A huge explosion of connected devices for the Internet of Things (IoT) is expected to grow the market from $655.8 billion in 2014 to $1.7 trillion by 2020, according to new research from International Data Corporation (IDC). Smart electronics OEMs are looking to the IoT market to provide huge demand for new products and services.
The market research firm further revealed 56% of current U.S. manufacturers are researching or piloting IoT projects in hopes of lowering operational costs, improving customer service and support, attracting new customers and increasing business efficiency.
IoT initiatives are expected to impact smart manufacturing by improving production processes and output, product quality and workforce safety while reducing resource consumption.
In order to enhance product performance, IoT initiatives are being applied to vehicles, industrial machinery and other connected products. Connected supply chains will likely experience increased visibility and coordination, improved inbound and outbound asset and inventory tracking as well as improved efficiency and integrated business planning.