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In Their Quest for Digital Transformation, Manufacturers and Industrial Firms will Spend US$19 Billion on IIoT Data Analytics by 2026

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News provided by

ABI Research

16 Mar, 2021, 12:30 GMT

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The pandemic revealed significant flaws in manufacturer's capabilities, spurring rapid digital transformation initiatives 

OYSTER BAY, N.Y., March 16, 2021 /PRNewswire/ -- Manufacturers need to ensure the success of current and future programs amid continued challenges including restricted travel and distributed teams trying to collaborate remotely in real time. As a result, select digital transformation initiatives have gained considerable momentum in terms of their adoption and potential. These include cloud for collaboration and synchronization across teams and departments, digital twins for monitoring and maintenance, and analytics and AI for system-wide, software-driven automation. In fact, according to global tech market advisory firm ABI Research, in their quest for digital transformation, manufacturers and industrial firms will spend US$19.8 billion to transform and support their IIoT data analytics value chains by 2026, up from US$4.92 billion in 2020.

"Future factories are expected to have flexible and adaptable manufacturing lines that operate with greater autonomy, integrated closed-loop quality control, and connected workers to improve effective response to changes in supply and demand as they occur," says Ryan Martin, Research Director, ABI Research. "The reality is that most manufacturers did not have these capabilities going into the pandemic. Yet today technologies like cloud, simulation, and SaaS are viewed as table stakes."

Notable market activity include the strategic partnership between Siemens and SAP, PTC's acquisition of Arena Solutions, Aveva's acquisition of OSIsoft, Emerson's pick up of Open Systems International (OSI), and the more noticeable encroach on smart manufacturing platforms by hyperscalers AWS and Microsoft Azure. Meanwhile, companies such as Autodesk (Fusion 360), Dassault Systèmes (3DEXPERIENCE), PTC (OnShape, Windchill), and Siemens (TeamcenterX) continue to double down on cloud and SaaS. Startups such as Fictiv and Instrumental, although very different companies, are also rethinking the role of software and quality from design through manufacturing.

"Digital maturity is measured in five levels," continues Martin. "These levels span human-controlled and early automation to full, lights-out manufacturing. Most manufacturers are at level 2 or 3 (modern factory, IT/OT integrated); they have started to connect some assets and see the benefits of digital transformation but haven't fully scaled. Levels 3 and especially 4 and 5 are where technologies like wireless connectivity (mobility, 5G), IoT platforms/suites, and AI become critical for both monitoring and closed loop quality automation and process control."

The largest manufacturing economies are China, United States, Japan, and Germany. Discrete industries – automotive, consumer goods, and machinery – generally lead in terms of advanced manufacturing technology adoption. However, with transportation (automotive, aviation) and oil & gas sectors hit hard by the immediate and residual effects of the pandemic, there has been more activity in process industries such as pharmaceutical manufacturing, chemicals, and food & beverage.

These findings are from ABI Research's Industrial and Manufacturing Semiannual Update report. This report is part of the company's Industrial & Manufacturing research service, which includes research, data, and ABI Insights. Depicted in a PowerPoint format, the Market Update provides a snapshot into current and future market opportunities and threats for a specific technology as well as focusing on a selected key market and associated trends.

About ABI Research

ABI Research provides strategic guidance to visionaries, delivering actionable intelligence on the transformative technologies that are dramatically reshaping industries, economies, and workforces across the world. ABI Research's global team of analysts publish groundbreaking studies often years ahead of other technology advisory firms, empowering our clients to stay ahead of their markets and their competitors. 

ABI Research提供开创性的研究和战略指导,帮助客户了解日新月异的技术。 自1990年以来,我们已与全球数百个领先的技术品牌,尖端公司,具有远见的政府机构以及创新的贸易团体建立了合作关系。 我们帮助客户创造真实的业务成果。 

For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific or visit www.abiresearch.com.

Contact Info:                                                               

Global                                                             

Deborah Petrara                                                           
Tel: +1.516.624.2558                                                    
pr@abiresearch.com  

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