Close to one-third of all IoT spending in 2020 (hardware, software, services, and connectivity combined) in APAC was for the manufacturing industry.
Discrete manufacturers all over the world are actively investigating how to leverage the Internet of Things (IoT) to link their supply chains, equipment, and products better.
According to new report by International Data Corp. (IDC), manufacturing is the most common target of infrastructure cybercrime today, accounting for one-third of all assaults. Additionally, the level of competitiveness is rising and so does the expectations of the client which demands improved personalization, rapid information, and better assistance before making a purchase.
“Most traditional manufacturing plants were not built with cybersecurity in mind. With the advancement of hacking technology, every point of connection increases the danger of cyberattacks and cybercrime, which can result in interference, remote access, intellectual property theft, and data loss or change,” says Piyush Singh, Senior Market Analyst for IoT Insights, IDC Asia/Pacific.
Manufacturers can profit greatly from retrofitting smart sensors to old equipment because of the insights they can obtain about their equipment. According to IDC, in Asia/Pacific excluding Japan (APEJ), close to one-third of all IoT spending in 2020 (hardware, software, services, and connectivity combined) was for the manufacturing industry.
Industries have seen a number of benefits with the retrofitting of machines and equipment in manufacturing plants, such as increased value of immovable and moveable assets; digitalized and modernized the legacy system; prevention of capital equipment obsolescence; improvement in efficiency and production through a low-cost approach; quick decision-making through data analytics; extended equipment and asset life; increased ROI; and improved factory safety.
“Retrofitting machinery with IoT capabilities is a cost-effective solution to update outdated pieces of equipment, especially when compared with totally replacing them,” adds Singh.