Industry 4.0 and Internet of Things (IoT)- The Emerging Marketing Trends
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The document discusses industry 4.0 and the emerging trends of the industrial internet of things (IIoT). It notes that IIoT is seen as a primary way to improve operational efficiency in manufacturing. By 2020, the number of connected devices is expected to reach 51 billion and IIoT is projected to add $14.2 trillion to the global economy. Key benefits of IIoT include improved productivity, reduced costs, enhanced safety, and new business models.
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Industry 4.0 and Internet of Things (IoT)- The Emerging Marketing Trends
- 1. INDUSTRY 4.0 AND IoT The emerging marketing trends INDUSTRIAL INTERNET OF THINGS is renowned as the PRIMARY way to improve operational efficiency in manufacturing domain. 03 IIoT captures new growth through these approaches: Improves revenue by increasing production Creates new hybrid business models Exploits intelligent technologies to fuel innovation Transforms the workforce By 2020, number of connected devices will touch 51 Billion In 15 years, IIoT will add $14.2 trillion to global economy 62% of GDP in G20 nations comes from IIoT By 2030, $15 trillion of global GDP will come from IIoT Productivity Improvements Reduced Operating Costs Enhanced Worker Safety “Sensors are the most important end-point of IoT. An effective indicator of IoT growth is the growth in sensors.” Cost of hardware drops as volumes increase Greater connectivity at global scale Highly competitive economy that places importance on efficiency & speed FACTS YOU NEED TO KNOW: WHY INTERNET OF THINGS (IOT) IS GAINING PROMINENCE? 01 02 01 05 04 03 04 05 01 THE KEY FACTORS THAT DRIVE IOT GROWTH:03 Key Challenges INDUSTRY 4.0- THE EMERGING TRENDS THAT BRING IN DIGITAL DISRUPTION: Feature Challenge How it is being mitigated How it will be mitigated in future Existing Trend Trends for Future 05 02 Better Predictive Maintenance Enhanced customer service experiences Improved asset management New business models that disrupt existing ecosystems IoT Apps Balance of Power Nature of solutions Manufacturing Approach IoT Platforms Key focus Key offerings in product portfolio IoT Ecosystem Organizational structures Decision making Security Optimization potential for existing apps Vendors or consultants identify use cases and roll out apps Custom-tailored solutions which are relatively expensive Agile, customer specific marketing Growth phase, multiple platforms being launched • Integration of devices • Data Management • Analytics • Big Data • Machine Learning IoT networks are expanding Companies set up fast, agile subsidiaries to overcome restraints of rigid corporate structures Automated technology to present real-time data in graphs and tables with supporting algorithms Legacy equipment are a big security hole. Security is now a vulnerable additional layer Enterprise users gain competency in IoT • Device Management • Business Process Management • Integration of heterogeneous devices, data, and applications • Security New “killer” apps that can co-opt: End users would decide on appropriate use cases Use cases suitable for a broad customer base would roll out as standard solutions. They are: Fast, custom-tailored & automated marketing in small, decentralized production units Many platforms would consolidate to a few robust ones Intense cooperation between competing IoT networks Rise of “bimodal IT” companies, a combination of stable IT backbone with agility and innovation Cognitive outsourcing or use of Artificial Intelligence in decision making Strong encryption, and security features co-opted to product design, as legacy devices will be phased away Standards Lack of standards limit IoT 4.0 For example: there is no way for cars to “talk” to other cars and streetlights to facilitate seamless automated driver-less cars on regular roads Standard bodies would work out a consensus among competing vendor companies to establish commonly accepted standards Enterprise users become vendors themselves, offering consultancy and integration services Extension of “work from home” concept to manufacturing Most of IoT platforms Radio technologies & Sensors Data processing, visualization Cloud platforms & web applications Other software components Complete in all aspects Low priced for end users Leverage economies of scale THE DEVELOPMENTS THAT INDUSTRY 4.0 PROMISES: 04 02 Reference http://blog.bosch-si.com/categories/manufacturing/2016/05/industry-4-0-and-the-iot-market-trends-for-the-next-years/ https://www.pwc.com/us/en/increasing-it-effectiveness/assets/future-of-the-internet-of-things.pdf http://www.fastcompany.com/3052936/the-future-of-work/how-the-internet-of-things-is-changing-work http://www.huffingtonpost.com/entry/the-internet-of-things-future_b_8640360.html?section=india http://www.itproportal.com/2016/01/28/the-future-of-iot-as-told-by-those-driving-the-revolution/ suyati.com 4.9 billion 38-50 billion sensors connected to the Internet now growth in sensors expected by 2020 Gartner estimates: