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IoT in manufacturing market will more than triple by 2020: report

A new market research report has found that the global value of IoT in manufacturing is projected grow by nearly 27 per cent annually.

MarketsandMarkets has predicted that the market will grow in size from the current size of $US 4.11 billion to $US 13.49 billion by 2020, representing a compound annual growth rate of 26.9 per cent.

According to the report, growth will be driven by factors including the need for increased operational efficiency, decreased hardware and connectivity costs, and a rise “the ICT and IoT adoption across different industry verticals.”

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