China is placing a large bet on the Industrial Internet of Things
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. In a recent IDC report titled, Upcoming Trends in Internet of Things Retrofitting for Smart Manufacturing in Asia/Pacific, IDC revealed that 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 several benefits with the retrofitting of machines and equipment in manufacturing plants, such as:
- Retrofitting increases the value of immovable and moveable assets.
- The legacy system has been digitalized and modernized.
- IoT enablement prevents capital equipment obsolescence.
- A low-cost approach boosts efficiency and production.
- Data analytics helps with quick decision-making.
- Equipment and asset life are extended.
- ROI is increased.
- Factory safety will improve.
“Retrofitting machinery with IoT capabilities is a cost-effective solution to update outdated pieces of equipment, especially when compared with totally replacing them,” adds Singh.