The total value of the IoT in manufacturing market was over $62 billion in 2021, and it will rise at a growth rate of 13.9%, to reach $200.3 billion by 2030. The major reasons responsible for the growth of this industry are improving inventory management technologies, the surging need for higher production efficiency, and rapid industrial automation.

In 2021, the solution category had the larger market share. This is because several manufacturing businesses are installing IoT solutions to advance their manufacturing processes and increase their business productivity. 

Furthermore, IoT services for manufacturing have multiple benefits, including control over the supply chain and low infrastructure and operational expenditure.

The cloud category is projected to grow at the fastest rate in the coming years. This is mainly because of the fast execution of cloud technology.
Furthermore, cloud-based IoT channels and services have extra flexibility to limit storage necessities. On the basis of end users, the medical device category will grow at the fastest rate in the years to come. This is mainly because of the growing requirement for IoT-enabled medical equipment, including vital sign monitors, imaging systems, fetal and maternal monitors, and respiratory care devices.

North America is projected to get the largest share in years to come, owing to the speedy adoption of IoT services by medium, and large companies in their manufacturing plants. Moreover, North America is technologically developed, and the key players in the region are concentrating more on collaborating with industries to develop smart machinery equipped with IoT platforms.

APAC will grow at the fastest rate in the coming years. This is mainly because of the surging demand for IoT services for smart automation in the manufacturing sector. 

The key trend in the IoT in manufacturing market is the rapid adoption of artificial intelligence. Several Manufacturing businesses are already using AI in their industrial IoT services to make better real-time choices, by getting a huge amount of data from many sources.

Fast industrial automation is one of the main reasons for the growth of IoT in the manufacturing industry. This is because of the fact that IoT plays a very important role in industrial automation, and businesses are rapidly adopting IoT concepts and technologies. 

Furthermore, inventory management solutions driven by IoT, allow for automation of inventory reporting and tracking and guarantee continuous observation during the time when the order was made and it got delivered. Because of such advancements, these solutions save inventory costs.

Hence, the improving inventory management technologies, surging need for higher production efficiency, and rapid industrial automation will drive the requirement for IoT in manufacturing industry in the future.