Industry 4.0 Is Leading IoT Adoption in 2020, Boosting Demand for Integrated Data

Manufacturing and processing plants might not be at the front of anyone's minds when it comes to tech adoption, but as illustrated by a recent IDC report, The Worldwide Internet of Things Spending Guide, the manufacturing industry is transforming into industry 4.0 and spearheading the adoption of IoT. Industry 4.0 is the newest industrial revolution, bringing automation, big data and AI into plants and factories around the world. One of the building blocks of industry 4.0 is the internet of things, or IoT. A recent report forecast that spending on IoT platforms would see a 40% CAGR between 2019 and 2024, resulting in spending that exceeds $12.4 billion. In 2019, leading industry corporations were expected to invest almost $200 billion in IoT solutions.