Internet of Things Enables $3.88 Trillion in Potential Value to Manufacturers

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According to ARC Advisory Group

Internet of Things Enables $3.88 Trillion in Potential Value to Manufacturers
Internet of Things Enables $3.88 Trillion in Potential Value to Manufacturers

ARC Advisory Group believes that the emerging Internet of Things (IoT) will offer value across multiple industrial sectors and applications. Cisco expands on this, using the term, "Internet of Everything" (IoE) to describe its vision of bringing people, process, and data together via the Internet of Things. The company predicts that the IoE could enable manufacturers to generate $3.88 trillion of value through a combination of increased revenues and lower costs over the next ten years.

Innovative, forward-thinking manufacturers are realigning their technology and business imperatives to capture this value by leveraging Internet Protocol (IP) technology. Pivoting the business to take advantage of this paradigm shift is not trivial. It requires a sound incremental strategy built around business use cases applied throughout the manufacturing and business value chain.

Today, IP-enabled microprocessors - the brains inside many digital devices - can seamlessly connect conventional automation equipment, such as I/O modules and variable frequency drives. But the explosive growth of other IP-enabled devices - many adopted from other disciplines - is transforming the industrial landscape.

Video cameras, RFID readers, digital tablets, security swipe cards - these open-standard, IP-enabled devices can help manufacturing operations reach new heights of production quality, efficiency, security, and safety. Over the next ten years, new innovation will dramatically extend the reach of IoT devices, enabling early adopter manufacturers to gain a competitive advantage.

Cisco, Panduit, and Rockwell Automation recently briefed ARC Advisory Group on their efforts to provide the tools and resources needed to holistically deploy IP from the enterprise to the plant. This coalition of like-minded companies established an organization, Industrial IP Advantage, to promote manufacturing and industrial companies to build more successful businesses by deploying a secure, converged, digital communications fabric based on standard, unmodified Ethernet and IP.

Posted on April 1, 2014 - (307 views)
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