Internet of Things (IoT) in Consumer Goods - Thematic Intelligence

Internet of Things (IoT) in Consumer Goods - Thematic Intelligence

Summary

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. GlobalData estimates that spending IoT by consumer goods will reach $22.7 billion in 2027, having grown at a compound annual growth rate (CAGR) of 11.6% between 2022 and 2027.

The IoT is highly valuable to consumer industries, offering a range of benefits that can enhance operations and customer experience and support innovation. Implementing IoT-driven technologies in supply chains improves visibility, agility, and efficiency. The technology can be used throughout the consumer, foodservice, and packaging supply chains to improve efficiency by monitoring inventory levels, demand patterns, and logistics, all while reducing costs.

Scope

• IoT technology is deployed across the whole consumer goods value chain and can enable consumer goods companies to automate workflows, improve efficiency while reducing costs, and improve safety and ESG credentials.
• IoT technology can be used to tackle food waste, a big problem in the fast-moving consumer goods (FMCG) supply chain. An estimated 1.6 billion tons of food are lost or wasted globally every year, with a value of $1.2 trillion. The UN has targeted reducing 50% of food wastage by 2030 as part of its Global Opportunities for Sustainable Development Goals.
• IoT can also enable smart packaging, guaranteeing food product safety and reducing waste. Smart packaging includes sensors that monitor factors like temperature, humidity, and freshness, providing real-time information about the condition of the food. This helps identify potential issues that could lead to spoilage or waste.

Reasons to Buy

• Benchmark your company against your competitors and assess how consumer goods, packaging, and foodservices companies are utilizing IoT to drive revenues.
• Identify attractive investment targets by understanding which companies are most advanced in the themes that will determine future success in the consumer goods industries.
• Understand key industry challenges and where IoT use cases are most useful.
• Develop and design your corporate strategies through an in-house expert analysis of IoT by understanding the primary ways in which this theme is impacting the consumer goods industries.
• Position yourself for future success by investing in the right IoT technologies.