IoT in Process Manufacturing Market Scope Report

 

Base Year	2022
Forecast Year	2023-2033
CAGR	~15%
Base Year Market Size (2022)	~ USD 53 Billion
Forecast Year Market Size (2033)	~ USD 140 Billion

Global IoT in Process Manufacturing Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global IoT in process manufacturing market is estimated to garner a revenue of USD 140 Billion by the end of 2033 by growing at a CAGR of ~15% over the forecast period, i.e., 2023 – 2033. Further, the market generated USD 53 billion in revenue in the year 2022. The primary growth factor of the IoT in this market is its ability to automate operations and improve efficiency. By automating processes, manufacturers can increase throughput while reducing costs. Additionally, they are also able to optimize production by monitoring performance data and making adjustments as needed. As per the reported data, by the end of 2022, there will be 14.4 billion active devices. This entails an 18% compound annual growth rate. Furthermore, the market for IoT solutions and services is expected to reach USD 575 billion by 2027 from a value of USD 384.70 billion in 2021.

 

 

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To build an industrial Internet of Things (IoT) infrastructure, wireless sensors are added to process facilities and connected to corporate intranets or the Internet. Then, by interpreting and analyzing the data collected by these sensors, users may boost efficiency, dependability, and throughput. Because battery-powered wireless sensors may be brought online in a fraction of the time as a typical sensor, installing wireless sensing technologies is quick and inexpensive. Neither power delivery nor the transmission of information that can be used by plant personnel requires any wiring. Today's sensors are becoming more and more nonintrusive, making installation even easier. Robotics and the Internet of Things (IoT) are the processes of combining sensor input from various sources and systems to control and manipulate physical objects. Robots can now see more of their surroundings thanks to IoT sensors and data analytics technologies, which improve task execution.

Global IoT in Process Manufacturing Market: Growth Drivers and Challenges

Growth Drivers

• Increased Adoption of Smart Factories and Improved Efficiency at Production Lines – As per recent statistics, the Industrial Internet of Things (IIoT) promises advancement in intelligent manufacturing, which satisfies the revolution for intelligent factories. Fast-stream technologies develop Industry 4.0-based smart factory technologies. As per recent statistics, in 2020, the robot technology industry was estimated to be worth USD 50.4 billion and is projected to increase to USD 150.7 billion by 2028.

• Increasing Demand for Smart Equipment and Sensors – As per recent data, big businesses have a stronger foundation for the analysis of their big data via smart devices or sensors. 37% of businesses with 250 or more employees in 2020 used smart devices to analyze their big data. About smaller businesses, this percentage falls. In businesses with 50 to 249 employees, this percentage was 20%, and in businesses with 10 to 49 employees, it was 4%.

• Developments in Artificial Intelligence (AI) – As per recent data, IoT Analytics forecasted that by the end of the year, the global industrial AI industry would be worth just under USD 15 billion and would increase by 31% annually to reach USD 72.5 billion by 2025. GPUs, machine learning, computer vision, powerful AI processors at the edge, and AI platforms with pre-built algorithms are all included in this industry.

• Increasing Adoption of 3D Printing – As per recent data, 40% of manufacturers reported using 3D printing technology in their manufacturing processes in 2019. That demonstrates the widespread use of 3D printing technology and all of its applications.

Challenges

• Lack of Standardization Among Devices

• Complexity Associated with Data Management and Analytics

• Understanding How Data from Various Sensors Affects Production Processes

The global IoT in process manufacturing market is segmented and analyzed for demand and supply by component into solution, and platform. out of these, the solution segment is anticipated to hold the largest share over the forecast period. This growth can be attributed to several factors, including increasing demand from downstream industries such as oil and gas, pharmaceuticals, and food processing. Additionally, manufacturers are increasingly finding ways to use data gleaned from sensors or smart devices to make informed decisions about product quality or production scheduling ns. As per recent statistics, sensors are tangible electronic components that may transform non-electrical inputs into electrical signals. The Internet of Things refers to the collective connecting of these sensors via a wireless connection (IoT). In 2019, there were 42.1 billion connected devices worldwide, up from 0.5 billion in 2003.

Global IoT in Process Manufacturing Market Regional Synopsis

Regionally, the global IoT in process manufacturing market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 due to high investments being made into these regions across various industries such as food & beverage, automotive, and industrial goods. For instance, the packaged food industry in India is anticipated to grow by twice to USD 70 billion by 2025. food and drink, which makes up 19% of the industry. The market for processed foods in India is anticipated to grow from USD 263 billion in 2019–20 to USD 470 billion by 2025.

Market Segmentation

Our in-depth analysis of the global IoT in process manufacturing market includes the following segments:

By Component	Solution Platform
By Solution	Data Management Network Management
By Application	Predictive Maintenance Asset Performance Management Quality Management Cognitive Process & Operations Management Supply Chain Management Others
By End-User Vertical	Energy & Utilities Automotive

Key Companies Dominating the Global IoT in Process Manufacturing Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global IoT in process manufacturing market that is included in our report are PTC Inc., Cisco Systems Inc., IBM Corporation, General Electric Company, SAP SE, Intel Corporation, Microsoft Corporation, Zebra Technologies, Siemens AG, Huawei Technologies Co., Ltd., and Others.

Global IoT in Process Manufacturing Market: Latest Developments

• 9th November 2021: Cisco Systems Inc., Today, Cisco unveiled new technologies that will enable its clients and partners to control the complexity of a hybrid workforce. Organizations confront additional difficulties ensuring all employees have secure and dependable access to the apps they need to be productive as increasingly flexible working arrangements are adopted by businesses around the world with employees in the office, on the go, and at home.

• 18th October 2021: Huawei Technologies Co., Ltd., To assist operators in the 5G future converge several bands onto a single network, Huawei introduced the SingleBAND solution. The solution adds intelligent capability to base stations and combines flexible full-band decoupling and full-band multi-beam 3D coordination.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

We provide customized reports as per the client’s requirements helping them to see possible and unexpected challenges and unforeseen opportunities to help them reach their goals.  

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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