Value and functionality are increasing due to disruptions caused by Industrial Internet of Things, finds Frost & Sullivan's TechVision team
LONDON, April 27, 2017 /PRNewswire/ -- The rising relevance of Industry 4.0 and the mushrooming of smart factories are creating a fertile market for advanced asset tracking and production technologies. Manufacturers are increasingly employing sophisticated asset monitoring technologies to prevent asset failure, improve asset performance, and lower machinery downtime in a variety of industries. By 2021, sectors such as healthcare, warehouse, logistics, automotive, aerospace, fleet management, military, industrial automation and electronics would have adopted asset tracking technologies to achieve Industry 4.0, optimized workflow, and smart manufacturing.
"As traditional manufacturing methods give way to Industrial Internet of Things, there will be a surge in the adoption of smart devices, software platforms and digital tools," noted Frost & Sullivan TechVision Senior Research Analyst Jabez Mendelson. "New asset management solutions will help manufacturers efficiently run the shop floor and ensure high standards in product lifecycle management across the supply and value chains."
Future of Asset Tracking in Manufacturing is part of Frost & Sullivan's TechVision (Advanced Manufacturing Automation) Growth Partnership Service programme. The relative nascence of asset tracking technologies notwithstanding, they are expected to disrupt the manufacturing process in several verticals.
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At present, asset tracking technologies are a combination of many sub-technologies, solutions and devices, which increases the cost of their large-scale implementation. Once standards are in place, the adoption rates will increase and this, in turn, will reduce costs.
Another significant challenge to the adoption of asset tracking technologies is their inherent security vulnerabilities. Tracking devices and smart tags are susceptible to sabotage, theft and hacking. Furthermore, as most of the devices are not tamper proof, hackers can manipulate data, reports and information regarding the asset.
"Technology developers are resolving these challenges by introducing advanced tracking and monitoring solutions with diagnostics capabilities," noted Mendelson. "They are also looking to optimize manufacturing technologies' capabilities by facilitating process flow and offering efficient asset tracking devices that can be configured according to the diverse requirements of industries."
Frost & Sullivan's global TechVision practice is focused on innovation, disruption and convergence, and provides a variety of technology-based alerts, newsletters and research services as well as growth consulting services. Its premier offering, the TechVision programme, identifies and evaluates the most valuable emerging and disruptive technologies enabling products with near-term potential. A unique feature of the TechVision program is an annual selection of 50 technologies that can generate convergence scenarios, possibly disrupt the innovation landscape, and drive transformational growth. View a summary of our TechVision program by clicking on the following link: http://ifrost.frost.com/TechVision_Demo.
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Future of Asset Tracking in Manufacturing
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SOURCE Frost & Sullivan