In 2016, the IoT in Manufacturing Market size accounted for $424 billion and is projected to witness $994 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.1% during the forecast period 2017-2023. Internet of Things (IoT) in manufacturing market facilitates various software and services empowering manufacturing companies to cater IoT-based solutions like predictive maintenance, supply chain management, quality management, and others. Also, the manufacturing process is hiked with introduction to connected operational intelligence and real-time asset monitoring.



Bifurcation of the global IoT in manufacturing market is based on component, application, and geography. The market depending on component is sub segmented into software and services. Predictive maintenance, asset performance management, quality management, cognitive process & operations management, supply chain management, and others are the classification based on application. The market geographically is studied across North America, Europe, Asia-Pacific, and LAMEA.



Rapid acceptance of managed services is observed by developed countries, like US and Canada. As per the client’s requirements, there is a huge involvement of managed services in the deployment of IoT in manufacturing solutions. Managed services comprise of all the pre- and post-deployment queries and demand of customers. Planning, designing, testing, integrating, maintenance, and support are among the various services. Outsourcing of these services is done majorly for on-time delivery, and depletion of capital and operating expenditures. Relevant information relating to intelligent design, operations, and maintenance, as well as higher quality of service and safety are the practices provided by managed service vendors who connect people across all business functions and regions.



Different business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration have been fostered by key players for growing their market presence. The key players of the global IoT in manufacturing market are Cisco Systems Inc., Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies.

The relevant factors influencing the growth of the global IoT in manufacturing market include advancement in technologies such as smart sensors, virtual & augmented reality, low operational cost, hike in demand of real time asset monitoring, inappropriate IT infrastructure, introduction to connected operational intelligence, enhanced adoption of cloud-based deployment model. Above factors would rather drive or hamper the market.



In 2016, the highest revenue of the global IoT in manufacturing market was generated by North America on account of deployment of leading technologies, including smart sensors and connected devices, and increased demand for IoT in the manufacturing industry. However, due to increment in ICT expenditure in South Korea, Australia, Japan, and Singapore, the highest CAGR is anticipated to boost in Asia-Pacific region.



IoT in Manufacturing Market Key Segments:

The IoT in manufacturing market is segmented based on component, application, and geography.

By Component

• Software

• Services



IoT in Manufacturing Market By Application

• Predictive Maintenance

• Asset Performance Management

• Quality Management

• Cognitive Process & Operations Management

• Supply Chain Management

• Others



By Geography

• North America

o U.S.

o Canada

o Mexico



• Europe

o UK

o Germany

o France

o Italy

o Rest of Europe



• Asia-Pacific

o China

o India

o Japan

o Australia

o South Korea

o Rest of Asia-Pacific



• LAMEA

o Latin America

o Middle East

o Africa