There is not a shadow of doubt that the Internet of Things (IOT) has the potential of transforming the way we live and work. Needless to say, IoT is one of the hottest buzzwords in the IT world and is swiftly adopted by different business sectors these days. However no other vertical has been more impacted by IoT than manufacturing.
Manufacturers across the globe have invested heavily in IoT applications. According to a survey by Tata Consultancy Services (TCS) manufacturers using IoT solutions reported an average 28.5% increase in their revenues between 2013 and 2014.
The growing use of IoT by manufactures can be attributed to some reasons. It enhances speed, connectivity and availability. IoT devices improve efficiency and productivity of manufacturing operations. At the same time it also cuts costs. Manufacturers now see IoT applications as an opportunity and valuable asset for overcoming their business challenges.
Industrial IoT applications, known as IIoT has the potential of evolving the manufacturing sector. Connecting factory machines will enable real-time monitoring and maintenance of equipments.
IoT adoption is growing at an astounding rate and is among top technology investments by the manufacturers, this can be gauged from the findings of the research firm IDC which say manufacturing industry is all set to spend $178 billion in 2016. The report says that the manufacturing sector will account for one-third of total spend in IoT in the APeJ (Asia Pacific, excluding Japan) region by 2020.
Manufacturing operations, production asset management and maintenance and field service are the three most important IoT use cases in manufacturing.
According to Verizon’s report “State of the Market: Internet of Things 2016“,76 percent of early-movers in manufacturing sector are of the view that IoT has increased insight into customer preferences and behaviours while 31% say that IoT has improved the reliability or performance of products and services.It has been found that manufacturing sector is adopting IOT at an increasing rate. The reason is not far to seek. This has been done to cut cost and improve profitability for their organizations
According to the findings of a survey, 31% of manufacturers are implementing IoT-related applications to their internal operations whereas 56% plan to. However, the survey said only 14% of the respondents have go-to-market IoT strategies in place and about 50 % are in the process of creating them.
Today the Internet of Things (IOT) is permeating the marketplace and gaining momentum. With IoT as an emerging focus for all players and with its increased adoption, many verticals including manufacturing are expected to reap huge benefits out of it. According to BI Intelligence, the installed base of manufacturing IoT devices will increase from 237 million in 2015 to 923 million in 2020. By that year, stakeholders in the manufacturing sector will spend about $267 billion in the IoT.
However, it is in the fitness of things that you should select the right IoT service provider.
Posted By :Pace Wisdom