Published Date : Sep 11, 2015
Leading market researchers are pushing huge explosion of connected devices for the IoT (Internet of Things). Smart electronics OEMs are seeking for markets to provide huge demand for new services and products.
All these companies are further expecting to enhance their own businesses with similar technologies.
Based on new research from International Data Corporation (IDC), the global IoT market is expected to rise from approximately US$65 bn in 2014 to more than US$1 trillion in 2020. The CAGR to be registered is 16.9%. At present, the U.S. has currently registered 56% as manufacturers are researching IoT projects in the effort to lower operational costs, attract new customers, improve customer service and support, and increasing business efficiency, said IDC.
Planning a roadmap for IoT and IoT foundation plans to ensure that investments suffice manufacturers IT and business expectations. Several IT organizations can and must play an imperative role in the efficient and agile phase of IoT across various cases in manufacturing.
The market firm outlines three main areas where IoT initiatives are focused in the manufacturing environment. These include smart manufacturing, connected products, and connected supply chains.
Applying IoT to the production process to increase production output, product quality, operations, and workforce safety, as well as enhancing product performance are the perks of IoT. It also helps in industrial machinery to boost product performance.
Moreover, IoT enhances integrated business planning, overall performance, and provides effective supply chain efficiency. It also enhances visibility and coordination in improving assets, supply chain, and inventory tracking.