Digitalization has been revolutionizing the overall manufacturing industry into its existing manufacturing processes. A few OEMs have increased their investment in technology as it has poised to improve overall efficiency in the manufacturing industry. Owing to the benefits of technologies such as the Internet of things (IoT), its penetration has increased by 29% in the past few years. Additionally, enterprises have expanded their use to enhance quality, improve transparency in the supply chain, and reduce unplanned interruptions.
IoT devices have been useful to track risks tasks such as monitoring high temperature, tracking goods in transit, and monitoring energy consumption during the manufacture of goods. Owing to such factors, the ‘IoT in the manufacturing’ market is expected to expand exhibiting a CAGR of 16% to reach a valuation of USD 60 million by 2025.
As per our survey findings, enterprises adopt technologies mainly for four goals such as employee performance and productivity, controlling inventory, manufacturing efficiency, and operating efficiency tracking. The survey results show nearly 90% of OEMs either have adopted the IoT technologies or are looking for the technologies.
Organizations can boost productivity in three ways as IoT devices render manufacturing equipment smarter:
Read this whitepaper to understand how IoT helps players to 5 key challenges of the players in manufacturing industry:
Author Name: Nitish P.