propels this expansion.

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Technological Advancements Shaping the Market:

The integration of Artificial Intelligence (AI) with IoT stands out as a transformative trend. Manufacturers are embedding AI into their IoT solutions to process vast data streams from multiple sources, enabling real-time decision-making and fostering intelligent machine operations with minimal human intervention.

Competitive Dynamics, Major Players, and Emerging Opportunities:

The IoT in manufacturing market is characterized by a medium level of fragmentation, with several key players driving innovation and competition. Notable companies include General Electric Company, Cisco Systems Inc., International Business Machines Corporation, Microsoft Corporation, PTC Inc., Siemens AG, Robert Bosch GmbH, Huawei Technology Co. Ltd., Atos SE, HCL Technologies Ltd., Oracle Corporation, and SAP SE.

Strategic initiatives such as acquisitions and partnerships are prevalent as companies aim to enhance their IoT capabilities. For instance, in April 2019, PTC Inc. acquired Factora to bolster its Industry 4.0 expertise, reflecting the industry's focus on expanding IoT competencies through collaborative ventures.

The IoT in manufacturing market is on a robust growth trajectory, driven by technological advancements, regional developments, and strategic industry initiatives. As manufacturers continue to embrace IoT solutions, the landscape is set to evolve, offering enhanced efficiency and productivity across the sector.

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