Manufacturers’ understanding of IoT’s value drops 14% in one year: Study finds

Steven Manifold of Ubisense

Despite almost two-thirds (63%) of manufacturers running at reduced capacity over the past year, the Internet of Things (IoT) still wasn’t able to make its long-awaited transition from intention to adoption in 2020.

A year-on-year Ubisense report has found that, at a time when its benefits were most needed, an alarming 43% of manufacturers no longer understand the value of IoT, compared to just 29% a year previously.

IoT has long been promoted as a tool to offset productivity, planning, automation, energy, maintenance and capacity challenges, even in the best of times. However, despite 74% of respondents agreeing that they would like to see reduced cycle times in their assembly processes, fewer decision-makers are seeing the link between IoT and this competitive advantage than they were before the pandemic. Only 63% make that connection now, compared to 70% a year previously, and a similar downward trend was seen across other proposed benefits too.

Ubisense’s report, ‘A Lost Year for IoT in Manufacturing: The Hard Work Begins Now’, was informed by a study of 300 managers, directors and higher-level executives from the industrial manufacturing community across the UK, USA, France and Germany. Primary concerns among respondents have become more entrenched over the past year, including IoT being irrelevant as their manufacturing processes are too unique (up from 18%-21%), or unlikely to yield positive ROI (up from 16%-19%).

As such, IoT service providers should take these statistics and this opportunity to introspect on where their communications have missed the mark. “Too often, IoT is positioned as a futuristic promise somewhere on the digital horizon, and for many, this just doesn’t resonate with their current, very real challenges when it comes to assembly processes,” says Steven Manifold, chief marketing officer at Ubisense.

All is not lost, however, with almost half (46%) of manufacturers reporting that they still feel left behind when discovering that peers have rolled out IoT.

“The report highlights short-term disillusion rather than long-term disinterest,” confirms Manifold. “Sadly, global manufacturers failed to trust IoT’s potential at a time when they needed it most. And that is for IoT solutions providers to fix with real, proven examples of where IoT works best, so that this lost year doesn’t turn into a much longer-term lost opportunity for manufacturing.”

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more
RECENT ARTICLES

IoT set to overtake cloud computing as primary Industry 4.0 technology, Inmarsat research reveals

Posted on: October 14, 2021

New research by Inmarsat, the provider of global mobile satellite communications, reveals that investment in the Internet of Things (IoT) is set to overtake cloud computing, next generation security, big data analytics and other digital transformation technologies in the near future.

Read more

IDTechEx looks at the setbacks and explores how to move forward

Posted on: October 14, 2021

Bill Gates backed a Belmont smart city in the Arizona desert little has happened beyond a land purchase. Authorities demand that the Colorado river’s diminishing water supply is unharmed. Arizona suffers historic water shortage. The Southwest and much of the West is suffering from an intense 22-year drought, resulting in increasingly low water levels, dry

Read more