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IIoT Manufacturing Market Reaches $1,495B with More Growth Expected, New Reports Indicate

By Alex Passett
October 23, 2023

The Internet of Things manufacturing market has experienced undeniable, significant growth in recent years; general IoT, AIoT, IIoT and so on. (In short order here, we’ll get into just how significant.) However, though growth has been driven by the seemingly ever-increasing demand for real-time asset monitoring, smart sensors, new AR/VR use cases, smart city projects and much more, the market’s progress does have a weaker point right now – its problems with (or the total absence of) adequate IT infrastructure support.

And in tech, that’s no small hinderance to surmount.

However, even with due consideration of the changes necessary to improve upon said hindrance, connected operational intelligence in IIoT has presented greatly promising prospects for future market expansion.

How great?

Well, those details are in the data – a double entendre here, because we’re referring to the wealth of valuable data created by IIoT devices and systems, as well as the data on the industry’s momentum.

According to a recent report, the global IoT in manufacturing industry accounted for $198.25 billion in 2020. What’s more is it’s expected to reach $1,495.65 billion by 2030, representing an astonishingly high CAGR of 22.6%.

Needless to say, IIoT experts will continue innovating, and the fruits of those labors will continue their steep market climb.

That’s the key takeaway from the aforementioned report: “IoT in Manufacturing Market: Global Opportunity Analysis and Industry Forecast, 2021-2030.” (Request a copy here, if interested.)

Allied Market Research (AKR) detailed a lot in its report. The main focus points and IoT in manufacturing takeaways:

  • Key players profiled were Cisco Systems Inc., Hitachi Ltd., IBM, Microsoft, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies, all of whom have respectively adopted vital strategies to increase their market penetration and strengthen their position in IIoT.
  • Regions-wise, the industry was dominated by North America in 2020. Since then, it has been expected to retain that position for the forecast period, owing its top position to factors like major shifts toward digital transformation, rises in cloud deployments among SMBs, embracing new remote work capabilities, and the ongoing modernization of manufacturing, as a whole. These, according to AKR, have driven the heaviest investments. (In that vein, APAC is also expected to see major growth by 2030, as well.)
  • Components-wise, the software segment has dominated the overall market; this makes a lot of sense, given the right software-centric tools on the right experts’ toolbelts, so to speak, allow for quick and highly informed decisions to be made that previously weren’t possible in manufacturing. (e.g. predictive maintenance alerts, AI/ML integrations with IIoT solutions)

I’m not a betting man, but I’d theoretically wager good money that the “of Things” part of the tech world will continue getting enterprise-grade coverage in the years to come. This has simply been one vantage point, in terms of the overall business value that IIoT has had on the market.

Edited by Greg Tavarez
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