Industrial manufacturing has a substantial investment commitment for IoT over the next 12 to 18 months
September 14, 2021
Industrial manufacturers’ investment commitment on IoT looks promising as around 80% of the respondents hinted at IoT budget increase in the near term. We have observed that majority of the IoT initiatives are centered around industrial IoT applications. Some of the key industrial IoT use-cases are application of digital twin, remote operations monitoring, and supply chain tracking. Industrial manufacturers have realized the importance of re-designing the operations to be resilient and more flexible through IoT-enabled use-cases such as predictive maintenance, workforce monitoring etc.
Industrial manufacturers have realized the importance of real-time information due to the high uncertainty in light of COVID-19. Thus, many of them have prioritized to establish “Integrated Operations Center” to get a real-time view of the enterprise operations.
IoT applications in smart city have also gained traction for overall city monitoring. For example, in April 2020, Atos and the City of Vienna collaborated to implement Epidemic Management System (EMS) to support the control of the spread of infectious diseases.
The Bottom Line: IoT applications have enabled the business continuity for industrial manufacturers during the pandemic. Thus, it has become a strategic priority for them to explore other IoT-enabled use-cases, accelerating the adoption and investment commitment in this area.
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