Strategic Intelligence: The Internet of Things in Consumer

This report delves into how the Internet of Things, or IoT, can be used to enhance operations within the consumer goods, foodservice, and packaging industries. IoT covers several different technologies, ranging from physical items like sensors and actuators to connectivity-related services like cloud infrastructure. This report outlines how IoT-related services can be implemented by companies within the consumer sector to streamline operations, reduce costs, and improve customer relations. For instance, IoT can help companies connect with consumers, bringing about improved marketing strategies.

The Internet of Things, or 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. According to the analyst, the consumer goods sector’s spending on IoT will reach $20.6 billion in 2028, having grown at a compound annual growth rate (CAGR) of 9% between 2023 and 2028. Leading companies such as Colgate-Palmolive utilize IoT-powered sensors across their production lines to predict and prevent equipment failures. Additionally, IoT is showing significant potential in monitoring ESG-related data, such as greenhouse gas emissions and energy usage, enabling companies to accurately disclose key data when prompted.

Scope

• According to the analyst’s Q4 consumer survey, 50% of respondents are concerned about how inflation could affect their household budgets. Additionally, 55% of respondents are either quite, or extremely concerned about their financial situation.
• The cost of unplanned machine downtime in the fast-moving consumer goods industry is approximately $36,000 an hour.
• Integrating IoT with technologies like 5G and AI could reduce carbon emissions by 15%.

Reasons to Buy

• This report will enable you to understand how the Internet of Things affects the consumer goods, foodservice, and packaging sectors. The report will facilitate actionable insights, which can help you adapt to this theme, implementing new strategies to hold a competitive edge within the industry.
• The report will also help you identify some of the leading players in the Internet of Things, identify key trends that are incorporated, and provide a basis for benchmarking.