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.
Author Credits: Abhishek Verma
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