Hefty interest in customization, expanding client expectations, the intricacy of the worldwide supply chain, and other numerous difficulties urge manufacturers to find reliable, new, and more creative approaches to endure in the race. While trying to acquire enrichment and reveal better manufacturing and supply chain operations approaches, businesses started focusing on adopting Internet of Things development (IoT) technology.
The manufacturing industries using IoT can attain more incredible speed, scale, and uncomplicated operations and still have more to gain. Moreover, IoT in manufacturing can improve traceability, inventory turns, and cash flow seamlessly.
Well, you must be wondering why the Internet of Things (IoT)?
• Asia-Pacific (APAC) saw the most agile growth (17.0%), accompanied by North America (14.9%) and Europe (9.7%).
• In 2021, IoT spending for enterprises is predicted to grow by 24.0%.
• Beyond 2021, it is suspected that IoT spending will grow at 26.7% per year.
• By 2021, manufacturing is predicted to be the largest market for IoT platforms, with an anticipated value of $438 million.
• McKinsey predicts that IoT utilization in manufacturing is expected to produce $1.2 to $3.7 trillion of economic value yearly by 2025.
Seeing the insights, I can say that the future of IoT in manufacturing will be bright. Additionally, these insights must have given you why industries should adopt IoT to get a seamless business process. Now let’s move further and talk about ten ways IoT helps the manufacturing industry.