The global IoT market was worth $622 billion in 2020 with a compound annual growth rate (CAGR) of over 12% during the forecast period 2021-2024. The three segments considered for the market are IoT Software, IoT Services, and IoT Hardware. The enterprise IoT dominates the overall IoT market and the same shall continue for the foreseeable future. This dominance will continue for the foreseeable future. The market consists of various applications such as advanced automation, asset tracking, conditional monitoring, environmental monitoring, healthtech, people and animal tracking, and telematics. Thus, with an increasing focus on environmental sustainability, environmental monitoring applications are expected to grow.
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 ESG (environmental, social, and governance) targets. The Industrial Internet is thus helping companies to monitor a range of environmental parameters, like water and energy use.
Internet of Things market overview
For more insights on this report, download a free report sample
What are the market dynamics of IoT in packaging market?
Like all industries, the packaging industry is being disrupted by technology. There are many technologies, like machine learning, robotics, and cloud computing, that businesses can integrate across the value chain to automate processes and gain deeper insights into customer behavior. Navigating these technologies and understanding how they can be of benefit is a significant challenge for players in the packaging industry who feel the pressure to keep up with the pace of technology change. COVID-19 has given ecommerce a significant boost. As global lockdowns and restrictions continue, consumers stay at home and order goods online. Packaging companies need to keep pace with these changes to service their customers effectively. As consumer spending shifts online, the brand experience also shifts from stores to websites and packaging.
How IoT can address the challenge of COVID-19?
By constantly integrating data and information gathered at the edge, digital twins provide a live connection between the real world and its virtual representation. Packaging manufacturers can use this to understand the conditions of assets, run simulations and future scenarios to forecast how supply chain disruptions will manifest, and provide a snapshot for future maintenance. Digital twins differ in complexity. They range from the basic provision of 2D or 3D models of a simple component to fully integrated and highly accurate models of an entire asset or a facility.
Digital twins allow packaging manufacturers to be in tune with rapidly changing events such as COVID-19. Packaging manufacturers could visualize entire supply chains and factories to simulate how different levels of labor and parts shortages caused by the pandemic would impact production.
What are the value chain segmentations of IoT in Packaging?
According to Globaldata, the value chain for IoT into five layers: devices, connectivity, data, apps, and services. Packaging companies have the option to integrate IoT devices into all layers of the value chain. Pulp and paper companies can place sensors onto trees to monitor forest conditions; within factories, connected machines are helping operations run efficiently, and sensors within connected packaging monitor the temperature and condition of the packs’ contents. Wherever a device is present, it needs to be connected to the internet. According to GlobalData’s IoT Deployment tracker, short-range is the primary type of connectivity in the manufacturing sector. With sensors permeating all levels of the value chain, packaging companies are collecting significant amounts of data. This data is worthless until it has been aggregated, processed, and analyzed. Within the data layer, data processing transforms raw data into useful information through batch or stream. Apps help users track and control IoT devices and interpret the data they generate. In the enterprise IoT market, many adopters of IoT lack the design, technical, integration, or data analysis capabilities to implement IoT successfully.
Which are the major companies mentioned in the report?
The leading IoT adopters in packaging are Amcor, Crown Holdings, DS Smith, Mondi, SIG Combibloc, Stora Enso, Tetra Pak and UPM Kymmene. The leading IoT vendors are Alphabet, Amazon, Apple, Broadcom, Cisco, Ericsson, GE, IBM, Intel, Microchip and Microsoft. The specialist IoT vendors in packaging includes ABB, ColorSensing, KaiosID, Magic Add, Roambee, Vesta Smart Packaging and ePac Flexible Packaging.
Key Packaging companies in the IoT theme
To know more about key players, download a free report sample
Market report scope
|Market Size-2020||$622 billion|
|Growth rate (CAGR)||>12%|
|Base year of estimation||2020|
|Key Companies||Amcor, Crown Holdings, DS Smith, Mondi, SIG Combibloc, Stora Enso, Tetra Pak, UPM Kymmene, Alphabet, Amazon, Apple, Broadcom, Cisco, Ericsson, GE, IBM, Intel, Microchip, Microsoft, ABB, ColorSensing, KaiosID, Magic Add, Roambee, Vesta Smart Packaging and ePac Flexible Packaging|
|Segments||IoT Software, IoT Services, and IoT Hardware|
This report provides an overview of IoT uses in packaging. It provides:
- Analysis of the need for IoT to optimize the relationship between technology and packaging
- Detailed industry analysis of IoT in Packaging, discussing how it is being utilized in a range of different ways
- Leading packaging companies in the IoT theme
Reasons to Buy
- Access detailed analysis of the value chain to facilitate decision making
- Assess the strategies that companies are adopting when using IoT in packaging
- Company details that are leading in the space
- To view real-world trends created by the adoption of IoT from across the packaging space
Packaging Corp of America
Is It Fresh
Vesta Smart Packaging
Table of Contents
IoT Value Chain
- Device layer
- Connectivity layer
- Data layer
- App layer
- Services layer
The Impact of IoT on Packaging
Market Size and Growth Forecasts
- Leading IoT adopters in packaging
- Leading IoT vendors
- Specialist IoT vendors in packaging
- Packaging sector scorecard
Frequently Asked Questions
The global IoT market was worth $622 billion in 2020.
The global IoT market is expected to grow at a CAGR of more than 12% during the forecast period 2021-2024.
The key segments in the global IoT market are IoT Software, IoT Services, and IoT Hardware.
The major Packaging companies in the IoT theme are Amcor, Crown Holdings, DS Smith, Mondi, SIG Combibloc, Stora Enso, Tetra Pak, UPM Kymmene, Alphabet, Amazon, Apple, Broadcom, Cisco, Ericsson, GE, IBM, Intel, Microchip, Microsoft, ABB, ColorSensing, KaiosID, Magic Add, Roambee, Vesta Smart Packaging and ePac Flexible Packaging.
Tel +44 (0) 20 7947 2960
Personal and transaction information are kept safe from unauthorised use.