Impact of COVID-19 on the IoT in Manufacturing Market

Impact of COVID-19 on the IoT in Manufacturing Market

The COVID-19 pandemic, which emerged in Wuhan, China, in December 2019, significantly impacted the global manufacturing sector. Governments worldwide imposed nationwide lockdowns to control the spread of the infection, which led to production facilities either completely shutting down or running at reduced capacities. This situation underscored the necessity for reducing dependency on manual labor and adapting to advanced technologies such as AI, machine learning, and IoT.

The adoption of IoT in manufacturing improved productivity and optimized workforce requirements, facilitating remote factory monitoring at greater efficiency. Despite the pandemic's adverse impact on the manufacturing sector, it accelerated the adoption of IoT technology, with businesses planning to invest a significant portion of their IT budgets in IoT projects over the next three years.

Higher Adoption for Industrial Automation in Manufacturing Drives Market Growth

The industrial sector is increasingly focusing on automation, machine learning, and real-time data processing to enhance efficiency and reduce costs. By implementing Industry 4.0 technologies, including IoT, artificial intelligence, robotics, cloud technology, and analytics, organizations can transform traditional manufacturing into smart manufacturing. This transformation is critical for nations, production systems, and the global delivery of goods and services.

For instance, in 2022, Indian manufacturers adopted Industry 4.0 strategies to increase the manufacturing sector's contribution to 25% of GDP by 2025 from the current level of 16%. Governments worldwide are encouraging the adoption of disruptive technologies to promote industrial automation. The significance of data gathered from machines and processes in Industry 4.0 cannot be overstated, as it is analyzed to improve manufacturing output.

Key Findings in the Global IoT in Manufacturing Market Study

· Hardware Segment to Witness the Largest Share Through 2022

Based on component, the global IoT in manufacturing market is segmented into hardware, platform, services, and connectivity. In 2022, the hardware segment is expected to account for the largest share due to the consistent engagement of the manufacturing sector in improving efficiency, reducing costs, and increasing overall equipment effectiveness (OEE) through better access to information from real-time solutions. However, the platform segment is expected to register the highest CAGR during the forecast period, driven by the rising adoption of IoT platforms in the manufacturing sector to improve operational efficiency.

· Automotive Segment to Dominate the IoT in Manufacturing Market

Based on end user, the global IoT in manufacturing market is segmented into automotive, semiconductors & electronics, heavy metals & machine manufacturing, energy & power, aerospace and defense, medical devices, pharmaceuticals, and other end users. In 2022, the automotive segment is expected to account for the largest share. Factors such as the rise of smart factories, the emphasis on developing next-generation automobile warehouses, and the need to reduce unplanned downtime for better product design are driving the growth of this segment.

· Asia-Pacific to Lead the Market Growth

Based on geography, the global IoT in manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share and register the highest CAGR during the forecast period. Factors such as technological innovations, the growing number of industrial organizations, and the increasing adoption of IoT devices to optimize operational efficiency drive market growth in this region.

Competitive Landscape

The key players in the IoT in manufacturing market include:

· IBM Corporation (U.S.)

· Microsoft Corporation (U.S.)

· Oracle Corporation (U.S.)

· Hewlett Packard Enterprise Company (U.S.)

· HCL Technologies (India)

· Capgemini (France)

· Atos (France)

· Infosys Limited (India)

· Cognizant (U.S.)

· Dell Inc. (U.S.)

· Fujitsu Limited (Japan)

· Bell Integrator Inc. (U.S.)

· Kyndryl Holdings, Inc. (U.S.)

· Accenture (Ireland)

· Softura (U.S.)

These companies are leading the market by driving innovation and offering comprehensive IoT solutions. Their strategic collaborations, continuous investments in R&D, and focus on enhancing operational efficiency make them key players in the IoT in manufacturing market.

Conclusion

The IoT in Manufacturing Market is poised for substantial growth, driven by the increasing demand for industrial automation and significant investments in Industry 4.0. Despite challenges such as data security and privacy issues, the market offers considerable opportunities, particularly with the advent of 5G technology facilitating IoT adoption. The future of manufacturing lies in embracing advanced technologies that enhance efficiency, reduce costs, and transform traditional operations into smart manufacturing systems.

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Key questions answered in the report:

· Which are the high-growth market segments in terms of component, deployment mode, organization size, application, and end user?

· What is the historical market for IoT in manufacturing across the globe?

· What are the market forecasts and estimates from 2022–2029?

· What are the major drivers, restraints, and opportunities in the global IoT in manufacturing market?

· Who are the major players in the global IoT in manufacturing market, and what shares do they hold?

· Who are the major players in various countries, and what shares do they hold?

· How is the competitive landscape?

· What are the recent developments in the global IoT in manufacturing market?

· What are the different strategies adopted by the major players in the market?

· What are the geographic trends and high-growth countries?