Through the Fourth Industrial Revolution, also known as Industry 4.0, opportunities for IoT in the manufacturing industry have grown exponentially. A part of this growth can be attributed to companies needing reliable and secure network connectivity in their business operations.
The advancements of machine learning and growing demand for automation have made it easier to simplify the production process and enhance efficiency. In return, companies can see lower costs and improved operational performance. The Internet of Things (IoT) plays a large role in this segment, along with additional focused markets such as control systems, sensors, robotics, and GPS.
Essentially, IoT helps keep tabs on the health of machinery and equipment to prevent unplanned downtime, improves remote diagnostic and field service capabilities, supports components for supplier relationships, tracks operation in the warehouse/production floor, and more.
According to MarketsandMarkets, the global IoT in industrial market was valued at $50 billion in 2021 and is projected to grow to nearly $88 billion by 2026, with a compound annual growth rate of 11.9 percent. Predictive maintenance is a system designed to determine the condition of equipment and has reached 27 percent of market share in 2021, by application.
However, with growth comes barriers. Kaleido Intelligence’s recent study, “Serving the Enterprise: The Cellular IoT Connectivity Opportunity,” surveyed a group of 759 participants across different industry verticals. Some areas of weakness for the manufacturing market include ecosystem complexity, the need for strong security, obstacles in global connectivity, and more.
For a further breakdown of this study, download the report here.
KORE makes it easy to pick solutions that help organizations drive towards Industry 4.0. We offer advanced data to create valuable business insights that help improve operational performance, build predictive models, keep costs lower, and increase equipment uptime. Learn more how IoT is powering the Fourth Industrial Revolution here.
KORE partnered with Kaleido Intelligence to host a series of webinars, one of which addressed the challenges and opportunities of the manufacturing market: “IoT in Industrial: What Gets Measured Gets Managed”. Explore the results of the survey mentioned above and watch on-demand today!
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