Manufacturing businesses utilize the Internet of Things (IoT) as a digital transformation strategy to improve the productivity of their staff and equipment. With IoT, critical production data is gathered by a network of sensors, and it is then transformed into knowledge that can be utilized to make informed decisions about manufacturing processes using cloud and analytics technologies.
IoT in manufacturing is witnessing a tremendous boon due to various benefits that IoT provides to manufacturers, such as quality control, predictive maintenance, smart packaging, smart metering, operational safety, and inventory management. For instance, an IoT-based inventory management architecture can help determine the quantity of raw materials required for a prospective manufacturing cycle based on inventory quantity and location data. There are several methods to use the outcomes of IoT-based inventory management. The system can notify users when a certain inventory item is missing and inform them when the materials need to be restocked. Due to these features and benefits that IoT offers, the IoT in manufacturing market is expected to grow at a CAGR of 11.6% during the forecast period of 2022–2028, according to OMR Research.
Segments of the Market
The global IoT manufacturing market is segmented on the basis of solution, deployment mode, services, and application. Based on the solution, the market is sub-segmented into network management, device management, data management, and smart surveillance. On the basis of services, the market is sub-segmented into professional services and managed services. On the basis of deployment mode, the market is sub-segmented into on-premises and cloud. On the basis of application, the market is sub-segmented into asset tracking and management, emergency and incident management, predictive maintenance, business process optimization, real-time workforce tracking and management, logistics and supply chain management, automation control and management, and business communication.
Recent Developments
Companies such as Atos SE, Cisco Systems, Inc., Bosch.IO GmbH, ClearBlade, Inc., HCL Technologies Ltd., General Electric Co., Software AG, Zebra Technologies, Hitachi Ltd., Microsoft Corporation, Texas Instruments, and others are immensely contributing to the market’s growth with their new technological launches, mergers, investments, and other activities. Some of the recent developments in the IoT in the manufacturing market include:
• In May 2022, SYSPRO, a global enterprise resource planning (ERP) software provider, launched its Cloud ERP deployment software to Australian manufacturers. SYSPRO Cloud ERP is designed to support major sectors and gives organizations the resilience they need to address changing market needs and deal with continuing supply chain interruptions.
• In September 2022, Yonyou Network Technology, an enterprise software provider, unveiled the company’s business transformation platform, called the Yonyou BIP, in Bangkok, Thailand. With this platform, the company aims to launch its cloud ERP software product for overseas users. Yonyou BIP places a strong emphasis on the upgraded architecture "1+3+X," which shifts from "All-in-One Suite" to "Integrated Service Cluster." Yonyou BIP is built on the iuap PaaS platform, which was the first cloud-native PaaS platform in China. It has three cloud service clusters, including HR, Business, and Finance, and it covers ten key lines of business, including sales and marketing, manufacturing, collaboration, project management, supply chain, purchasing, financial services, HR, and R&D.
• In November 2022, Infor, an enterprise software company, announced that Saudi Diesel Equipment Co. (SDEC), a leader in diesel power generation, support equipment manufacturing, and transportation, is switching its present on-premises Infor M3 software deployment to Infor CloudSuite Equipment, which will allow SDEC to automate and optimize business operations. SDEC will need to expand its operations to fulfill Saudi Arabia's growing demand for equipment, machinery, and power generators across several industries; hence, the cloud migration, which is a part of SDEC's bigger digital transformation project called Digi-Step, is crucial.
Conclusion
The Internet of Things (IoT) in manufacturing is the path to digital transformation in manufacturing. Industrial IoT combines a network of sensors to collect essential production data and cloud software to transform this data into useful insights about manufacturing operations' performance. The primary adoption drivers are faster time to market, lower costs, mass customization, and increased safety. The Internet of Things is being utilized to enable industries to create a connected, adaptable, and efficient pumping system. The industrial Internet of Things (IIoT) has the potential to alter the way industries operate. It can use machine learning to develop self-healing machines and improve inventory. All such factors support the IoT manufacturing market’s growth further.