IoT in Manufacturing Market Research Reveals Growing Adoption and Industrial Transformation | Growing at CAGR of 22.6%

Operational efficiency, predictive maintenance, supply chain optimization, and worker safety drive the IoT in Manufacturing market.

PORTLAND, OREGON, UNITED STATES, July 12, 2023/EINPresswire.com/ — The size of the Global IoT in Manufacturing Market, which was estimated to be worth $198.25 billion in 2020, is expected to increase to $1,495.65 billion by 2030, rising at a CAGR of 22.6% between 2021 and 2030.

Manufacturing organizations may offer Internet of Things (IoT)-based solutions including predictive maintenance, supply chain management, and quality management thanks to a variety of software and services. Additionally, the introduction of real-time asset monitoring and integrated operational intelligence helps manufacturers to improve the manufacturing process.

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IoT technologies enable manufacturers to gather real-time data from connected devices, machines, and sensors. This data provides valuable insights into production processes, machine performance, energy consumption, and supply chain management. By leveraging this information, manufacturers can optimize operations, reduce downtime, minimize wastage, and enhance overall efficiency.

IoT-enabled sensors and monitoring devices can continuously track and analyze various parameters such as temperature, humidity, pressure, and vibration. Manufacturers can use this data to ensure consistent product quality, detect anomalies, and predict maintenance requirements. By implementing predictive maintenance strategies, manufacturers can proactively address equipment failures, minimize disruptions, and optimize maintenance schedules, thereby reducing costs and increasing productivity.

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The IoT facilitates end-to-end visibility and transparency across the supply chain. By integrating IoT devices into inventory management systems, manufacturers can monitor inventory levels, track shipments, and optimize logistics operations. Real-time information enables better demand forecasting, efficient inventory management, and streamlined production planning, resulting in reduced lead times, improved customer satisfaction, and cost savings.

IoT technologies enhance workplace safety and empower employees with improved tools and capabilities. Wearable devices, connected safety equipment, and environmental sensors can monitor conditions in real-time, detecting potential hazards and alerting workers. Additionally, IoT-enabled devices can provide workers with access to critical information, instructions, and remote assistance, enabling them to perform tasks more efficiently and effectively.

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The key players profiled in the IoT in manufacturing market analysis are Cisco Systems Inc., Hitachi Ltd., IBM Corporation, Microsoft Corporation, PTC Inc., Robert Bosch GmbH, SAP SE, Software AG, Texas Instruments, and Zebra Technologies. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT in manufacturing industry.

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David Correa
Allied Analytics LLP
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