IoT in Manufacturing Market Size - By Component (Hardware, Software, Services), Connectivity (Satellite Network, Cellular Network, Radio-Frequency Identification (RFID), Near-Field Communication (NFC)), Application, End Use & Global Forecast, 2023 - 2032
Published Date: April - 2025 | Publisher: MRA | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIoT in Manufacturing Market Size
IoT in Manufacturing Market size was USD 53.7 Billion in 2022 and is expected to attain a CAGR of 10.5% during the forecast period of 2023-2032. The adoption of IoT technology in manufacturing enables real-time monitoring and gathering of data from machinery & equipment. This data is utilized for the optimization of manufacturing processes, reduction of downtime, and improved overall operational efficiency. Through such insights into the performance of machinery and production trends, manufacturers can make informed decisions to optimize work flows, minimize wastes, and attain greater productivity levels in their plants
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The IoT-driven insights based on data allow manufacturers to collect & analyze data related to customer needs and IoT market trends in manufacturing. Such precious data allows manufacturers to customize products & processes to quickly match the unique customer requirements. Through IoT-driven insights, manufacturers can adjust their production strategies according to the changing market conditions, thus ensuring competitiveness and agility.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| IoT in Manufacturing Market Size in 2022 | USD 53.7 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 10.5% |
| 2032 Value Projection | USD 152.8 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 328 |
| Segments covered | Component, connectivity, application, and end use |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
The increasing deployment of IoT devices within manufacturing is also resulting in increasing cyber security threats. IoT devices can be vulnerable to hacking, malware, and unauthorized access and may lead to data breaches as well as interference in operations. IoT network security needs strong encryption, authentication policies, and continuous monitoring. There is a need for manufacturers to invest in cyber security solutions that protect sensitive data, intellectual property, and processes from the increasing cyber threats in order to guarantee uninterrupted & safe facility operations.
COVID-19 Impact
The COVID-19 pandemic has had several impacts on the IoT in manufacturing market. Whereas some sectors expedited IoT deployment to improve remote monitoring and automation, others struggled with decreased investments because of supply chain disruptions and economic instability. The COVID-19 pandemic highlighted the importance of IoT in keeping operations running under remote work and under social distancing measures. The market trend was influenced by both short-term challenges as well as the long-term realization of IoT's potential to promote manufacturing resiliency & efficiency.
IoT in Manufacturing Market Trends
Industry 4.0-driven principles of data exchange, automation, and smart manufacturing are fueling the growth of the IoT in manufacturing sector. Industry 4.0 provides real-time knowledge about production and supply chains by bringing IoT sensors & devices as well as analytics data together. By integrating the above, Industry 4.0 optimizes the use of resources, increases quality control, and facilitates predictive maintenance. In pursuit of creating intelligent factories and driving digitalization, Industry 4.0 plays the role of a catalyst by driving IoT technology adoption across the manufacturing system.
IoT in Manufacturing Market Analysis
Get to know the prominent segments driving this market
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The hardware segment dominated manufacturing IoT market recorded approximately USD 23.9 billion revenue in 2022. The growing construction of smart factories is enhancing the demand for hardware components and, in turn, driving market demand. Hardware companies are positioning their products according to software technologies to meet increasing demand in initiatives like smart factory.
For example, in April 2023, Advantech, which is a leading provider of industrial hardware and automation technology for the Internet of Things (IoT), signed an agreement with Altizon, which is a global software provider of the Datonis Digital Factory Industrial IoT platform, to make it easier to switch to a smart factory. With this collaboration, the need for hardware components will increase due to their increased compatibility.
Discover more about the primary segments influencing this market
The size of the IoT in manufacturing market from predictive maintenance segment retained more than USD 15.7 billion in 2022. The predictive software developed for analytics can greatly enhance the size of the market using data from IoT devices to forecast equipment failures, optimize maintenance schedules, and increase the overall operational efficiency.
For example, in February 2023, AVEVA, an industrial software company that promotes innovation & sustainability, introduced the new version of the AVEVA predictive analytics software. This new version was particularly aimed at predictive monitoring of industrial assets in industries like oil & gas, power generation, chemicals, mining, minerals, and manufacturing. These innovative software solutions have the potential to drive the value proposition of IoT technology as well as hasten its uptake throughout the manufacturing industry.
Asia Pacific IoT in manufacturing market accounted for 25% of the revenue share in 2022, due to its robust manufacturing sector, rapid technological advancements, and the growing adoption of Industry 4.0 principles. Countries including China, Japan, South Korea, and India are heavily investing in IoT infrastructure to enhance production efficiency, quality control, and supply chain management. This proactive approach, coupled with a large market potential and supportive policies, positions Asia Pacific as a key driver of the market demand.
IoT in Manufacturing Market Share
The major companies operating in the IoT in manufacturing market are
- Cisco Systems Inc.
- Microsoft Corporation
- General Electric
- Siemens AG
- Huawei Technologies Co. Ltd.
- Intel Corporation
- IBM Corporation.
IoT in Manufacturing Industry News
- In August 2023, NVIDIA introduced a range of advancements aimed at expediting the widespread integration of OpenUSD within its Omniverse metaverse platform. OpenUSD, an innovation of Pixar Animation Studios, encompasses the state-of-the-art 3D scene description technology, which was strategically developed to enhance compatibility among diverse tools, data, and workflows.
- In November 2022, Zerynth, an industrial IoT company headquartered in Italy, successfully secured USD 5.6 million in a funding round; this was one of the largest IIoT investments in Italy. The raised capital was set to be allocated toward personnel expansion, product innovations, and the forging of partnerships with significant players in the industrial sector.
The IoT in manufacturing market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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Market, By Component
- Hardware
- Software
- Service
- Professional services
- Managed services
Market, By Connectivity
- Satellite network
- Cellular network
- Radio-Frequency Identification (RFID)
- Near-Field Communication (NFC)
- Others
Market, By Application
- Predictive maintenance
- Supply chain management
- Quality monitoring & control
- Asset management
- Others
Market, By End-use
- Discrete manufacturing
- Continuous processing
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Southeast Asia
- ANZ
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
- Saudi Arabia
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