Internet-of-Things (IoT) Market in Manufacturing - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Internet-of-Things (IoT) Market in Manufacturing is segmented by Software (Application Security, Data Management and Analytics, Monitoring, Network Management, and Other Software), Connectivity (Satellite Network, Cellular Network, RFID, NFC, Wi-Fi, and Other Connectivities), Services (Professional, System Integration and Deployment, Managed, and Other Services), Application (Process Optimization, Predictive Maintenance, Asset Management, Workforce Management, Emergency and Incident Management, Logistics and Supply Chain Management, and Inventory Management), End-user Vertical (Automotive, Food and Agriculture Equipment, Industrial Equipment, Electronics and Communication Equipment, Chemicals and Materials Equipment, and Other End-user Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa).

Manufacturing Internet-of-Things Industry Overview

Internet-of-Things (IoT) Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 14.76 %

Major Players

Internet-of-Things (IoT) Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Manufacturing Internet-of-Things Market Analysis

The Internet-of-Things (IoT) market in manufacturing was valued at USD 175.3 billion in 2020 and is expected to reach USD 399.08 billion by 2026 and grow at a CAGR of 14.76% over the forecast period (2021-2026). With the increasing demand in the last two decades for traceability and transparency, companies have started making the processes involved in the production of their product transparent. Data collection and analysis through IoT devices make the whole process seamless for manufacturers.

With the number of networked sensors increasing across production, supply chain, and products, manufacturers are entering into a new generation of systems that enable automatic and real-time interactions among machines, systems, assets, and things. The pervasiveness of connected devices is finding applicability across multiple segments of the manufacturing and supply chain, throughout the value chain.

IoT in manufacturing can facilitate the production flow in a plant, as IoT devices automatically monitor development cycles and manage warehouses and inventories. It is one of the reasons that investments in IoT devices have skyrocketed, over the past few decades. IoT in manufacturing, logistics, and transportation is expected to rise to USD 40 billion, by 2020.

Due to the impact of COVID-19, there are major shutdowns and production losses that are taking place across the world. According to a recent survey by the National Association of Manufacturers, atleast 53% of manufacturers in the United States expect the outbreak to affect their operations. This is expected to have a direct impact on deployment of IoT in manufacturing in a shorter run.

Manufacturing Internet-of-Things Industry Segments

  • The Internet-of-Things (IoT) market in manufacturing is adding value to manufacturers, by making the proper decision regarding lead time, demand, inventory in hand, stock out, product visibility, inventory turnover, forecasting, and sales. It also helps the manufacturer to connect with both the upstream consumers and downstream suppliers, improving vendor relationships.
  • IoT, with its data, appropriately manages and stores the bulk of data gathered from the transportation of raw material to final product delivery even up to after-sales service for a manufacturer. According to the application, one can use IoT services with various software depending upon the network connectivity.
By Software
Application Security
Data Management and Analytics
Network Management
Other Software
By Connectivity (Qualitative Analysis)
Satellite Network
Cellular Network
Other Connectivities
By Services
System Integration and Deployment
Other Services
By Application (Qualitative Analysis)
Process Optimization
Predictive Maintenance
Asset Management
Workforce Management
Emergency and Incident Management
Logistics and Supply Chain Management
Inventory Management
By End-user Vertical
Food and Agriculture Equipment
Industrial Equipment
Electronics and Communication Equipment
Chemicals and Materials Equipment
Other End-user Verticals
By Geography
North America
Latin America
Middle-East and Africa

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Manufacturing Internet-of-Things Market Trends

This section covers the major market trends shaping the Manufacturing Internet-of-Things Market according to our research experts:

Supply Chain and Logistics Management Application to Spur Growth in the Market Studied

  • There has been a substantial change in the supply chain, with the adoption of mobile devices and sensors, which includes RFID and GPS to track inventory and assets in warehouses.
  • Improved inventory management, due to the availability of real-time visibility of items and the ability to track and keep a count of inventory, is a very important outcome of the implementation of IoT in the manufacturing industries.
  • The collection of manufacturing information, expiry date, manufacturing date, after-sales status, and warranty period, using tracking devices, like RFID tags, may improve efficiency in supply chain monitoring in the manufacturing process.
  • According to the SAS Institute, the United Kingdom may benefit the most from the manufacturing sector, with IoT giving approximately around GBP 4,032 million of the total economy. Similarly, other economies are expected to invest heavily in the automation of the supply chain, thereby, driving the IoT adoption in the overall manufacturing sector.
Internet-of-Things (IoT) Market: Supply Chain Management Efficiency Benefit as a Result of loT by Industry, in GBP million, United Kingdom,2015-2020*

North America to be the Largest Market

  • The market for IoT in manufacturing is mainly dominated by North America. This region has developed economies, like the United States and Canada, which are heavily investing in the R&D activities related to the market, thus, contributing to the development of new technologies. With the early adoption of trending technologies, such as mobility, Big Data, IoT, manufacturers are eager to integrate IoT technologies into their processes.
  • Connected devices and data flow are already finding its applications in manufacturing. Therefore, it is now possible to expect accelerated deliveries, as the cost of infrastructure is reduced. In order to stay competitive, manufacturers are leveraging IoT and analytics, to run and improve businesses. In the United States, about 35% of manufacturers collect and use data generated from smart sensors to enhance manufacturing processes.
  • According to a study, around 34% of the manufacturers believe that it is extremely necessary that US manufacturers adopt IoT in operations. For manufacturers, IoT has become an ecosystem, where software, cloud computing, and analytics tools are combined, to turn raw data from different sources into meaningful predictions and present them in easy-to-use interfaces. By 2025, the number of connected devices in the automation sector is expected to increase by a factor of 50.
Internet Of Things (loT) Market In Manufacturing - Growth Rate by Region (2019-2024)

Manufacturing Internet-of-Things Market Competitor Analysis

The Internet-of-Things (IoT) market in manufacturing is neither too fragmented nor too consolidated. The market after industry 4.0 has started to be more attractive, as companies are opting for IoT as enablers to their manufacturing units. Moreover, the market is inclining toward fragmentation. Some of the key players in the market are Cisco Systems Inc., General Electric, Intel Corporation, IBM Corporation, AT&T Inc., Qualcomm, and Siemens AG, among others.

  • March 2019 - Rockwell Automation, Panduit, and Cisco, in a special collaboration with Tecnologico de Monterrey, EY, and Unified, announced the opening of their Manufacturing Advanced Technology Center (MATC) in Mexico City. The MATC showcases how companies in the automotive, mining, food and beverage, and cementing industries can embrace the future by establishing their digital journey for transformation and navigating the new Industry 4.0 era.

Manufacturing Internet-of-Things Market Top Players

  1. Cisco Systems Inc.

  2. General Electric

  3. Intel Corporation

  4. IBM Corporation

  5. Siemens AG

*Disclaimer: Major Players sorted in no particular order

Internet-of-Things (IoT) Market Concentration

Manufacturing Internet-of-Things Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rapid Growth and Technological Advancements in Data Analytics

      2. 4.2.2 Improved Supply Chain Management and Logistics at Lower Operational Costs

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Standardized Interfaces and Limited Integration and Scalability

      2. 4.3.2 Security and Privacy Issues

    4. 4.4 Opportunities

      1. 4.4.1 Intersection of IoT and Big Data Essential to the Future of Smart Manufacturing

    5. 4.5 Industry Value Chain Analysis

    6. 4.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.6.1 Bargaining Power of Suppliers

      2. 4.6.2 Bargaining Power of Buyers/Consumers

      3. 4.6.3 Threat of New Entrants

      4. 4.6.4 Threat of Substitute Products

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Industry Policies

    8. 4.8 Technology Snapshot


    1. 5.1 By Software

      1. 5.1.1 Application Security

      2. 5.1.2 Data Management and Analytics

      3. 5.1.3 Monitoring

      4. 5.1.4 Network Management

      5. 5.1.5 Other Software

    2. 5.2 By Connectivity (Qualitative Analysis)

      1. 5.2.1 Satellite Network

      2. 5.2.2 Cellular Network

      3. 5.2.3 RFID

      4. 5.2.4 NFC

      5. 5.2.5 Wi-Fi

      6. 5.2.6 Other Connectivities

    3. 5.3 By Services

      1. 5.3.1 Professional

      2. 5.3.2 System Integration and Deployment

      3. 5.3.3 Managed

      4. 5.3.4 Other Services

    4. 5.4 By Application (Qualitative Analysis)

      1. 5.4.1 Process Optimization

      2. 5.4.2 Predictive Maintenance

      3. 5.4.3 Asset Management

      4. 5.4.4 Workforce Management

      5. 5.4.5 Emergency and Incident Management

      6. 5.4.6 Logistics and Supply Chain Management

      7. 5.4.7 Inventory Management

    5. 5.5 By End-user Vertical

      1. 5.5.1 Automotive

      2. 5.5.2 Food and Agriculture Equipment

      3. 5.5.3 Industrial Equipment

      4. 5.5.4 Electronics and Communication Equipment

      5. 5.5.5 Chemicals and Materials Equipment

      6. 5.5.6 Other End-user Verticals

    6. 5.6 By Geography

      1. 5.6.1 North America

      2. 5.6.2 Europe

      3. 5.6.3 Asia-Pacific

      4. 5.6.4 Latin America

      5. 5.6.5 Middle-East and Africa


    1. 6.1 Company Profiles

      1. 6.1.1 Cisco Systems Inc.

      2. 6.1.2 General Electric

      3. 6.1.3 Intel Corporation

      4. 6.1.4 IBM Corporation

      5. 6.1.5 Verizon Communication Inc.

      6. 6.1.6 AT&T Inc.

      7. 6.1.7 Qualcomm

      8. 6.1.8 Siemens AG

      9. 6.1.9 Microsoft Corporation

      10. 6.1.10 SAP SE

    2. *List Not Exhaustive


**Subject to Availability
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Manufacturing Internet-of-Things Market Research FAQs

The Internet-of-Things (IoT) Market in Manufacturing is studied from 2018 - 2028.

The Internet-of-Things (IoT) Market in Manufacturing is growing at a CAGR of 14.76% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Cisco Systems Inc., General Electric, Intel Corporation, IBM Corporation, Siemens AG are the major companies operating in Internet-of-Things (IoT) Market in Manufacturing.

Internet-of-Things (IoT) in ManufacturingIndustry Reports

In-depth industry statistics and market share insights of the Internet-of-Things (IoT) Market in sector for 2020, 2021, and 2022. The Internet-of-Things (IoT) Market in research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Internet-of-Things (IoT) Market in report PDF.

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