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Frost & Sullivan’s analysis, Industrial IoT Driving Manufacturing Innovations, reveals the most impactful technologies that are transforming factories into a smarter environment through the whole platform of connectivity. With cyber-physical system advancements transforming the manufacturing sector, Industrial Internet of Things (IIoT) will create a high impact in the near future. The whole concept is advancing in terms of functionalities and user-friendly software solutions, enabling multiple applications to serve the rapidly changing demands of end users in diverse industries.
“The ability of IIoT to provide real-time data and perform monitoring and tracking functionalities will lead to smart factories of the future that are fully connected, eco-friendly, and driven by improved productivity and efficiency. IIoT establishes a strong connectivity between the operational and digital platforms,” explained Ranjana Lakshmi, TechVision Research Analyst at Frost & Sullivan.
Highlights of this analysis include:
- Key technologies and influencing trends include: hybrid sensors, predictive analytics, wearables, digital twin, mass customization, 3D printing, edge computing, collaborative robots, asset monitoring, smart grids, and natural processing language;
- Both batch production and mass customization of products are achievable by adopting the concept of IoT, advanced technologies and solutions;
- High investment is evident for companies focusing in developing data monitoring systems, security and smart equipment's;
- Implementation challenges includes: device footprint, need for increased security, and lack of awareness;
- Standardization of communication networks has been gaining importance. Wireless sensor networks (WSNs) are key technology platform in IIoT and enabling technologies include: sensor fusion and analytics;
- Some of the companies disrupting the market include 3D Signals, Denodo Technologies, Pivotal, Stanley Black & Decker.
“Self-powered sensors, collaborative infrastructures and other advanced IoT technologies are all going to play a significant role in driving the concept of connected, smart factories of the future,” said Lakshmi. “Manufacturers must have an awareness of these new technologies and seek ways to incorporate them into their systems to increase the company’s productivity, competitiveness, and future likelihood of success.”
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community.