Promising future for IoT in industrial markets
According to the latest IoT research from Strategy Analytics, The Role of the IoT in the Global Industrial and Manufacturing Market will allow a more analytical approach to the management of the manufacturing function.
In this latest piece of IoT research, The Role of the IoT in the Global Industrial and Manufacturing Market, Strategy Analytics analyses:
- The Opportunities and Benefits IoT offers the Industrial and Manufacturing markets, including automation, predictive maintenance, digital twins and supply chain optimisation.
- The Challenges and Inhibitors in this market, including legacy system integration, connectivity, privacy and security.
- The revenue potential for IoT in this sector, forecast out to 2025.
- How IoT is being used by manufacturing firms, based on Strategy Analytics Enterprise IoT Deployment Survey results.
Matt Wilkins, senior analyst, IoT Research at Strategy Analytics and author of the report noted, “As digital transformation sweeps through all vertical markets, the Industrial market offers many opportunities for IoT. For example, allowing a manufacturing firm to draw upon data from all parts of its activities, feeding into analytics processes from which insights are derived that can positively affect the optimisation and efficiency of the company, or using that information to prevent machine failure before it occurs.”
Andrew Brown, executive director of Enterprise and IoT Research at Strategy Analytics, said, “The growth of IoT in the industrial vertical, while promising, is not without its challenges. Cost is a key issue in the profit margin calculation and with many different parts of the business vying for investment any expenditure will come under significant scrutiny and require ROI (Return on Investment) justification, whether it is staffing, operational technology upgrades, or technology-driven initiatives such as IoT.”
A free Executive Summary of the report is available for download here