IoT In Manufacturing Market By Component, By Solution, By Platform, By Service, By Connectivity, By Application, By End Use Vertical, Geography & Forecast

Report Highlights

IoT In Manufacturing Market Size And Forecast

According to Verified Market Research, the Global IoT In Manufacturing Market was valued at USD 20.23 Billion in 2019 and is projected to reach USD 147.49 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.

IoT in Manufacturing Market Overview

The demand for centralized monitoring and predictive maintenance is a key aspect of the IoT in manufacturing market. The central monitoring of the manufacturing process in the automotive industry is executed using indoor location systems. The IoT devices used in the transceivers interconnect with each other with the help of routers, switches, and other networking devices. IoT devices are being widely used in predictive maintenance, which plays a significant role in managing the high-valued factory equipment. The predictive maintenance technique is intended to determine the condition of the in-service manufacturing equipment to foresee when maintenance should be performed.The increased command of IoT in supply chain and connected logistics is bound to boost the market growth. Enhanced inventory management, due to the accessibility of real-time visibility of items and the capability to track and keep a note of inventory, is a vital consequence of the implementation of IoT in manufacturing industries.