The Global IoT and Traceability for Food & Beverage Manufacturing Market was valued at USD 5.66 billion in 2019 which is expected to reach USD 10.22 billion by 2027at a CAGR 9.4%.
The IoT and Traceability for Food & Beverage Manufacturing is added value to manufacturers, by making the proper decision regarding the demand, product visibility, inventory turnover, forecasting, and sales. Also, IoT, and traceability helps the manufacturers to connect with both upstream consumers, and downstream suppliers and improving vendor relationship. Traceability is defined as the information system which is required to track the history of product from the point of origin to the point of sale via production and shipping processes.
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The increase in demand for food safety, product quality along with customer standards which anticipated to fuelling the global Internet of Things (IoT) and traceability for food & beverage manufacturing market growth over the forecast period. Furthermore, continuous advancements in food and beverage industry will positively influence the market growth in near future. These technologies help to maintain operational efficiency and being compliant with governmental regulations. Also, they helping companies to achieve high level of food safety, streamlined logistics, improve traceability via transparent supply chain, and reduce costs and risks across the different food processing and packaging stages. This is expected to propel the global IoT and traceability for food and beverage manufacturing market growth.
Lack of standardized interfaces and limited integration and scalability is the major restraint for market growth which expected to hamper the hamper the global IoT and Traceability food and beverage manufacturing market growth during this analysis period.
The Global IoT and Traceability for Food & Beverage Manufacturing Market is segmented into component such as Product, and Software. Further, market is segmented into Supply Chain Management, Traceability, and Product Recall, Consumer Transparency, Food Safety and Quality Control, and Inventory Management.
Also, Global IoT and Traceability for Food & Beverage Manufacturing Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Market Key Players
Various key players are discussed in this report such as GE Digital, Science Software, HQ Software Industrial IoT Company, Style Lab IoT Software Company, PTC, Cisco, ARM IoT, SAP, and Siemens IoT Analytics Company.
The regional distribution of the global iot and traceability for food & beverage manufacturing market is also covered in the report, and detailed analysis are provided for the market’s segment in each major region. The regional markets are discussed to give players clear idea of where each region is soaring & what needs attention in specific markets. Region-specific strategies as well as product formulations can be based on this detailed analysis, as the factors making the market tick in particular regions are analysed in the report, leading to a comprehensive understanding of the global iot and traceability for food & beverage manufacturing market.
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