IoT solutions in manufacturing allow for complete digitization of factory operations through real-time monitoring of assets and production processes using sensors and other smart devices. Connected manufacturing equipment helps optimize asset utilization, increase efficiency, and improve product quality through predictive maintenance and automatic process adjustments. IoT also enables virtual product design and testing before actual production, reducing costs and R&D cycles. Remote asset monitoring through drones, robots and other IoT solutions further enhances productivity and worker safety.

The global IoT in Manufacturing Market is estimated to be valued at US$ 235.38 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increased collaboration across global supply chains through IoT is a major opportunity for growth in this market. IoT connectivity between manufacturers, suppliers, and logistics partners helps track shipments in real-time, gain visibility into inventory levels, address bottlenecks, and coordinate operations seamlessly. This enables just-in-time manufacturing and reduces risks of production downtimes and stock-outs. IoT data sharing also optimizes multi-echelon inventory management across markets. Adoption of common IoT platforms for supply chain visibility and collaboration will drive significant efficiencies and cost savings. With rising demand for faster delivery of customized products, manufacturers are increasingly leveraging IoT to achieve an agile global footprint.

Porter's Analysis
Threat of new entrants: Low barriers to entry and growing demand in the IoT in manufacturing market attracts new players. However, presence of major players and need for large investment deters new competition.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives and flexibility to switch between providers. However, integration of IoT solutions makes changing providers difficult.
Bargaining power of suppliers: Major component suppliers wield influence over prices and innovations. Suppliers are concentrating to strengthen their position in the ecosystem.
Threat of new substitutes: Alternative connectivity technologies pose threat but prevalence of IoT in digital transformation initiatives sustains demand.
Competitive rivalry: Intense competition amongst major players to gain market share through product innovations and partnerships.

SWOT Analysis
Strengths: Growing connectivity, remote operations, predictive maintenance through IoT drive market growth. Flexibility and improvements in operational efficiency strengthen demand.
Weaknesses: High integration costs, technology constraints in factories, and data security concerns impede wider adoption. Lack of standards limits cross-industry integration.
Opportunities: Scope for predictive quality control, inventory optimization, and customized end-products boosts market potential. Investments in private 5G networks to accelerate smart manufacturing.
Threats: Global economic downturn impacts manufacturing sector budgets. Skilled workforce shortage limits performance of advanced technologies.

Key Takeaways

Global Iot In Manufacturing Market Demand  is expected to witness high growth over the forecast period supported by increasing connectivity and automation across industries.

Regional Analysis: The regional analysis indicates that Asia Pacific dominates currently due to rapid industrialization in China and India. North America also captures sizable share driven by technology advancements from major players based in the US.

Key players operating in the IoT in manufacturing market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group. IoT connectivity helps manufacturers optimize operations, enhance productivity, and achieve competitive edge. Remote equipment monitoring and predictive maintenance through analytics improve uptime while reducing downtime costs significantly. Wider deployment of private 5G networks is anticipated to facilitate adoption of advanced technologies like augmented reality for manufacturing guidance and quality inspections.

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