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Industrial Connectivity Market Segmented By components Type which is Hardware and Software with connectivity type which is 4G/5G, Wi-Fi, Bluetooth, LPWA-LTE
In the view of industry 4.0, the enterprises demands for higher quality, faster productivity, unprecedented operational efficiency, and increased transparency. As automation is on the rise in factories, the plant floors are filled with more equipment, assets, and machine than before to produce high standard products and services. Therefore, without industrial connectivity, modern plants floors are on the way to become more chaotic coupled with laced and negative performance-related panic.
By leveraging advanced analytics and intelligent machines, technologies such as industrial internet of things (IIoT) enable tremendous improvements in terms of productivity and augments operational efficiency. This, in turn, proves need for industrialization for industrial connectivity. Therefore, in order to stay competitive warehouses and factories must leverage digitalization and IIoT to become more efficient and agile.
Industries are under immense pressure to boost factory efficiency, improve product quality, enhance safety, sustainability, & security, and stay competitive. As a result, various manufacturing units have automated several production procedures; secure wireless connectivity creates factory automation, converting it to have industrial automation possible on a greater scale.
By producing a digital foundation, industrial automation will surge performance and productivity. Hence, the industrial connectivity market will propel over the forecast period as it is likely to exhibit greater adoption rate.
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Due to the spread of the novel coronavirus both demand and supply have significantly decreased production volumes or stopped operations. In addition most of employee workforce have started working remotely, because of the lockdown enforced by governments. However, in the case of manufacturing or industries, it is difficult to operate and run the machine and equipment remotely, which is propelling the growth of the industrial connectivity market.
Many companies have started providing control and remote access to various machines. As most of machines are experiencing longer down times it is easy to install connectivity kits on them. Every machine that is connected to the internet will help industrials vendors, since it becomes available for data collection, remote monitoring, and other services. Thus the market is anticipated to grow by 7-8% by the end of 2020.
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The transition to increased adoption of Industry 4.0 depends on growing acceptance of many new technologies by the market players. In order to trigger smart manufacturing, digital twins of operations and machine will be a necessity similar to real-time control of tasks and equipment factory automation.
For instance, recently, Ericsson’s manufacturing plant in Tallinn has declared that with the adoption of augmented reality troubleshooting, the company has witnessed better ergonomics and a decrease in average fault detection time reduction. It has simultaneously increased the productivity by up to 50%.
Adoption of smart manufacturing and Industry 4.0 supports the factories to make smart machine smarter, processes less waste, factories become more efficient, and manufacturing units’ productivity increases and becomes more flexible.
As the factories are built on the foundation of wireless, smart, and secure connectivity, they are likely to have huge opportunities to extend machine life via daily monitoring and predictive maintenance for every details of the shop floor. This helps in leveraging the benefits of industrial communication along with collaborative robots. Owing to this, factories will realize the fulfilment of long-term vision of becoming fully automated.
Presence of Outdated Hardware and Software to Limit Adoption of Industrial Connectivity
In the interconnected world, IoT devices are being rapidly used, and the manufacturers of these devices focus on not paying enough attention to device security. Most of these gadgets hardly get enough updates, whereas some of them barely get a single one.
Therefore, at the time of purchase these devices are considered secure and become vulnerable to attacks when hackers find some security issues or bugs. When these bugs are not fixed by releasing constant updates for hardware and software, these devices remain highly vulnerable to attacks.
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Examples of some of the market participants in the global industrial connectivity market identified across the value chain include ABB Ltd., Rockwell Automation, Siemens Corporation, Honeywell Corporation, Schneider Electric, SAP SE, General Electric Company, Sierra Wireless, Cisco Systems Inc., Microsoft Corporation and others.
North America holds a significant share in the global industrial connectivity market. This growth is attributed to the rise in government subsidies for the development of IIoT and IoT in the United States and Canada. The industrial connectivity market looks promising in APAC.
The region is poised to be major adopters of industrial connectivity. Growing inclination of consumers towards advanced technologies is expected to boost the industrial connectivity market in APAC in the near future.
The industrial connectivity market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
