The global IoT in the manufacturing market has experienced significant growth, driven by increased demand for real-time asset monitoring and technological advancements such as smart sensors, virtual reality, and augmented reality. The market is expected to reach $1,495.65 billion by 2030, growing at a CAGR of 22.6% from 2021 to 2030. IoT in manufacturing provides various software and services that enable manufacturing companies to provide IoT-based solutions such as predictive maintenance, supply chain management, and quality management. The service segment is expected to experience fastest growth in the coming years, as services speeds up software implementation, maximizes the value of existing installation by optimizing it, and minimizes the deployment cost & risks.
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