By Organisation size, large enterprises are expected to hold the largest market size
The global IoT in manufacturing market size to grow from $50.0 billion in 2021 to $87.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9 per cent. North America is expected to hold the largest market size in the global IoT in Manufacturing Market during the forecast period. It have sustainable and well-established economies, empowering them to strongly invest in R&D activities, contributing to the development of new technologies.
The US is the major contributor across North America, as the presence of a highly skilled workforce in manufacturing companies in the country is increasing the adoption of advanced technologies, including IoT and big data and analytics are the key factors driving the growth of the US market.
Asset control and management is expected to have a higher growth rate. Asset tracking and management streamlines operations, reduces costs and increases productivity. By tracking non-fixed assets in a factory environment, organisations automatically keep on top of available assets. Knowing where assets are located and what condition they are in helps minimise asset downtime, optimise asset productivity and maintenance of resources and control inventory costs. Most manufacturing companies that have their valuable assets distributed across a large geographical area have to contend with a host of problems that affect their operational efficiencies, productivity, costs, staffing, and ultimately their bottom line, among other things.
By Deployment Mode, cloud is expected to have a higher growth rate. The implementation of the cloud-based IoT in manufacturing software facilitates SMEs and large enterprises to focus on their core competencies rather than IT processes. With the help of cloud-based IoT in manufacturing solutions, organisations can avoid costs related to software, storage, and technical staff. The cloud-based IoT in manufacturing solutions offer a centralised way to integrate the system and its components with web and mobile applications and helps organisations in asset management, asset maintenance, and asset productivity in the manufacturing industry.
In the IoT in Manufacturing Market by component, the services is expected to record a higher growth rate during the forecast period. Services play a vital role in the IoT in Manufacturing Market, as they enable manufacturing enterprises to establish digitised and connected manufacturing processes with mass customisation and a self-configuring, automated manufacturing floor. The services segment is considered an important component of the IoT in Manufacturing Market, as it majorly focuses on improving the business operations and reducing unnecessary expenses and overheads of the manufacturing enterprises.