11 Aug 2022
IDC: Discrete Manufacturing Industrial Internet of Things Spending to Reach US$89 Billion in Asia/Pacific* by 2025
China is placing a large bet on the Industrial Internet of Things (IIoT) to boost production and efficiency by simplifying and automating manufacturing processes over the Internet.
SINGAPORE, August 12, 2022 – 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 a number of 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“Retrofitting machinery with IoT capabilities is a cost-effective solution to update outdated pieces of equipment, especially when compared with totally replacing them," adds Singh.
The IDC report, “Upcoming Trends in Internet of Things Retrofitting for Smart Manufacturing in Asia/Pacific ” (IDC #AP47762722), explains the importance of retrofitting in the manufacturing sector. This would also brief how the industry 4.0 is playing a key role in the advancement of IoT industry and the role of retrofitting and its implementation in various APEJ regions and manufacturing processes.
For more information on this IDC Survey document, please contact Piyush Singh at firstname.lastname@example.org. For media inquiries, please contact Theresa Rago at email@example.com or Michael De La Cruz at firstname.lastname@example.org.
*Asia/Pacific excluding Japan
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDCAP and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
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Michael De La Cruz
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+65 6226 0330