Internet of Things and Traceability for Food & Beverage Manufacturing Market is estimated to be US$ 14.4 billion by 2029 with a CAGR of 9.2% during the forecast period
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Internet Of
Things And Traceability For Food & Beverage Manufacturing Market accounted for US$ 6.0 billion in 2019 and is
estimated to be US$ 14.4 billion by 2029 and is anticipated to register a CAGR
of 9.2%
The report "Global Internet of Things and Traceability for Food & Beverage
Manufacturing Market, By Components (Product and Software), By Application
(Supply Chain Management, Traceability, & Product Recall, Consumer
Transparency, Food Safety & Quality Control, Inventory Management, and
Others), and By Region (North America, Europe, Asia Pacific, Latin America,
and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
·
Nestlé has
integrated Telefonica’s Smart m2m Solution, a platform for managing and
controlling IoT communications, in order to make more detailed adjustments to
the taste of its coffee. The company is also using IoT to allow remote
configuration of equipment and help predictive maintenance.
·
PTC industrial
software and information specialist, also works with global food manufacturers
to improve factory efficiency and boost yield on raw materials The PTC software
platform ThingWorx is designed to collect this data and deploy it on
operational and management dashboards. At the same time, it uses analytics
which, in the case of food processing, can improve the yield on the raw
material delivered to the factory.
Analyst View:
One of the major goals of the food & beverage
manufacturing industry is to deliver high-quality food to the end consumer,
which can be performed accurately by monitoring the foodservice equipment round
the clock, utilizing IoT solutions. Rising investments in technologically
advanced solutions towards food processing, safety and packaging are expected
to boost the growth of the target market in the upcoming years. Additionally,
rapidly rising urban population and growing consumer awareness about the threat
of food hazards is also supporting growth of the target market. This growth in
consumer awareness regarding the sustainability of the edibles is fascinating
the food & beverage companies to employ digital solutions to ensure product
quality, henceforth influencing the global market growth. Furthermore,
Industrial Internet of Things (IIoT) technologies such as Artificial
Intelligence (AI) and Big Data Analytics are anticipated to witness a huge role
in streamlining and accelerating the manufacturing process through advanced
automation and analytics.
Key Market Insights from the
report:
The global internet of things and traceability
for food & beverage manufacturing market accounted for US$ 6.0
billion in 2019 and is estimated to be US$ 14.4 billion by 2029 and is
anticipated to register a CAGR of 9.2%. The market report has been segmented on
the basis of components, application, and region.
·
By
components, the global internet of things
and traceability for food & beverage manufacturing market is segmented into product and software.
·
By application, the target market is segmented into supply chain management,
traceability, & product recall, consumer transparency, food safety &
quality control, inventory management, and others.
·
By region,
North America and Western Europe are the dominating key regions owing to
technological advancements in food & agricultural sector. The established
processed food market and the use of latest technologies in the agricultural
activities is projected to boost the demand for internet of things and
traceability for food & beverage manufacturing market in these regions.
Besides, some of the prominent companies involved in this market are
headquartered in these regions.
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Competitive Landscape:
The prominent player operating in the global
Internet of things and traceability for food & beverage manufacturing
market includes ScienceSoft, HQ Software
Industrial IoT Company, Style Lab IoT Software Company, PTC, Cisco, GE Digital,
SAP, ARM IoT, and Siemens IoT Analytics Company.
The market provides detailed information
regarding the industrial base, productivity, strengths, manufacturers, and
recent trends which will help companies enlarge the businesses and promote
financial growth. Furthermore, the report exhibits dynamic factors including
segments, sub-segments, regional marketplaces, competition, dominant key
players, and market forecasts. In addition, the market includes recent
collaborations, mergers, acquisitions, and partnerships along with regulatory
frameworks across different regions impacting the market trajectory. Recent
technological advances and innovations influencing the global market are
included in the report.
About Prophecy Market Insights
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research, analytics, marketing/business strategy, and solutions that offers strategic
and tactical support to clients for making well-informed business decisions and
to identify and achieve high-value opportunities in the target business area.
We also help our clients to address business challenges and provide the best
possible solutions to overcome them and transform their business.
Some Important Points Answered in this Market
Report Are Given Below:
·
Explains an
overview of the product portfolio, including product development, planning, and
positioning
·
Explains
details about key operational strategies with a focus on R&D strategies,
corporate structure, localization strategies, production capabilities, and
financial performance of various companies.
·
Detailed
analysis of the market revenue over the forecasted period.
·
Examining
various outlooks of the market with the help of Porter’s five forces analysis,
PEST & SWOT Analysis.
·
Study on the
segments that are anticipated to dominate the market.
·
Study on the
regional analysis that is expected to register the highest growth over the
forecast period
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Prophecy Market Insights
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