Why should European industry embrace the rise of IoT? | Technology | Manufacturing Global
Global expenditure on the deployment of solutions dedicated to the Internet of Things (IoT) is expected to reach $737 billion (more than 700 billion euros) in 2016, according to estimates from the IDC. Industry is expected to be the largest consumer of connected devices in production systems ($102.5 billion), followed by management of production assets and then ground maintenance/intervention. Unsurprisingly, the bulk of this investment is concentrated in Asia, whereas Western Europe is more committed to IoT devices for the general public. However, it is very much in the interest of European businesses to factor the rise of IoT into their production machinery, for the sake of modernisation and competitiveness, as industry remains an unparalleled driver of growth.
While manufacturers recognise that they need to invest in IoT projects to withstand the current pressure in terms of efficiency, growing competitiveness and the imperative to be flexible, they are still lagging far behind some sectors, especially logistics, in making the first experimental steps. In fact, 48 percent of businesses that specialise in logistics and production say they have interconnected their various sites and factories, compared to just 13 percent of manufacturing businesses. Logistics businesses have also implemented and completed more IoT projects than their counterparts in production (according to a study by PAC.)
The challenges for the manufacturing industry on how to survive the fourth industrial revolution
The challenges for the manufacturing industry on how to survive the fourth industrial revolution
Although it is difficult to have a single approach in the sector, as businesses and their production assets are all different, production line managers do all share the same concerns: competition is rising, costs are being closely monitored, compliance and legislation are imposing heavy burdens, the prices of raw materials are sky-rocketing, and so on. Meanwhile the market, driven by consumer behaviour, demands ever greater efficiency and responsiveness.
Although it is difficult to have a single approach in the sector, as businesses and their production assets are all different, production line managers do all share the same concerns: competition is rising, costs are being closely monitored, compliance and legislation are imposing heavy burdens, the prices of raw materials are sky-rocketing, and so on. Meanwhile the market, driven by consumer behaviour, demands ever greater efficiency and responsiveness. Read more…