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A Magic 8 Ball for IoT: Guidehouse Insights' IoT Rundown and Long-Term Predictions

By Alex Passett
December 30, 2022

In the manufacturing sector, experts have noted pressure on the shoulders of manufacturers; a pressure to balance constantly increasing efficiencies and productivities, while also constantly reducing costs. So, in enters IoT devices to alleviate said pressure, as IoT seems to be growing as rapidly as manufacturers’ needs to scale.

To delve further, a recent report from Guidehouse Insights discussed IoT deployments in manufacturing. According to Guidehouse Insights, the global market for IoT in manufacturing is predicted to increase by a compound annual growth rate of 15%, which would pin projections at a total of approximately $23.1 billion within the next eight years.

Already, IoT sensors, networks, and related devices have collected innumerable amounts of data to help manufacturers improve production, optimize revenue streams, and reduce undue downtime. Machine processes are streamlined and evaluated. IoT-enabled equipment (often with 5G support) connects wirelessly to allow for remote monitoring and control. Via predictive maintenance measures, critical problems have been proactively handled before issues have entered the fray. (i.e., machine health, fail detections, etc.) Even the extremely high number of workers, machines, and assets have been tracked via AI and LiDAR sensors (we just published a story about this recently about technologies from SECO Mind and HNA.Live). Smart solutions via IoT have paved the way for huge boosts in the areas of inventory, production, maintenance, and quality control.

So, what’s next? Guidehouse Insights believes connectivity and additional sensors to monitor production line conditions will be vital. “IoT technology can also lead to new business models and ways of working, such as hardware as a service,” said Francesco Radicati, Senior Research Analyst at Guidehouse Insights.

But for manufacturers completely new to this conversation, the adoption of IoT may come with some pushback. Cost and ROI concerns may rise as do varying needs to replace machinery and invest in new equipment and plant upgrades. Plus, as new tech is introduced, the assurance of worker safety must also stay at the forefront. As things change, new models for business may overwhelm, but experts have deemed embracing them as essential.

For now, while we aren’t nearing 2031, we have already plunged into IoT’s sway on the industry. Market data and anticipatory trend analyses are important, but we must also hurdle each steeplechase as it comes. And as we’ve seen, IoT is on a fast track, of sorts.

This past week alone, I’ve had the pleasure of writing several pieces discussing a variety of use cases, from Walmart drone deliveries and Navigine’s and Dusun’s smart warehouse management tech, to Sateliot’s cell towers in space set to improve 5G connectivity for farmers managing their crops and livestock.

For now, to put a lid on this casually, “Really fascinating times to come,” this writer concedes.

Edited by Alex Passett
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