IoT to reach USD 575.36 billion by 2025,
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 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 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.
The market for IoT in manufacturing is mainly dominated by North America. This region has developed economies, like the United States and Canada, which are heavily investing in the research and development (R&D) activities related to the market, thus contributing to the development of new technologies. With the early adoption of trending technologies, such as Mobility, Big Data, IoT, manufacturers are eager to integrate IoT technologies into their processes.
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