A brand new forecast from International Data Corporation (IDC) reveals the Internet of Things (IoT) market in Central and Eastern Europe, the Middle East, and Africa (CEMA) is expected to expand 22 % in 2015 year on year, reaching $14 billion in total value.
The report shows the CEMA IoT market in manufacturing operations will grow from $0.6 billion in 2013 to $1.4 billion in 2018, reflecting a five-year compound annual growth rate (CAGR) of 17.1%. Growth will be driven by ongoing efforts to increase efficiency and link islands of automation on the factory floor.
Industry analysts Gartner also say the Internet of Things (IoT) has major potential, but it presents challenges that manufacturers must address as they develop their IoT strategies. Connectivity, cloud storage, automation, and data analysis are factors in the equation that must be mastered before the overarching IoT strategy can be implemented.
Some, such as predictive maintenance, are already in place in many manufacturing plants. It is the connectivity – inside and outside of the plant – and the application of data collected that creates a difference. This is the cornerstone of IoT and the technology that will change the future of manufacturing.
According to Kevin Dherman, Chief Executive – Product Innovation, Development – Immerging Technologies “The Internet of Things critically benefits manufacturers by integrating the factory floor to ERP and Business Intelligence and connecting supplier, customer and end user into the value chain.”
He says that the manufacturing sector will benefit best by boarding the IoT train quickly, taking them into the next ‘industrial revolution’ as soon as possible, or risk being left behind.
The recent launch of Windows 10 is also highlighting the ascendancy of the Internet of Things, mobility and devices which are all key elements in the new software roll out and set to intensify their impact on manufacturing.
In the video interview Dherman discusses the Internet of Things and its potential in the manufacturing sector.
Kevin Dherman is Chief Innovation Officer at SYSPRO, and has been at the company since 1999. Along with his team, he spends most of his time doing research and development – where he is responsible for investigating new technologies, integration strategies and development. Before joining SYSPRO he worked at a SYSPRO customer, where he developed add-on programs, reports, including the Kan-Ban system. Kevin was involved with the architecture and development of e.net Solutions, EPM, Workflow, Mobile platform and Cloud Platform.
Kevin has always believed in choosing the right technology at the right time and the success of the modules that he has developed are testament to this. Kevin often works closely with the Microsoft development team in Redmond, whilst in the RND stages of a new module. He is regularly invited to lecture at Microsoft Tech-Ed and Microsoft Developer Days too.