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Internet of Things (IoT) and Manufacturing: Sensor Technology will be the Enabler of IoT in Manufacturing
The IoT market is big and growing rapidly. A report from Credence Research estimates that the global IoT market was worth $690 billion in 2015 and that it will grow each of the next seven years by an average of nearly 16 percent. Gartner estimates that this year we will have 6.4 billion ‘things’ already connected, up 30 percent from last year.
One area that is ripe for the deployment of IoT technology is manufacturing. To date, adoption in the manufacturing sector has been relatively low. The potential is that equipment on the factory floor can be equipped with sensors, and the collected sensor data can then be fed back into both control and business decision systems. GE, for example, focuses on the term IoT relative to a manufacturing and industrial setting and calls it the Industrial Internet of Things (IIoT).
A survey by BI Intelligence found that 96 percent of executives from companies of greater than $1 billion in size thought that industrial IoT will be critical for their business success. 60 percent of executives thought that IIoT is having a big impact on their operations.
Iain Gillott, president and founder of iGR, said that “several key drivers, such as decreased costs and increased throughput and yields, may prompt more manufacturers to deploy IoT solutions. Therefore, over the next five years, expect a growing number of wireless IoT sensors to be used by the manufacturing industry.”
