IIoT in Manufacturing
Manufacturing in the U.S. slumped to its lowest level in 2½ years amid escalating global trade tensions and a slowdown in global demand. With that being said, Global spending on IIoT Platforms for Manufacturing is predicted to grow from $1.67 billion in 2018 to $12.44 billion in 2024, attaining a 40% compound annual growth rate in 7 years. IIoT platforms are beginning to replace MES and related applications, including producing maintenance, quality, and inventory management, which are a mix of information technology and operational technology.
Connected IoT technologies are enabling a new era of smart, connected products that often expand on the long-proven platforms of everyday products. Cap Gemini estimates that the size of the connected products market will expand from $519 billion to $685 billion by 2020.
Manufacturers need to implement new products, services and products in order to make the IIoT integration work. IIoT platforms are beginning to replace MES as a means to bridge the IT and OT gaps in manufacturing environments. Discrete manufacturing will outpace batch and process manufacturing, becoming 53% of all IIoT platform spending this year. Manufacturers are most relying on IIoT platforms for general process optimization, dashboards & visualization and real-time monitoring. IIoT platform early adopters prioritize security as the most important feature, ahead of scalability and usability.
2W Technologies is a full-service IT Consulting firm that specializes in solutions for the manufacturing industry. Give us a call today to learn more about how your organization can maximize it’s potential with the industrial internet of things and cloud solutions.