Study of the economic viability of internet of things (IoTs) in additive and advanced manufacturing: A comprehensive review

The economic viability of Internet of Things (IoT) technologies in additive and advanced manufacturing has received much attention recently. This study investigates the economic benefits and constraints of incorporating IoT into additive and advanced manufacturing. The ability to produce intricate, detailed products using additive manufacturing, often known as 3D printing, has revolutionised the business, customised items with shorter lead times and lower costs. Advanced manufacturing techniques such as robotics, automation, and data analytics have increased efficiency and flexibility even more. The incorporation of IoT technologies has several benefits. Real-time data is made possible through the Internet of Things, monitoring and data collecting across the industrial workflow, improving quality control, enabling predictive maintenance, and optimising production processes. Inventory management that is effective saves waste and material costs. Analytics enabled by IoT detects inefficiencies, allowing for continual improvement and increased production. Economic viability requires addressing challenges. The initial investment for IoT infrastructure can be prohibitively expensive for small and medium-sized enterprises (SMEs). The economic benefits of IoT in additive and advanced manufacturing, on the other hand, outweigh the hurdles. Improved efficiencies, lower prices, and higher quality contribute to increasing competitiveness. Implementing the IoT leads to the creation of novel business models, such as product-as-a-service, which results in fresh sources of income. IoT device data provides essential insights into client preferences. From the findings, the market for manufacturing IoTs was valued at USD 326.1 billion in 2021 and is anticipated to reach USD 1742.8 billion by 2030, growing at a CAGR of 20.47% from 2022 to 2030. The study also cut across the quantum computing or 6G impact IoT in manufacturing and the cost–benefit analysis model, life cycle assessment (LCA), and ethical implications of IoT in manufacturing. Finally, there is no doubt about the economic potential of IoT technology in additive and advanced manufacturing. IoT integration allows for cost savings, enhanced quality, and overall efficiency. While there are issues with data security and upfront expenditures, the benefits outweigh them. Collaboration among stakeholders is required for a safe and supportive ecosystem.