Manufacturers of durable goods will increase their investments in Internet of Things technologies at a compound annual growth rate (CAGR) of 29.4 percent between 2019 and 2024 as cloud computing resources and digital systems make connected devices more feasible and manageable, according to a new report by ResearchAndMarkets.com.
The Lowdown: According to ResearchAndMarkets.com’s “Global IoT in Manufacturing Market-Technologies, Market Share and Industry Forecast to 2024” report, manufacturers are looking to take advantage of IoT technology, automating and remotely managing more tools and systems in the production process of durable goods. Connecting systems through cloud services is making IoT and smart manufacturing devices more effective and cost-efficient, the Ireland-based company said.
The Details: North America is leading the adoption of IoT in manufacturing as producers digitize their processes and production lines and adopt new technologies such as virtual and augmented reality. Moreover, North American midsize manufacturers are adopting IoT at an accelerated rate, greatly influencing the adoption of their larger enterprise peers, ResearchAndMarkets.com reports.