The global market for Internet of Things (IoT) technologies in manufacturing was $62.1 billion at the end of 2021. Going forward, sales will grow at about 13.9% per year and exceed $200 billion by 2030, P&S Intelligence analysts predict.
As part of the increase in usage scenarios for IoT solutions, businesses are adopting artificial intelligence to analyze real-time data from sensors to help make the right decisions.
According to analysts, a key reason for the rapid adoption of IoT and connected sensors in the manufacturing sector is the rapid automation of production processes. The main idea behind the concept of “Industry 4.” is to increase productivity and reduce operating costs. The Internet of Things helps create and optimize affordable, responsive and efficient system architectures, so its adoption in the manufacturing sector is growing.
The highest growth rate of the IoT market in the manufacturing sector is expected in the Asia-Pacific Region (APAC) thanks to major government projects such as Made in China 2025, Making Indonesia 4.0 and Make in India. The manufacturing sector in this APAC is undergoing technological evolution and automation. In addition, with the growing population in the region encouraging industrialists to increase production, they are adopting IoT technologies for various processes.
Healthcare is the fastest-growing sector in terms of IoT adoption rate, according to IoT Analytics. It is followed by smart energy systems, connected cars and smart city applications. IoT spending in the U.S. healthcare sector is expected to grow nearly 39% to $188.2 billion by 2025, up from $72.5 billion in 2020.
In turn, smart meters connected to LPWAN networks are becoming the backbone of the new energy ecosystem, as remote access to energy facilities and meters with remote meter reading become increasingly important. Analysts predict that innovations in the energy segment will eventually increase network resilience.