IoT in manufacturing can facilitate the production flow in a plant, as IoT devices automatically manage warehouses and inventories.
The global IoT in manufacturing is expected to grow from US$33.2 billion in 2020 to US$53.8 billion in 2025, at a CAGR of 10.1% during the forecast period. Internet of Things (IoT) in the manufacturing market provides various software and services that enable manufacturing companies to provide IoT-based solutions such as predictive maintenance, supply chain management, quality management and others. Further, the introduction to connected operational intelligence and real-time asset monitoring assist the manufacturers to boost the manufacturing process.
The demand for centralized monitoring and predictive maintenance is a key aspect of the IoT in Manufacturing Market, as well as the increased command of IoT in the supply chain and connected logistics, which is bound to boost the market growth. 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 ﬁnding 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. The concept of IoT or the ‘Internet of Things has gained rapid popularity in recent years. The use of IoT in applications across diverse industries has opened up a huge potential for the companies operating in this market. The growing demand for automated machines and equipment in the manufacturing industry will lead to the wider adoption of IoT concepts. Increasing demand for customization, growing expectations for simplified and easy-to-use machinery, and the need for efficient and reliable data will aid the growth of the IoT in the manufacturing market in the coming years. Besides these applications, IoT is widely incorporated in several real-time concepts.
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