December 27, 2017
IoT Growth in Manufacturing
The Internet of Things (IoT) helps both businesses and consumers with improving intelligence, convenience and efficiencies. IoT technologies range from our Fitbits to smartphones to voice assistants (such as Google Home or Amazon Echo). However, IoT devices are much more than just popular Christmas gifts for gadget lovers. IoT technologies also save lives, create jobs and have the potential to radically change the future of enterprise.
A recent Miltech (Military Technologies) article highlights how the global IoT manufacturing market is expected to grow by 26% CAGR (compound annual growth rate) over the next year. This prediction is based on forecasting by IBM, Cisco, GE and Rockwell Automation. Two of the main drivers behind the increased demand in IoT in manufacturing include returns to capital and reduced costs in regulatory compliance. The article explores the various business verticals heating up the demand for IoT manufacturing.
Business Verticals with the Highest Demand for IoT Manufacturing
Miltech breaks down the primary verticals where IoT in manufacturing is predicted to grow the most. These verticals include hosted services, application hosting and smart devices.
Professionals subject to benefit most from IoT include application developers, service providers, facilities managers, supply chain professionals, operational end users and ERP users.
Hosted services play an integral role in the business world. Devices can integrate these key services to help improve business intelligence and drive efficiencies for sustainability and profitability. IoT helps hosted services with measuring asset performance, CO2 footprint analysis, maintenance management (automated scheduling of maintenance services), security management and dashboard visibility.
Intelligent devices include technologies most consumers are already familiar with. These devices include cars, smart cards, retail kiosks, health devices, smart building devices and smart home automation. These IoT innovations primarily service B2C models but also can be used to streamline processes and improve workplace environments in B2B companies.
By 2020, over half of the companies surveyed in the report expect to profit from IoT developments. The challenges facing execution of new and scaled IoT devices include, security, privacy and the overall cost of deployment