With more enterprises implementing IoT, the marketplace is growing and expected to reach $1.0388 billion by 2026, claims Valuates Reports.
As IoT is increasingly accepted across industries as an active IT application, the global IoT in the manufacturing market is forecasted to touch $1.0388 billion by 2026. This is up from $567.2 million in 2020, reveals a recent research study by Valuates Reports.
The significant factors driving IoT progress in the manufacturing market are the growing need for predictive maintenance and centralized monitoring of manufacturing infrastructure. This is also valid for operational efficiency, agile production, and increasing adoption of the cloud.
With the growing competition and demand from end-users, companies are highly concerned about manufacturing high-quality and high volume goods. This, in line, led them to focus on key business areas, including asset monitoring, manufacturing process, and equipment support in factory operations.
Even the rise in demand for asset monitoring is projected to increase IoT advances in the manufacturing market size. Concurrent asset tracking makes it simpler for businesses to track modifications in workshops. This helps in reducing manufacturing defects and increasing business operational performance.
Today, IoT maintains low operating costs in the manufacturing market with the help of predictive maintenance principles. This increases worker safety during in-house works and training – identifying and resolving restricted access. Hence, it is expected to enhance the growth of IoT in the market.
Moreover, advancements in technologies like smart sensors, virtual and augmented reality are estimated to fuel IoT market size. The introduction of smart sensors within industrial machinery has enabled manufacturers to cut down on operating costs by 50%. Hence, it is expected to reduce further during the forecasted period.
North America will hold the largest IoT in manufacturing market share till 2026. Its dominance is attributed to the quick and early adoption of trending technologies – including IoT, edge computing, big data, and mobility by manufacturers in the region.
In fact, the rising adoption of smart and connected technologies for asset-based applications will also increase IoT for the manufacturing market size. Besides, the emergence of small and medium-sized firms with digitization in manufacturing is likely to drive business growth in this area. And the APAC market will see the highest growth rate for the forecast period.
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Indeed, automation allows manufacturers to increase productivity, enhance product consistency, and improve quality by reducing variability and eliminating errors. These benefits by IoT are most likely to steer the growth of IoT at the manufacturing level.