In 2019, the Internet of Things (IoT) market was valued at USD 221.18 billion in 2019. By 2025, the market is predicted to reach 575.36 billion. An 18% growth, that can mainly be attributed to the manufacturing industry.
According to this report, published on ResearchAndMarkets.com, the manufacturing industry has dealt with an increasing demand to become more transparent in their production practices, releasing figures and other information related to the production of their products. The IoT makes this process easier than ever, as they can simplify the data collection process drastically.
These products also enable real-time interactions among systems and machines, increasing the production flow in plants and factories by monitoring development, and inventories.
Some key market trends uncovered in this report include:
“Improved inventory management, due to the availability of real-time visibility of items and the ability to track and keep a count of inventory, is a very important outcome of the implementation of IoT in manufacturing industries.”
“The collection of manufacturing information, expiry date, manufacturing date, after sales status, and warranty period, using tracking devices, like RFID tags, will improve efficiency in supply chain monitoring in the manufacturing process.”
“According to a study, around 34% of the manufacturers believe it is extremely necessary that US manufacturers adopt IoT in operations. “
https://apnews.com/Business%20Wire/7cdec253e1b142c78e21bf31377aed3e
LIS 4022 Spring 2020 