IIoT Spending in Discrete Manufacturing Will Hit $89 Billion in Asia-Pacific by 2025
Industrial Internet of Things (IIoT) spending in the discrete manufacturing sector in Asia-Pacific is expected to reach $89 billion by 2025, according to a new report.
Discrete manufacturing is the production of distinct items like automobiles, furniture, toys, smartphones, and airplanes, among others.
According to an IDC report, the manufacturing industry is the most common target for infrastructure-related cybercrime today, accounting for a third of all attacks.
In addition, the level of competitiveness increases, as do the expectations of the customer who demands better personalization, rapid information and better assistance before the purchase.
“Most traditional manufacturing plants were not built with cybersecurity in mind. With the advancement of hacking technology, every connection point increases the danger of cyberattacks and cybercrime, which can lead to interference, remote access, intellectual property theft, and loss or alteration of data,” said Piyush Singh, senior market analyst for IoT Insights, IDC Asia/Pacific.
Discreet manufacturers around the world are actively exploring how to leverage the Internet of Things (IoT) to better connect their supply chains, equipment and products.
According to the report, manufacturers can greatly benefit from retrofitting smart sensors on old equipment because of the insights they can gain about their equipment.
In Asia/Pacific excluding Japan (APEJ), almost a third of all IoT spending in 2020 (hardware, software, services and connectivity combined) was for the manufacturing industry.
“Upgrading machinery with IoT capabilities is a cost-effective solution to updating outdated equipment, especially compared to replacing it altogether,” Singh said.
China is banking heavily on the Industrial Internet of Things to boost production and efficiency by simplifying and automating manufacturing processes on the Internet, the report said.
(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)