## 1 Introduction  
Nowadays, businesses need to be innovative, flexible, lower-cost, and operate efficiently to ensure profitability, competitiveness, long-term survival, and overcome global economic challenges [1]. The MS faces several emerging challenges in different areas, such as customized products to meet customers' demands, faster material flow in the supply chains, decreased product life cycle, sustainability, and intensified competition [2, 3]. The unique potential of the IoT can overcome all these issues and provides new opportunities for MS to shift from traditional to smart manufacturing [4, 5]. The IoT offers promising intelligent applications for the MS that can create additional value and enhance the organization's competitiveness [6, 7]. The IoT sensors allow manufactured machines to share, collect, and analyze real-time data with manufacturing facilities, supply chains, and operators and connect them to the network [5, 8]. Decision-makers can gain new insights from IoT data, analyze market status, integrate the supply chains, enhance customer engagement, and implement more effective practices and policies [9]. In addition, IoT technology can increase machines' automation and allow them to make decisions automatically and independently without human intervention, which contributes significantly to improving performance, reducing time and costs, and increasing productivity and profits [10, 11]. The IoT adopters state that the IoT will be crucial to future organizational success, and companies that do not adopt the IoT will lag behind their rivals [3, 12, 13]; however, the IoT remains in an early-adoption phase in the MS [7; 14; 15; 16; 17; 18; 19]. Most IoT projects remain in the early stages of the planning phase, or they do not proceed beyond deployment at one or two sites [13; 15; 20]. McKinsey Global Institute partners [PERSON] et al. [14] found that the IoT has a slower-than-expected growth rate within the industrial segment. This remains somewhat understandable given the novelty and sophistication of IoT technology, with few experts conducting successful experiments [18]; however, there is another reason IoT initiatives are affected and its spread reduced in the MS [18]. [PERSON] and [PERSON] [21] suggested that the significant reason for the non-acceptance of new technology by the MS is that decision-makers do not realize its perceived value. While there have been many investigations of IoT technology adoption, none examined the function of perceived value and its effect on IoT adoption in the MS. A top executive from a leading pump manufacturing business stated that \"the challenge for IoT adoption is not technical. Roughly speaking, anything can be achieved technically. It is more about finding the value [20]\"; thus, decision-makers who realize the value of IoT technology adoption would be more liable to accept it and they would reduce IoT adoption barriers significantly [22]. Successful IoT implementation requires more than an in-depth understanding of the technology [20]. The MS decision-makers should possess a clear vision and strategy for IoT adoption with a strong focus on the perceived value that could positively affect the business [6; 23]; however, the MS decision-makers are still unable to realize the expected IoT value due to the numerous surrounding challenges or to fully define the benefits of IoT adoption [24]. The IoT remains in the development phase and presents many challenges in different contexts, such as compatibility with legacy systems [8; 16; 25; 26; 27], high implementation cost [16; 25; 27; 28; 29; 30; 31; 32; 33], employees' resistance [8; 31], and lack of government regulation [16; 25; 26; 34]. In addition, there is the lack of clarity in identifying the potential benefits [8; 18]. The empirical evidence in IoT research lacks substantiation for such conceptual claims, specifically in organizations [6; 7].