IoT in Manufacturing Market Poised for 14.7% CAGR Growth by 2033
The IoT in the manufacturing market is poised for significant growth, with a projected steady Compound Annual Growth Rate (CAGR) of 14.7% over the forecast period. In 2023, it is expected to generate revenues of around US$ 265.2 billion, and by 2033, this market is forecasted to surpass an impressive value of US$ 948.6 billion. The ecosystem’s diversity of significant stakeholders has resulted in a competitive and diversified adoption of IoT in the manufacturing market. The Internet of Things enables industrial units to automate their operations, which results in cost savings, faster time to market, mass customization, and increased safety. The IoT devices and next-generation manufacturing industry has experienced a tremendous increase in industrial automation in recent years. As a result, IoT gateway manufacturers are more concerned with generating high volume and quality products due to increased market rivalry and end-user demand. Request for a Sampl...