Industrial Internet of Things (IIoT) devices allows manufacturing companies to gain valuable insights by connecting industrial equipment, machines, vehicles and other assets to analyze production performance and optimize operations. IIoT solutions offer real-time data collection, analysis and remote monitoring capabilities that help boost productivity, reduce downtime and maintenance costs, and improve quality control. Connected sensors and devices can detect equipment faults and issues early on, predict maintenance needs, track asset usage and enable condition-based monitoring. The global IoT in Manufacturing Market is estimated to be valued at US$ 235.38 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Edge and Fog Computing Drives IoT Adoption To keep pace with the exponential surge in real-time IIoT data and enable seamless data processing with low latency requirements, industries are increasingly adopting edge and fog computing infrastructures. Deploying analytics and computations close to the data sources allows immediate insights and reduces back-end infrastructure loads. Edge solutions support real-time analytics, local control functions and operating mission-critical IoT applications even during network disruptions. As manufacturing processes become more data-intensive and autonomous, the integration of edge and fog computing will be critical to fully leverage the power of IoT at scale. Segment Analysis The global IoT in manufacturing market is segmented by component, application and geography. By component, the market is segmented into hardware, software and services. The hardware sub segment dominated the market in 2022 owing to widespread adoption of various hardware components such as sensors, safety valves among others in manufacturing processes to collect real time data. Key Takeaways Global Iot In Manufacturing Market Demand is expected to witness high growth during the forecast period of 2023 to 2030. Regional analysis: The Asia Pacific region held the largest share of the global IoT in manufacturing market in 2023 and is expected to witness the highest growth during the forecast period. Rapid industrialization and presence of major manufacturing countries like China, India, Japan etc are some of the key factors driving the growth of IoT in manufacturing market in Asia Pacific region. Key players: Key players operating in the IoT in manufacturing market are MHI Vestas, Siemens AG, General Electric, ABB, Ltd., EEW Group, Nexans, and A2SEA A/S. These players are focusing on new product launches and partnerships with technology providers to strengthen their presence in the market. For instance, in 2023 Siemens AG partnered with Microsoft to enhance digital transformation of manufacturing processes using Azure IoT. Get More Insights On This Topic: https://www.newsanalyticspro.com/iot-in-manufacturing-market-is-propelled-by-enabling-digitization-in-manufacturing/
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