Meticulous Research®, a global market research leader, has published a new 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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According to this latest report, the IoT in Manufacturing Market is projected to grow at a CAGR of 13.7% from 2022 to 2029, reaching an estimated $233.6 billion by 2029. The market growth is driven by the increasing demand for industrial automation and rising investments in Industry 4.0. However, concerns over data security and privacy could potentially hinder the market's expansion. On a positive note, the emergence of 5G technology is expected to significantly boost IoT adoption, presenting substantial opportunities for market growth.
The report breaks down the global IoT in manufacturing market into various segments: component, deployment mode, organization size, application, end user, and geography. It also offers an in-depth analysis of industry competitors and examines the market at the country level.
Key Segments:
By Component:
- Hardware: In 2022, the hardware segment is anticipated to hold the largest market share. This dominance is attributed to the manufacturing sector's continuous efforts to enhance efficiency, cut costs, and boost overall equipment effectiveness (OEE).
- Platform: Despite the hardware segment's lead, the platform segment is expected to witness the highest CAGR during the forecast period. The increasing adoption of IoT platforms by various end users in the manufacturing sector to improve operational efficiency is a significant driver for this growth.
- Services
- Connectivity
Driving Factors:
- Industrial Automation: The growing demand for automation in manufacturing processes is a primary driver of market growth.
- Industry 4.0 Investments: Increased investments in Industry 4.0 technologies are accelerating market expansion.
Restraints:
- Data Security & Privacy: Issues related to data security and privacy in IoT could limit market growth to some extent.
Opportunities:
- 5G Technology: The advent of 5G technology is expected to enhance IoT adoption, providing significant growth opportunities for the market.
The comprehensive study evaluates the market landscape and provides detailed insights into the competitive dynamics, helping stakeholders make informed decisions.
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