These 8 charts will challenge your perspective on the Industrial IoT
As the buzz around the Industrial IoT continues to grow, are manufacturers ready to move beyond the hype? How close are we to extensive IoT implementation and delivering real business value?
The 8 charts below provide an insightful snapshot into the current state of the Industrial IoT.
A survey of senior executives from 316 organisations that are implementing IoT initiatives recently discovered:
As well as leading the way in implementation, manufacturing is expected to top spending on IoT solutions too.
That’s a serious amount of investment. As a result of all this spending:
So the manufacturing industry is expected to spend almost $200 billion dollars on IoT in 2019 and manufacturing operations are the top IoT use case by investment across all sectors.
With all this money going in, what’s the business case for the investment?
Does this mean the time for IoT adoption has come? The C-suite are certainly throwing their weight behind it. In organisations that are deploying or adopting IoT solutions:
So what are industrial companies doing with their IoT initiatives?
Although the highest use cases of IIoT data at present are status alerts & monitoring, in most cases, the greatest opportunities have still to be tapped into.
The following graph shows potential use cases across 6 sectors (retail, telecomms, industrial manufacturing, retail, energy & utilities, and automotive). The 5 use cases identified as high potential in industrial manufacturing are highlighted.
On average, 14% of industrial manufacturers implementing IoT have deployed these high potential use cases across all their sites, and a further 19% have done so at multiple sites.
So let’s recap.
At the current state of play:
- Manufacturers are expected to spend $197 billion on IoT solutions in 2019
- Manufacturing operations are the top IoT investment across all sectors
- 62% of manufacturers implementing IoT solutions are doing so at full scale (meaning across all sites, regions and geographies the company operates in) for at least one use case
- Reducing costs and improving business processes are the top IoT business drivers
- The C-suite are driving IoT initiatives in 52% of enterprises
- Status alerts and monitoring are the top use case of Industrial IoT data at present
- And 33% of industrial manufacturers deploying IoT have implemented the highest potential use cases across multiple sites (19%) or all their sites (14%)
With all this in mind, it surely won’t be long until everyone gets on board. In a survey of 474 of their industrial customers, consulting firm Bain & Company found that:
It’s becoming abundantly clear...
The time for the Industrial IoT has come.
Sources:
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These 8 charts will challenge your perspective on the Industrial IoT
