IoT and Industry 4.0 are very interconnected, and IoT growth projections are looking good. Many know that Industry 4.0 is having a huge impact on modern manufacturing, but so is IoT.
Thomas reported that, "The rise of IoT will be transformative to manufacturing, offering gains in production output, reduced costs, and a greater ability to generate customized products reflecting consumer preferences. The IoT projections show market growth, which should create new business opportunities for suppliers of hardware and technology such as sensors, robotics, and controllers."
Does your business utilize the Internet of Things?
A projection of market revenue growth for the IoT (Internet of Things) across application sectors shows that manufacturing tops the list by percentage gain, beating out other industries including transportation, healthcare, retail, and consumer electronics. The report, published by Statista, shows data reflecting the North American marketplace, and provides the size of the IoT market in billions of dollars from 2012 with projections through 2022. Revenues for each year are summarized across five principal IoT application sectors, namely: Healthcare Transportation Manufacturing Retail Consumer Electronics The research shows overall market growth from $140B in 2012, to $540B in 2022, a 286% change over ten years. This level of growth translates to a CAGR (Compound Annual Growth Rate) of 14.5%. Read More