Connected Manufacturing Market size was over USD 152.93 billion in 2023 and is set to cross USD 859.31 billion by the end of 2036, witnessing more than 14.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of connected manufacturing is estimated at USD 170.3 billion.
The increasing demand for enhancement in the operational efficiency and automation are expected to aid the growth of the market. The growth of the market can be attributed to the growing adoption of Internet of Things (IoT) which can help in predictive maintenance and centralized monitoring of industrial processes. As per a whitepaper by Cognizant, connected devices made possible by the Internet of Things (IoT) are here to stay – and the trend will only grow. As such, IoT presents unprecedented opportunities across industry sectors and processes. Leaders are already investing in IoT solutions — and are reaping benefits.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
14.2% |
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Base Year Market Size (2023) |
USD 152.93 billion |
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Forecast Year Market Size (2036) |
USD 859.31 billion |
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Regional Scope |
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The connected manufacturing market is segmented based on application into operation optimization, real-time tracking, predictive maintenance, manufacturing analytics, and worker safety out of which, the operation optimization segment is anticipated to grab the largest share by the end of 2021 on account of increasing need for optimizing and improving efficiency of manufacturing operations. Moreover, the increasing adoption of Industry 4.0 and automation is expected to drive the growth of the market
On the basis of organization size, the large enterprises segment in the global connected manufacturing market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that large enterprises have the financial resources to aid the deployment of technologies that are required for connected manufacturing. Also, large enterprises require sophisticated systems to predict, evaluate and proactive resolution of issues in a very dense network of processes for which connected manufacturing technologies are best suited.
Our in-depth analysis of the global market includes the following segments:
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By Application |
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By Organization Size |
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Geographically, the connected manufacturing market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific industry is poised to dominate majority revenue share by 2036, due to increasing number of industries and increasing spending on improved performance, security, and economic stability Technological advancements in the region to increase operation efficiency and production in countries such as China and India are expected to drive the growth rate in the Asia-Pacific region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the presence of major industries in the region. Along with this, North America also leads in terms of investments and has a financially strong portfolio of industries essential in the deployment of connected technologies for manufacturing, which is also expected to contribute to the connected manufacturing market growth in the region.
Author Credits: Abhishek Verma
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