Understanding the Growth Dynamics of the IoT in Manufacturing Market

Meticulous Research®, a prominent global market research firm, has released a comprehensive report titled 'IoT in Manufacturing Market by Component (Platform, Connectivity), Application (Resource Optimization, Machine Inspection & Maintenance), End User (Automotive, Medical Devices) and Geography—Global Forecast to 2029.'

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Market Growth Projections

The IoT in Manufacturing Market is anticipated to achieve a Compound Annual Growth Rate (CAGR) of 13.7% from 2022 to 2029, reaching a substantial figure of $233.6 billion by the end of the forecast period. This growth is primarily fueled by the increasing demand for industrial automation across manufacturing sectors and significant investments in Industry 4.0 initiatives. However, challenges related to data security and privacy in IoT implementations could potentially hinder market expansion.

Segment Analysis

Component Segmentation:

• The market is segmented into hardware, platform, services, and connectivity. In 2022, the hardware segment dominates the market, driven by the manufacturing sector's continuous efforts to enhance operational efficiency and reduce costs through improved equipment effectiveness (OEE). Conversely, the platform segment is expected to exhibit the highest CAGR, reflecting increased adoption of IoT platforms for operational enhancement.

Deployment Mode:

• The market is divided between on-premise and cloud-based deployments. Currently, on-premise deployments hold a larger share, favored particularly by large enterprises due to control over data and established IT infrastructure. Nonetheless, cloud-based deployments are projected to grow at the fastest rate, driven by the manufacturing sector's increasing adoption of cloud computing for scalability and operational flexibility.

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