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IoT in Manufacturing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Market Report Covers Internet of Things in Manufacturing Companies and is Segmented by Software (Application Security, Data Management and Analytics, Monitoring, Network Management, and Other Software), Connectivity (Satellite Network, Cellular Network, RFID, NFC, Wi-Fi, and Other Connectivity), Services (Professional, System Integration and Deployment, Managed, and Other Services), Application (Process Optimization, Predictive Maintenance, Asset Management, Workforce Management, Emergency and Incident Management, Logistics and Supply Chain Management, and Inventory Management), End-User Vertical (Automotive, Food and Agriculture Equipment, Industrial Equipment, Electronics and Communication Equipment, Chemicals and Materials Equipment, and Other End-User Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

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Internet of Things (IoT) in Manufacturing Market Size

Internet-of-Things (IoT) Market In Manufacturing Summary
Study Period 2019 - 2029
Market Size (2024) USD 0.39 Trillion
Market Size (2029) USD 1.22 Trillion
CAGR (2024 - 2029) 25.33 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Medium

Major Players

Internet-of-Things (IoT) Market In Manufacturing Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Internet-of-Things (IoT) Market In Manufacturing with other markets in Technology, Media and Telecom Industry

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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.

Internet of Things (IoT) in Manufacturing Market Trends

Supply Chain and Logistics Management Application to Spur Growth in the Market Studied

  • There has been a substantial change in the supply chain with the adoption of mobile devices and sensors, including RFID and GPS, to track inventory and warehouse assets.
  • Mobile technologies allow businesses to monitor equipment, inventory, and business operations. By giving them real-time data across their entire supply chain, asset intelligence enables enterprises to boost their expertise and capacity. Although these solutions have helped the transportation and logistics industries advance over time, combining them with enabling technologies like the Internet of Things (IoT) can provide even more asset intelligence and help users make more educated decisions.
  • Distribution centers, warehouses, and yards are the most important ecosystem parts of the supply chain.If a business is able to improve the performance of these components, the effectiveness of its operations will also improve. The logistics industry would increasingly rely on IoT, and warehouses would use the cloud to track their inventory, cars, and equipment. Numerous machines connected via RFID tags make this possible. The packages and pallets would interact with one another on a local level, while a company-based server would continuously monitor their movements and travel progress on a global level.
  • Improved inventory management is a major outcome of IoT adoption in the manufacturing industries, made possible by the availability of real-time object visibility and the capability to track and maintain inventories.Using tracking devices, like RFID tags, to collect information about production, expiration dates, manufacture dates, after-sales status, and warranty periods could make supply chain monitoring during manufacturing more effective.
  • According to the SAS Institute, the United Kingdom may benefit the most from the manufacturing sector, with IoT accounting for approximately GBP 4,032 million of the total economy. Similarly, other economies are expected to invest heavily in the automation of the supply chain, thereby driving IoT adoption in the overall manufacturing sector.
Internet-of-Things (IoT) Market In Manufacturing: Top Industries growing with IoT, (in percentage), 2025*

North America to be the Largest Market

  • North America mainly dominates the market for IoT in manufacturing. This region has developed economies, like the United States and Canada, which heavily invest in R&D activities related to the market, thus contributing to the development of new technologies. With the early adoption of trending technologies like mobility, big data, and IoT, manufacturers are eager to integrate IoT technologies into their processes.
  • Connected devices and data flow are already finding applications in manufacturing. Therefore, accelerated deliveries can now be expected as the infrastructure cost is reduced. In order to stay competitive, manufacturers are leveraging IoT and analytics to run and improve businesses. In the United States, about 35% of manufacturers collect and use data generated from smart sensors to enhance manufacturing processes.
  • According to a study, around 34% of the manufacturers believe that US manufacturers must adopt IoT in their operations. For manufacturers, IoT has become an ecosystem where software, cloud computing, and analytics tools are combined to turn raw data from different sources into meaningful predictions and present them in easy-to-use interfaces. By next five years, the number of connected devices in the automation sector is expected to increase by 50.
  • North America's technological prowess, solid infrastructure, variety of industries and supportive ecosystem have helped it take the lead as the world's largest market for the manufacturing sector of Internet of Things (IoT). The use of IoT in manufacturing is anticipated to continue to grow as the region maintains its dominance in technical innovation and digital transformation, further strengthening its position as the world's largest IoT market,
Internet-of-Things (IoT) Market In Manufacturing

Internet of Things (IoT) in Manufacturing Industry Overview

The Internet-of-Things (IoT) market in manufacturing is cohesive and coherent. The market after Industry 4.0 has started to be more attractive, as companies are opting for IoT as enablers in their manufacturing units. Moreover, the market is inclined toward fragmentation. Some of the key players in the market are Cisco Systems Inc., General Electric, Intel Corporation, IBM Corporation, AT&T Inc., Qualcomm, and Siemens AG, among others.

  • June 2022 - Elemental Machines, a leading LabOps Intelligence technology platform, and MasterControl, a developer of a next-generation manufacturing execution system (MES), announced a strategic partnership utilizing two cutting-edge technologies to assist bio manufacturers in automating manual data collection, enhancing data integrity, guaranteeing compliance, and accelerating production for advanced biologics like cell and gene therapies.
  • May 2022- The world's largest supplier of RFID and digital ID solutions, Avery Dennison Corporation, and the Internet of Things pioneer, Wiliot, announced a strategic alliance to expand the IoT to the next level and usher in a new era of IoT that benefits people and the environment.

Internet of Things (IoT) in Manufacturing Market Leaders

  1. Cisco Systems Inc.

  2. General Electric

  3. Intel Corporation

  4. IBM Corporation

  5. Siemens AG

*Disclaimer: Major Players sorted in no particular order

Internet-of-Things (IoT) Market In Manufacturing Concentration
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Internet of Things (IoT) in Manufacturing Market News

  • June 2024: Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, inaugurated the Bringing Life to ThingsTM Lab in Cincinnati, Ohio. This lab is tailored for swift prototyping, experimentation, and extensive deployment of AI, GenAI, and IoT engineering solutions. With this initiative, TCS aims to expedite and enhance the delivery of innovative solutions for its clients.
  • December 2023: KPN IoT, in collaboration with Austrian IoT connectivity provider Freeeway, has unveiled an integrated IoT monetization platform tailored for the automotive sector. This innovative solution empowers automotive OEMs and component manufacturers across Europe to tap into new and recurring revenue streams from their connected vehicles.

Internet of Things (IoT) in Manufacturing Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Stakeholder Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Rapid Growth and Technological Advancements in Data Analytics

      2. 5.1.2 Improved Supply Chain Management and Logistics at Lower Operational Costs

    2. 5.2 Market Restraints

      1. 5.2.1 Lack of Standardized Interfaces and Limited Integration and Scalability

      2. 5.2.2 Security and Privacy Issues

    3. 5.3 Opportunities

      1. 5.3.1 Intersection of IoT and Big Data Essential to the Future of Smart Manufacturing

    4. 5.4 Impact of COVID-19 on Data Center Services Market

  6. 6. KEY TECHNOLOGY INVESTMENTS

    1. 6.1 Cloud Technology

    2. 6.2 Artificial Intelligence

    3. 6.3 Cyber Security

    4. 6.4 Digital Services

    5. 6.5 Industry Policies

  7. 7. MARKET SEGMENTATION

    1. 7.1 By Software

      1. 7.1.1 Application Security

      2. 7.1.2 Data Management and Analytics

      3. 7.1.3 Monitoring

      4. 7.1.4 Network Management

      5. 7.1.5 Other Software

    2. 7.2 By Connectivity (Qualitative Analysis)

      1. 7.2.1 Satellite Network

      2. 7.2.2 Cellular Network

      3. 7.2.3 RFID

      4. 7.2.4 NFC

      5. 7.2.5 Wi-Fi

      6. 7.2.6 Other Connectivities

    3. 7.3 By Services

      1. 7.3.1 Professional

      2. 7.3.2 System Integration and Deployment

      3. 7.3.3 Managed

      4. 7.3.4 Other Services

    4. 7.4 By Application (Qualitative Analysis)

      1. 7.4.1 Process Optimization

      2. 7.4.2 Predictive Maintenance

      3. 7.4.3 Asset Management

      4. 7.4.4 Workforce Management

      5. 7.4.5 Emergency and Incident Management

      6. 7.4.6 Logistics and Supply Chain Management

      7. 7.4.7 Inventory Management

    5. 7.5 By End-user Vertical

      1. 7.5.1 Automotive

      2. 7.5.2 Food and Agriculture Equipment

      3. 7.5.3 Industrial Equipment

      4. 7.5.4 Electronics and Communication Equipment

      5. 7.5.5 Chemicals and Materials Equipment

      6. 7.5.6 Other End-user Verticals

    6. 7.6 ***By Geography

      1. 7.6.1 North America

        1. 7.6.1.1 United States

        2. 7.6.1.2 Canada

      2. 7.6.2 Europe

        1. 7.6.2.1 Germany

        2. 7.6.2.2 United Kingdom

        3. 7.6.2.3 France

        4. 7.6.2.4 Spain

      3. 7.6.3 Asia

        1. 7.6.3.1 China

        2. 7.6.3.2 Japan

        3. 7.6.3.3 India

        4. 7.6.3.4 Australia and New Zealand

      4. 7.6.4 Latin America

        1. 7.6.4.1 Brazil

        2. 7.6.4.2 Mexico

        3. 7.6.4.3 Argentina

      5. 7.6.5 Middle East and Africa

        1. 7.6.5.1 United Arab Emirates

        2. 7.6.5.2 Saudi Arabia

        3. 7.6.5.3 South Africa

  8. 8. COMPETITIVE LANDSCAPE

    1. 8.1 Company Profiles*

      1. 8.1.1 Cisco Systems Inc.

      2. 8.1.2 General Electric

      3. 8.1.3 Intel Corporation

      4. 8.1.4 IBM Corporation

      5. 8.1.5 Verizon Communication Inc.

      6. 8.1.6 AT&T Inc.

      7. 8.1.7 Qualcomm

      8. 8.1.8 Siemens AG

      9. 8.1.9 Microsoft Corporation

      10. 8.1.10 SAP SE

  9. 9. INVESTMENT ANALYSIS

  10. 10. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
*** In the Final Report Asia, Australia and New Zealand will be Studied Together as 'Asia Pacific', the report will also include 'Rest of Europe', 'Rest of the Asia-Pacific', 'Rest of Middle East and Africa'.
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Internet of Things (IoT) in Manufacturing Industry Segmentation

The Internet-of-Things (IoT) market in manufacturing is adding value to manufacturers by helping them make the proper decisions regarding lead time, demand, inventory in hand, stock out, product visibility, inventory turnover, forecasting, and sales. It also helps the manufacturer connect with both the upstream consumers and downstream suppliers, improving vendor relationships.

The Internet-of-Things (IoT) in manufacturing market is segmented by software (application security, data management and analytics, monitoring, network management, and other software), connectivity (satellite network, cellular network, RFID, NFC, Wi-Fi, and other connectivities), services (professional, system integration and deployment, managed, and other services), application (process optimization, predictive maintenance, asset management, workforce management, emergency and incident management, logistics and supply chain management, and inventory management), end-user vertical (automotive, food and agriculture equipment, industrial equipment, electronics and communication equipment, chemicals and materials equipment, and other end-user verticals), and geography (North America (United States, Canada), Europe (Germany, United Kingdom, France, Spain, and Rest of Europe), Asia Pacific (India, China, Japan, and Rest of Asia-Pacific), and Latin America (Brazil, Argentina, and Rest of Latin America), and Middle East and Africa (United Arab Emirates, Saudi Arabia, South Africa, and Rest of Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Software
Application Security
Data Management and Analytics
Monitoring
Network Management
Other Software
By Connectivity (Qualitative Analysis)
Satellite Network
Cellular Network
RFID
NFC
Wi-Fi
Other Connectivities
By Services
Professional
System Integration and Deployment
Managed
Other Services
By Application (Qualitative Analysis)
Process Optimization
Predictive Maintenance
Asset Management
Workforce Management
Emergency and Incident Management
Logistics and Supply Chain Management
Inventory Management
By End-user Vertical
Automotive
Food and Agriculture Equipment
Industrial Equipment
Electronics and Communication Equipment
Chemicals and Materials Equipment
Other End-user Verticals
***By Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Spain
Asia
China
Japan
India
Australia and New Zealand
Latin America
Brazil
Mexico
Argentina
Middle East and Africa
United Arab Emirates
Saudi Arabia
South Africa
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Internet of Things (IoT) in Manufacturing Market Research FAQs

The Internet-of-Things (IoT) Market in Manufacturing Industry size is expected to reach USD 0.39 trillion in 2024 and grow at a CAGR of 25.33% to reach USD 1.22 trillion by 2029.

In 2024, the Internet-of-Things (IoT) Market in Manufacturing Industry size is expected to reach USD 0.39 trillion.

Cisco Systems Inc., General Electric, Intel Corporation, IBM Corporation and Siemens AG are the major companies operating in the Internet-of-Things (IoT) Market in Manufacturing Industry.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Internet-of-Things (IoT) Market in Manufacturing Industry.

In 2023, the Internet-of-Things (IoT) Market in Manufacturing Industry size was estimated at USD 0.29 trillion. The report covers the Internet-of-Things (IoT) Market in Manufacturing Industry historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Internet-of-Things (IoT) Market in Manufacturing Industry size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

IoT in Manufacturing Industry Report

Statistics for the 2024 Internet-of-Things (IoT) In Manufacturing market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Internet-of-Things (IoT) In Manufacturing analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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IoT in Manufacturing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)