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 and 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.
Growth opportunities highlighted in the Frost & Sullivan report, Industrial Internet of Things Market in Asia-Pacific, Forecast to 2022, include:
- Collaboration: Automation vendors have been receptive to collaborating with expert solutions providers on IIoT, which is turning into an organized industry.
- Opportunities for Niche Solution Providers: Niche solutions providers will find opportunities as most major automation and process control systems suppliers will be willing to tie up with firms working on IIoT, M2M (sensors), and data (cloud).