Smart manufacturing and the IoT is driving the next industrial revolution
Smart manufacturing and the IoT is driving the next industrial revolution. Manufacturing is on the cusp of a revolution – the Internet of Things (IoT) revolution! In 2016, IDC estimates the manufacturing segment invested $ 178 billion(€152.89 billion) in IoT spending, twice as much as the transportation segment, the second largest IoT vertical market.According to Markets and Markets Research, the smart factory market is projected to reach 205.42 Billion USD by 2022, growing at a CAGR of 9.3% between 2017 and 2022.
In this fiercely competitive market, IoT-enabled smart manufacturing provides full visibility of assets, processes, resources, and products. This, in turn, supports streamlined business operations, optimised productivity and improved ROI. The key to success is connecting equipment, integrating diverse industrial data, and securing industrial systems for the entire lifespan of equipment.
For two decades, Gemalto has been a trusted partner, helping customers Connect, Secure and Monetise their enterprise operations with IoT technology. In this web dossier, we’d like to share some of the best practices we’ve gathered to help companies interested in making the leap to “Industry 4.0.”
What is smart manufacturing and how is it related to the IoT?
Smart manufacturing allows factory managers to automatically collect and analyse data to make better-informed decisions and optimise production. The data from sensors and machines is communicated to the Cloud by IoT connectivity solutions deployed in the factory. That data is analysed and combined with contextual information and then shared with authorised stakeholders.
IoT technology, leveraging both wired and wireless connectivity, enables this flow of data, providing the ability to remotely monitor and manage processes and change production plans quickly, in real time when needed. It greatly improves outcomes of manufacturing reducing waste, speeding production and improving yield and the quality of goods produced.
Replacing the hierarchical structure that has historically defined the “shop floor” with an open, flatter, fully-interconnected model that links R&D processes with supply chain management has many benefits, including the optimisation of global manufacturing processes related to performance, quality, cost, and resource management. It also enables the manufactured products themselves to play a key role in development and design of the manufacturing process.
This is because connected smart products are able to feed information back to the factory so that quality issues can be detected and fixed during the manufacturing stage by adjusting product design and/or the manufacturing processes. Smart products can also provide insights on how they are actually used by consumers, providing the opportunity to adapt features to better meet the real needs of the marketplace.
How is the manufacturing marketplace evolving?
The manufacturing sector is being fundamentally reshaped by the unstoppable progress of the 4th Industrial Revolution, powered by the IoT. The changes to this segment are made possible by technological breakthroughs that are occurring at an unprecedented pace.
Just as the steam engine ushered in massive changes in the early 17th Century and the advent of the digital age rocked the world in the second half of the 20th century, today’s technological innovations are forcing decision makers to reimagine how products are designed and produced. In addition to the IoT, consider how Artificial Intelligence […]