- The market size will grow at a CAGR of 22.1 per cent during the forecast period
- The Asia Pacific market will see good growth in the coming years along with North America
The global IoT in manufacturing market size is projected to reach $136.83 billion by 2026 as per a report by Fortune Business Insights. This report, titled, “Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis, By Platform, By Software & Services, By Application and Regional Forecast, 2019-2026 said that the market size stood at $ 27.76 Billion in 2018.
CAGR of 22.1 per cent
The market size will grow at a CAGR of 22.1 per cent during the forecast period. The report said that the growing demand for automated machines and equipment in the manufacturing industry will lead to a bigger adoption of IoT concepts. It also pointed out that increasing demand for customisation, expectations for simplified and easy-to-use machinery and need for reliable data will further grow this market size.
As per the report, many factors have influenced the growth of this sector. One of them being, the increasing number of mergers and acquisitions. Through collaborations, the companies aim to develop and deploy IoT-based solutions and services in major manufacturing plants across the world.
North America holds the highest market share
The report also said that North America holds the highest market share in this sector at the moment. It stood at $12.25 billion.The Asia Pacific market will also see good growth in the coming years. The demand for advanced and automated concepts will contribute to the market in Asia Pacific.