The objective of this Growth Insight is to identify and assess Industrial IoT (IIoT)-based technologies and its implication toward transforming the manufacturing sector. In the light of rapidly changing end-user requirement and economic uncertainty, manufacturers are required to revisit and formulate their business strategies that enable to enhance production efficiency and operational excellence and to identify new revenue streams. The rise of connectivity and convergence through IIoT offers immense growth potential for manufacturers by gaining visibility and control across their enterprise operations, which ultimately helps in integrating their value chain. The Growth Insight also discusses the various facets involving IT-OT convergence, deployment of intelligent automation and process control systems, and the need for communication gateways to transform into connected factories. This study can be useful in understanding the central framework of IIoT and its incremental influence in shifting the global manufacturing strategy in the forthcoming years. In addition, it also explores potential applications and use cases of IIoT in the manufacturing sector as they shift from preventive to predictive maintenance, advanced manufacturing methods to customize products and end-to-end integration of production processes.
• Analysis of the current manufacturing approach and mind-set toward investment in technologies offering advanced capabilities
• Overview of the key automation and IIoT technologies, outcome of adopting these advanced technologies and solutions, and their implications on chemical processing
• Regional perspective highlighting IIoT-based initiatives to increase its adoption in North America, Europe and Asian countries
• Key examples highlighting the benefits of IIoT in a manufacturing landscape
Manufacturers are striving to retain their market position and customer base in a cyclical environment. A large portion of their strategic efforts is focused towards reducing production cost, minimize risk, reduce plant downtime and optimize asset utilization. IIoT plays a pivotal role in addressing these critical needs across the value chain - right from manufacturing and product innovation to supply chain and customer services. Additionally, this enables the manufacturers to realign their efforts on new product developments and support mass production of customized products.
Key Questions This Study Will Answer:
• What are the various IIoT-based technologies that help in transforming traditional factories into smart factories?
• What are the critical technologies required to build a strong foundation for smart factories?
• How is the market reacting toward IIoT? What are the various initiatives that promote the adoption of IIoT?
• Where are the IIoT technologies applied in a factory and what are the benefits achieved?
• What are the growth opportunities for manufacturers that invest in IIoT?