In 2024, the projected deployment of Internet of Things (IoT) devices is expected to reach 41.76 billion, as reported by ReportLinker. According to estimations by Guidehouse Insights, the global IoT market in manufacturing is forecasted to reach $23.1 billion by 2031, with a compound annual growth rate (CAGR) of 15.0%. The advent of Industry 5.0 is underway, promising enhanced competitiveness among companies.
A study by McKinsey reveals that IoT is positioned to deliver $1.3 trillion in economic value to the manufacturing sector. Standardized production settings are among the benefits, necessitating scale for comprehensive implementation.