The Internet of Things (IoT) is catching the attention of many industries, but is expected to have the largest influence on businesses and manufacturing as a whole. In fact, these sectors represent 40.2% of the entire market and make up the Industrial Internet of Things (IIoT).
1 in 5 manufacturing executives today admit that their factory operations are entirely offline. This will drop to almost zero within the next five years.
The use of IoT technology allows manufacturing companies to improve the production and capability of operations.
Technologies that utilize the IoT have the opportunity to improve visibility, making unit-level visibility a possibility, as opposed to batch-level visibility.
Real-time supply chain orchestration is projected to increase by 50% five years from now
Smart manufacturing provides businesses with real-time analytics that is proactive and autonomic, transforming the warehouse into a self-healing environment.
By the year 2020, it is estimated that global manufacturers will invest $70 billion on IoT solutions. That’s just over $40 billion more than what was spent in 2015. Multiple technologies such as autonomous robots and augmented reality (AR) tools are already in the process of being developed for integration.
Preemptive prediction and correction of potential disruptions
Increased production volume across a wide variety of industries
Increased success as a result of predictive maintenance
Remarkable thoroughness and accuracy
Fully integrated and exceptionally flexible approach
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