IoT has left a powerful mark on many industries, however, manufacturing has seen some of the most substantial changes as a result of the IoT. This is evident in the 28.5 percent increase in manufacturing revenues that occurred between 2013 and 2014. However, there are other ways that the IoT has affected industrial manufacturing as well.
Investment in IoT Solutions
By 2020, the manufacturing industry is predicted to spend 70 billion on IoT solutions. This is up dramatically from 29 billion in 2015. These changes will help improve everything from inventory control to tracking factory assets. The IoT is predicted to help the overall function of the manufacturing industry to run much smoother. Many manufacturing companies will benefit from the IoT, from those that make industrial mixers to those that produce medical parts. Most IoT solutions in manufacturing are still fairly rudimentary, however, with time, more advanced technologies will be implemented. Autonomous robots and the use of augmented reality are said to be coming to manufacturing in the very near future.
What Challenges will be Created by the IoT?
The increase in automation will make cybersecurity imminent. The threat of cyber attacks will be heightened as manufacturers increase their reliance on automation. In fact, there may even be push-back and reluctance when it comes to implementing the IoT into factory practices. This may occur because automation would mean less dependence on human workers.
The Impact on ROI
The IoT is clearly the wave of the future. Although the manufacturing industry is projected to invest a lot more in IoT solutions, the evidence is clear that the return will be exponentially great. Automation will make manufacturing much easier to manage and track. Machinery will be easier to maintain as well, as a result of predictive maintenance. It may be possible to fix something before it breaks, saving manufacturers tons of money.
The manufacturing industry has seen some of the biggest changes as a result of the IoT. These changes aren’t slowing down either. With robotics and augmented reality fast approaching a norm for many manufacturers, the IoT is already quickly changing the face of manufacturing. In many ways automation will make manufacturing a much more streamlined and efficient process, however, it may come at the cost of jobs that were once performed by humans. This will probably increase the demand for a more skilled manufacturing labor force. However, this prediction is yet to be seen.