IoT Analytics, a prominent provider of market insights and strategic business intelligence for the IoT (Internet of Things), has released an analysis based on the 255-page Industrial IoT & Industry 4.0 Case Study Report 2023. The key learnings from the report suggest a sharp focus on digitalisation in the realm of industry, ranging from ERP (Enterprise Resource Planning) upgrades to predictive maintenance.
The industrial IoT market is expected to register a net value of $145 billion in 2023, marking a significant milestone in the extraordinary journey of digital transformation of industries across the globe. The report explores 22 case studies, shedding light on their project objectives, technological deployments, challenges encountered, and eventual outcomes.
Upon inspecting the case studies, Rajini Nair, Analyst at IoT Analytics, noted: "It is evident that digitalization acts as a key catalyst driving technological progress in industrial settings. This includes the enhancement of ERP systems and the migration of data to cloud platforms equipped with real-time streaming capabilities. Furthermore, digitalization proves essential in harmonising companies with their sustainability objectives."
Nair further illustrated how strategies such as implementation of predictive maintenance algorithms and the adoption of private industrial 5G use cases are leveraged to improve operational efficiency. "Looking forward, the technological landscape is transforming with the rise of AI, poised to shape the future of manufacturing," she added.
Digitalisation in industrial applications has transformed into more than just a modernisation strategy. It is now a business survival necessity that clearly delineates victors from the vanquished in competitive markets. For numerous firms, digitalisation has already wrought astonishing transformations.
To name a few, carmaker Mercedes has observed a 25% increase in efficiency in its S-class assembly post digitalisation. Chemical company Covestro, on the other hand, achieved increased efficiency and diminished downtime by transitioning from calendar-based to condition-based maintenance. Energy powerhouse TotalEnergies revealed plans to generate annual savings of a staggering $1.5 billion via digital solutions by 2025.
To summary, the five main insights derived from the analysis of the case studies are: digitalisation is key to enhancing ERP systems, cloud-native data storage and streaming are on the rise, implementation of private 5G use cases has commenced, digitalisation is a requisite for achieving sustainability, and a shift towards predictive maintenance is gaining momentum.
IoT Analytics envisages further growth in digitalisation, with AI emerging as a crucial theme in the future transformation initiatives of companies. The firm will continue to monitor this sector and share noteworthy case studies from early adopters.