The Internet of Things (IoT) describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it.
IoT is the foundation for digitalisation within the packaging sector. Peripheral technologies such as 5G, artificial intelligence (AI), cloud, and edge computing support and enhance IoT. IoT collects the data, 5G transmits it, and AI extracts insight from it.
Leading packaging companies in Internet of Things
Packaging companies are using IoT to enhance the efficiency of their operations. Connected sensors allow assets to be monitored in real-time and, when combined with AI, can be used to predict faults before they occur. Packaging manufacturers are turning to the Industrial Internet to achieve their environmental, social, and governance (ESG) targets. The Industrial Internet is helping companies to monitor a range of environmental parameters, like water and energy use.
Thanks to the declining price of sensors and tech vendors offering IoT as a service (IoTaaS), IoT deployment is becoming more accessible to packaging companies. Companies should resist flashy, gimmicky IoT features, and should define clear and targeted-use cases before implementing IoT devices across factories.
Discover the leading IoT companies in the packaging
Using its experience in the sector, Packaging Gateway has listed some of the leading companies providing products and services related to IoT.
The information provided in the download document is drafted for packaging executives and technology leaders involved in IoT solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchase or hiring decisions.
Future of IoT in the packaging industry
The global IoT market was worth $622bn in 2020, up from $586bn in 2019, and will grow to reach $1,077bn by 2024, with a compound annual growth rate (CAGR) of 13% over the period, according to GlobalData forecasts. Enterprise IoT dominates the overall market, generating 76% of total revenue in 2020. This dominance will continue for the foreseeable future.
GlobalData expects this segment to still occupy 73% of the overall IoT market in 2024. The enterprise IoT market will grow at a CAGR of 10.8%, and consumer IoT revenue will increase at a CAGR of 13.9% between 2020 and 2024. The global IoT revenue in the manufacturing sector is forecast to reach $91bn by 2025, up from $69bn in 2020, growing at a CAGR of 5.7%.