Report: Industrial IoT market expecting growth following demand from automation vendors

Dec. 28, 2018

SINGAPORE—According to a report by Frost & Sullivan, manufacturing plants’ increasing inclination on improving manufacturing process by including Industrial Internet of Things (IIoT) in their ecosystem is leading to IIoT’s higher demand in Asia-Pacific. IIoT has positive implications in the manufacturing industry and is considered vital for their long-term strategies as it can significantly improve the mean time between failure (MTBF) rates.

IIoT assists with predictive maintenance of assets by enabling savings over scheduled repairs, reducing overall maintenance costs, and eliminating breakdowns.

“The interplay of information technology (IT) and operational Technology (OT) will involve the convergence of intelligent machine applications with analytics. This is seen to be a major enabler of growth in the future,” said Tim Chuah, Associate Director, Automation & Electronics at Frost & Sullivan Asia-Pacific.

Frost & Sullivan predicts the industrial IoT market to grow at a CAGR of 17.9% between 2017 and 2022, mainly driven by three key trends, namely:

  • IIoT will witness a demand surge because digital manufacturing technologies offer immense benefits to manufacturers
  • Growing collaboration among industry stakeholders indicates potential that will yield long-term gains
  • Connected supply chain enables customization, flexibility, and conformance to regulations

Asia-Pacific is a dynamic region with opportunities concentrated across sectors and a low-cost manufacturing destination,” said Chuah.

“Most governments in the region are keen on collaboration and improving infrastructure, which will aid the suppliers of automation and process control systems,” he added.

PR Newswire has the complete news release

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