Internet-of-Things (IoT) Market In Manufacturing Market Size

Internet of Things (IoT) in Manufacturing Market Analysis

The Internet-of-Things Market In Manufacturing Industry is expected to grow from USD 0.39 trillion in 2024 to USD 1.22 trillion by 2029, at a CAGR of 25.33% during the forecast period (2024-2029).

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 products transparent. Data collection and analysis through IoT devices make the whole process seamless for manufacturers.

• Some of the drivers that have fueled the IoT's growth include a greater emphasis on preventative maintenance, increased production effectiveness, and streamlining the management of manufacturing infrastructure. Manufacturers have unprecedented visibility, insight, and control thanks to the IoT. By streamlining production procedures, cutting downtime, enhancing workplace safety, and enabling predictive maintenance, this technology has the potential to transform the industrial sector completely.
• As the number of networked sensors in production, the supply chain, and products grows, manufacturers are moving into a new generation of systems that let machines, systems, assets, and things talk to each other automatically and in real time.The pervasiveness of connected devices is finding applicability across multiple manufacturing and supply chain segments throughout the value chain.
• IoT in manufacturing can help the flow of production in a plant because IoT devices automatically track development cycles and keep track of warehouses and stock. It is one of the reasons that investments in IoT devices have skyrocketed over the past few decades. IoT in manufacturing, logistics, and transportation will grow.
• IoT is widely recognized as a advanced technology that significantly improves the manufacturing sector. It can integrate every industrial sector's components, including sensors, processing units, communication, and actuation devices. This fully integrated smart cyber-physical system creates new manufacturing markets and commercial prospects and sets the path for the fourth industrial revolution. It creates significant potential for the industrial industry.
• The COVID-19 pandemic expedited the implementation of IoT technology in the manufacturing industry, promoting innovation, efficiency and resilience. IoT is equipped to continue driving transformational changes in the manufacturing industry, streamlining processes and contributing to a more sustainable and digitally linked future.