IoT in manufacturing is on the up.
According to Yahoo Finance the global IoT in manufacturing market size is forecasted to grow from USD 50.0 billion in 2021 to USD 87.9 billion by 2026, at a compound annual growth rate (CAGR) of 11.9%. But what is contributing to this explosive upward trend? We’ll explore what is causing the growth in IoT in manufacturing during this 2-minute read.
Demand for customisation
According to Globe News Wire increasing need for customised products are expected to benefit the IoT in manufacturing market, as they enhance capabilities of manufacturers in discovering innovative ways to create customised products. Customers’ focus on tailor-made products led to an increase in demand for shorter manufacturing time. So, to serve this demand for products unique to the customer, manufacturers are augmenting and adapting their lines.
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