Brown Gibbons Lang & Company (BGL) has released a new research report on IoT in Automation & Manufacturing. The industrial technology report covers global capital markets and mergers and acquisitions insights, trends and issues affecting the industry, and performance and valuation data. IoT is transforming the global manufacturing industry, with the COVID-19 pandemic accelerating the timeline for adoption.
Globally, digitization has permeated more than half of all industries, with IoT being deployed in major areas of product development, traditional supply chain, and manufacturing. Manufacturing is the fifth-leading segment incorporating IoT technology, and companies spent $267 billion on digitization in 2020.
- The number of industrial IoT connections is forecasted to grow more than five-fold between 2016 and 2025, increasing from 2.4 billion to 13.8 billion.
- The global IoT market in manufacturing is expected to grow from $65.1 billion to $100.1 billion between 2020 and 2024, representing a CAGR of 11.4%. Among the key drivers are the growing popularity of intelligent technologies, increasing investment in digitization, and the emergence of advanced technologies, such as artificial intelligence, machine learning, and analytics, to streamline manufacturing processes.
COVID-19 has renewed the focus on efficient use of resources, leading manufacturers to increasingly utilize technology to enhance decision-making and increase productivity. Companies are forging strategic partnerships, with M&A a primary lever to fast-track digital initiatives.