Adoption Barriers to IIoT Won’t Stop Industry 4.0’s Growth
Bain & Company’s Beyond Proofs of Concept: Scaling the Industrial IoT report found several fascinating insights after surveying their global manufacturing customers about their use, or lack thereof, of the Industrial Internet of Things. Despite the barriers to entry many companies have encountered, Bain still predicts IIoT will overcome them to grow into a $200 billion market by 2021. Bain found many customers are struggling to implement production-level IIoT projects, yet are still optimistic about their long-term contributions. Adoption barriers to IIoT won’t stop industry 4.0’s growth.
Bain’s 2018 survey found that among industrial customers concerns over integration issues, in particular, technical expertise, data portability and transition risks, have become more acute over the past two years for organizations. The same survey found security and integration were still top concerns in 2018, indicating that tech vendors haven’t made much progress in addressing these. Bain’s research also has found that as an organization becomes more technologically mature, concerns about security actually increase, so the challenge continues to grow.
Predictive maintenance is a prime example of a use case that vendors are ready to deploy. Bain explained that predictive maintenance has dropped in attractiveness since 2016 due to adoption barriers that exist. But it is one of several scenarios occurring in the IIoT market today that underscores how important software expertise on the vendor side is to expand the market. Industrial and operational technology providers, device makers, and industrial machinery manufacturers and their ability to gain greater software expertise will determine how fast the market grows.
Look no further than 2W Tech to start you off on the right foot with the Industrial Internet of Things. 2W Tech is a full-service IT consulting firm that specializes in the manufacturing space, so we can tailor solutions to your needs. Contact us today for help with your IT demands.