Acute focus on communication, data management, networking, and security concerns to facilitate seamless transition, finds Frost & Sullivan
The influx of wireless technologies and intelligent devices has resulted in the rapid evolution of the Internet of Things (IoT), a disruptive cross industry force expected to transform the manufacturing value chain into a state of hyper-connectivity. While it is only a matter of time before end users see the compelling benefits of real-time data collection and in-depth analysis of multiple process variables from diverse distributed assets, several roadblocks remain to enforce high-level business continuity.
While IoT provides benefits like responsiveness, collaboration, and visibility, there remain concerns surrounding management of high volume data traffic from multiple connected assets. End users must decide what mission-critical data (safety, financial, and operational) to manage in-house and what data should be progressively farmed out to service-platform providers.
Additionally, to derive value from the data amassed, development of extensible, industry-specific platforms that offer actionable, real-time insights to improve operational productivity should be a focal point for solution providers.
“As data becomes the currency of the future, vendors must further invest in meeting critical end user data storage, management, analytics and ownership requirements,” noted Rahul. “The ability to establish robust strategic partnerships with IoT ecosystem value chain participants will determine if solution providers can sustain growth in the fast-evolving IoT domain.”