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IoT Manufacturing Market To Reach $200.3 Billion By 2030

Rapid automation of the manufacturing industry is responsible for the sudden increase in the presence of IoT enabled devices.

IoT Manufacturing Market To Reach $200.3 Billion By 2030

According to the IoT Manufacturing Market Reports, the industry is set to grow from $62.1 billion to $200.3 billion by the end of this decade, with a CAGR of 13.9%. Companies are using Artificial Intelligence (AI) to interpret the data created by IoT machines to make smart decisions. 

Rapid automation of the manufacturing industry is responsible for the sudden increase in the presence of IoT enabled devices. Industry 4.0 revolves around the idea of improving productivity and decreasing the cost of operation. 

With IoT, manufacturers can develop and simplify cost-effective, effective and responsive systems, thus making it a popular choice among manufacturers. 

Highlights from the Report

  • Companies are looking for associated solutions over other services in the race for automation.
  • Cloud accessed IoT software is gaining popularity among manufacturers as it allows for easy scalability of data consumption and provides a quick solution without the need for expensive IT systems. 
  • One standout feature is that IoT enabled devices can predict problems and rectify them, which is very useful in manufacturing to protect devices before breaking down. 
  • North America employs more IoT devices than any other country. Manufacturers and designers are working on smart production machines to meet the very high demand. 
  • The automobile industry has seen an increased use of IoT enabled devices to speed up assembly. 
  • Improvement in inventory management is another driving reason for IoT integration. Devices like RFID scanners help manufacturers to keep an eye on the inventory. 

With high growth in population and adoption of locally favoured products, the Asia Pacific region will witness a boom in the use of IoT enabled devices. 

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