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A recent report by Allied Market Research reveals that the global IoT in manufacturing market is expected to reach $1,495.65 billion by 2030 with a CAGR of 22.6%. The market is driven by advancements in technologies such as smart sensors and virtual & augmented reality, as well as cost-effective operational processes. The software component is the dominant force in the market, but the services segment is expected to experience significant growth in the forecast period.