The Growing Industry 4.0 Adoption Is Anticipated To Openup The New Avenues For IoT In Manufacturing Market
IoT In Manufacturing Market The IoT in Manufacturing Market is estimated to be valued at US$ 235.38 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: IoT in manufacturing allows manufacturing companies to connect various industrial equipment, machines and systems over internet for monitoring performance, collecting data and making informed decisions. IoT helps in improving manufacturing processes, asset efficiency, productivity, supply chain management and delivery of customized products. Key applications of IoT in manufacturing include predictive maintenance, supply chain management, remote monitoring, inventory management and quality control. Market Dynamics: Increasing focus on industrial automation across manufacturing industries is a major factor driving growth of IoT in manufacturing market. Manufacturers are widely adopting industrial IoT solutio