Innovation is crucial for sustainable success in today's fiercely competitive global manufacturing landscape. Bangladesh's manufacturing sector must embrace transformative technologies like the Internet of Things (IoT) to thrive in this environment. This article addresses the vital task of identifying and evaluating barriers to IoT adoption in Bangladesh's manufacturing industry. Through synthesizing expert insights and carefully reviewing contemporary literature, we explore the intricate landscape of IoT adoption challenges. Our methodology combines the Delphi and Fuzzy Analytical Hierarchy Process, systematically analyzing and prioritizing these challenges. This approach harnesses expert knowledge and uses fuzzy logic to handle uncertainties. Our findings highlight key obstacles, with "Lack of top management commitment to new technology" (B10), "High initial implementation costs" (B9), and "Risks in adopting a new business model" (B7) standing out as significant challenges that demand immediate attention. These insights extend beyond academia, offering practical guidance to industry leaders. With the knowledge gained from this study, managers can develop tailored strategies, set informed priorities, and embark on a transformative journey toward leveraging IoT's potential in Bangladesh's industrial sector. This article provides a comprehensive understanding of IoT adoption challenges and equips industry leaders to navigate them effectively. This strategic navigation, in turn, enhances the competitiveness and sustainability of Bangladesh's manufacturing sector in the IoT era.