According to this research, the Worldwide IoT in Discrete Manufacturing Market is expected to reach $49.85 billion by 2022, growing at a CAGR of around 25.1% during the forecast period 2016-2022.
At present, the discrete manufacturers are facing various challenges such as shorter innovation cycle, high resource volatility, customer expectations and competition in terms of differentiation. The manufacturing organizations have prioritized technology-driven innovation to address these challenges. Thus, advanced data processing technologies, analytical forecasting models, and IoT are likely to drive significant change in the manufacturing industry in the next 5-10 years.
Manufacturing is on the cusp of IT revolution. The manufacturing sector is one of the earliest adopters of automated processes and robots, and have been utilizing sensor-based technologies for decades, though without realizing their full potential. New technologies are being used not only to make the process more effective but also to radically improve visibility in manufacturing to the point where each production unit will be visible in the entire process.
Middleware is an important prerequisite for the organizations opting for IoT across the entire manufacturing process. It acts as an interface between various IoT components and can even connect complex programs. Cloud & Fog platforms with an IoT operating system is another prerequisite to drive the performance and optimization of the processes. Platforms available in the form of PaaS help the developers in the programming of applications and integrating other applications and services. Applications which are relevant to be deployed on these platforms are predictive maintenance, resource optimization, and energy data management. Analytics & data visualization comes bundled with these platforms and are necessary to predict and analyze asset performance and act accordingly.