Industrial IoT analyst report – 'How manufacturers will optimise performance and maximise opportunities' MultiTech
Global manufacturing faces an increasing set of challenges in growth, innovation and competition. Globally, gross domestic product (GDP) was at US$30.69 trillion in 1995. By 2014, global GDP reached a new peak at US$78 trillion. As a percentage of global GDP, manufacturing dropped its share from 21.4% in 1995 to 14.7% in 2014. In real terms, manufacturing grew, and yet the rate of growth was substantially less than that of the global economy.
Industrial IoT (IIoT) has accelerated the pace of innovation and manufacturers are pushed to explore and implement new technologies in IoT while maintaining existing systems and architectures, creating tensions between operational technologies, information technology and IoT implementations. Differences between regions and markets do exist, and globalisation has presented greater competition between markets than ever before. Common to all manufacturers are the continuous needs to reduce costs, improve performance and deliver quality to customers. Combined growth, innovation and competition have the manufacturing industry looking to industrial IoT as a way forward, and as shared in this report, exciting and innovative IoT solutions are reinventing manufacturing.
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