WELLESLEY, Mass., Oct. 03, 2017 (GLOBE NEWSWIRE) -- The Internet of Things (IoT) is poised to revolutionize the industrial landscape. Placing intelligence on small devices and collecting data has the potential to transform the discrete parts manufacturing sector. Key factors driving this wholesale change include improving the customer experience, increasing speed to market and reducing costs. BCC Research projects the global market for IoT discrete parts manufacturing to grow at a 26.7% CAGR to reach $2.8 billion in 2022, up from $862.6 million in 2017.
The Internet of Things (IoT) in Discrete Parts Manufacturing reports the IoT is central to this change. The concept encompasses the digitalization of the horizontal and vertical value chains, innovation in products and services, the creation of new business models and the implementation of new business processes. New technologies are emerging that change the manufacturing process.
The discrete parts IoT market is in the early stage of development. Startups have flooded the market, with hundreds of players selling IoT platforms, the central nervous systems for next-generation solutions. Network elements—particularly wireless elements—are still being developed. New sensors are emerging and vendors are layering virtualized software over their PLCs and distributed control systems (DSC), to have a presence in this new environment.
Research Highlights
- Cost reductions and capability improvements are two primary drivers enabling new IoT cases.
- New technologies like innovations in machine learning are emerging rapidly on the IT side of the equation.
- Standards are being developed, but major work remains with projects in the early development and pilot phases, posing a possible barrier to growth.
"In general, assembly line items like sensors have had little to no intelligence and building the ecosystem to collect, interpret and proactively use the data represents a monumental undertaking—basically a revamping of the manufacturing process while the operations are running," says BCC Research analyst Paul Korzeniowski, who authored the report. "Some have described the process as painting a bus while it is moving. Recently, new networking technologies, cloud computing, big data, analytics and security have emerged to help companies move down this path."
Major suppliers of IoT discrete parts and products discussed in the report include IBM, Microsoft, Cisco, Bayshore, Mocana, ForeScout, Senrio, Siemens, SAP, GE, TDK, Qualcomm, STMicroelectronics, TE Connectivity and Infineon.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.