New ResearchAndMarkets.com forecast says IoT spending by manufacturers will increase at double-digit rates over next five years
Manufacturers of durable goods will increase their investments in
The Lowdown: According to ResearchAndMarkets.com’s “Global IoT in Manufacturing Market-Technologies, Market Share and Industry Forecast to 2024” report, manufacturers are looking to take advantage of IoT technology, automating and remotely managing more tools and systems in the production process of durable goods. Connecting systems through cloud services
The Details: North America is leading the adoption of IoT in manufacturing as producers digitize their processes and production lines and adopt new technologies such as virtual and augmented reality. Moreover, North American midsize manufacturers are adopting IoT at an accelerated rate, greatly influencing the adoption of their larger enterprise peers, ResearchAndMarkets.com reports.
The greatest growth in manufacturing IoT adoption is in Asia, where producers of durable goods are embracing advanced and dynamic technologies to augment and automate their
The Impact: While spending on IoT is increasing at a strong rate, ResearchAndMarkets.com says most of the spending is devoted to professional services that help manufacturers design, implement, and manage smart-device infrastructures. In particular, manufacturers need help connecting smart systems to legacy and cloud IT resources.
Background: The ResearchAndMarkets.com report parallels an IDC forecast that projects 2019 global spending on IoT systems at $745 billion, with the bulk coming from manufacturers. According to IDC, manufacturers will spend nearly $200 billion on IoT systems. And, according to IDC, as much as one-third of all IoT spending is on professional services delivered by IT vendors and channel partners in connecting IoT devices to legacy systems.