Internet of Things (IoT) Market Analysis, Segments, Growth and Value Chain Foreacst 2022-2031

The internet of things (IoT) market in manufacturing was valued at USD 221.18 billion in 2019 and is expected to reach USD 575.36 billion by 2025, witnessing a CAGR of 18.07% during the forecast period. With the increasing demand in the last two decades for traceability and transparency, companies have started making the processes involved in the production of their product transparent. Data collection and analysis through IoT devices make the whole process transparent for manufacturers.

– With the number of networked sensors increasing across production, supply chain, and products, manufacturers are entering into a new generation of systems that enable automatic and real-time interactions among machines, systems, assets, and things. The pervasiveness of connected devices is ļ¬nding applicability across multiple segments of the manufacturing and supply chain throughout the value chain.
– IoT in manufacturing can facilitate the production flow in a plant, as IoT devices automatically monitor development cycles, and manage warehouses and inventories. It is one of the reasons why investments in IoT devices have skyrocketed over the past few decades. IoT in manufacturing, logistics, and transportation is expected to rise to USD 40 billion by 2020.
– Due to the impact of Covid – 19, there are major shutdowns and production losses that are taking place across the globe. According to a recent survey by National Association of Manufacturers atleast 53% of manufacturers in the US expect the outbreak to affect their operations. This is expected to have a direct impact on deployment of IoT in Mnaufacturing in the shorter run.

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Key Market Trends

Supply Chain and Logistics Management Application to Spur Growth in the Market

– There has been a substantial change in the supply chain, with the adoption of mobile devices and sensors, which include RFID and GPS, to track inventory and assets in warehouses.
– 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 SAS Institute, United Kingdom will benefit the most from the manufacturing sector with IoT giving approximately around GBP 4032 million of the total economy. Similarly, other economies are also expected to invest heavily in the automation of the supply chain, thereby driving the IoT adoption in the overall manufacturing sector.

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