INTERNET-OF-THINGS (IOT) MARKET IN MANUFACTURING - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

 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 2025, the number of connected devices in the automation sector is expected to increase by 50.

The Internet-of-Things (IoT) Market in Manufacturing is expected to grow from USD 313.98 billion in 2023 to USD 970.92 billion by 2028, at a CAGR of 25.33% during the forecast period (2023-2028).

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.

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