Industrial IoT (IIoT) has been a major game player, and doesn’t show any signs of slowing down, according to and research firm Frost & Sullivan. The company predicts the industrial IoT market to grow at a CAGR of 17.9% between 2017 and 2022. This growth, it says, is mainly driven by three key trends, namely:
- IIoT will witness a demand surge because digital manufacturing technologies offer immense benefits to manufacturers
- Growing collaboration among industry stakeholders indicates potential that will yield long-term gains
- Connected supply chain enables customization, flexibility, and conformance to regulations
One of the key regions identified by Frost & Sullivan to drive the continuing growth is Asia-Pacific. “Asia-Pacific is a dynamic region with opportunities concentrated across sectors and a low-cost manufacturing destination,” says Tim Chuah, associate director, Automation & Electronics at Frost & Sullivan Asia-Pacific.
“Most governments in the region are keen on collaboration and improving infrastructure, which will aid the suppliers of automation and process control systems.”
Some of the main benefits of IIoT include:
- Improving operational efficiency
- Improving productivity
- Creating new business opportunities
- Reducing downtime
- Maximizing asset utilization
- Ability to sell products as a service
- Better understanding of customer demand
- Reducing asset lifecycle costs
- Enhancing worker safety
Manufacturing plants’ increasing inclination on improving manufacturing process by including Industrial Internet of Things in their ecosystem is leading to IIoT’s higher demand in Asia-Pacific. IIoT has positive implications in the manufacturing industry and is considered vital for their long-term strategies as it can significantly improve the mean time between failure (MTBF) rates.
IIoT assists with predictive maintenance of assets by enabling savings over scheduled repairs, reducing overall maintenance costs, and eliminating breakdowns.
“The interplay of information technology (IT) and operational Technology (OT) will involve the convergence of intelligent machine applications with analytics. This is seen to be a major enabler of growth in the future,” adds Chuah.