In Asia, the potential of IIoT is not to be ignored. According to a recent market research study by MarketsnadMarkets, the Asia-Pacific region holds the largest share of the Industry 4.0 market, which the firm forecasted to grow from US$66.7 billion in 2016 to $152.3 billion by 2022 at a compound annual growth rate of
In Asia, the potential of IIoT is not to be ignored. According to a recent market research study by MarketsnadMarkets, the Asia-Pacific region holds the largest share of the Industry 4.0 market, which the firm forecasted to grow from US$66.7 billion in 2016 to $152.3 billion by 2022 at a compound annual growth rate of 14.7 percent.
A main growth catalyst for IIoT in Asia is government initiatives promoting related technologies and solutions. “Governments have got involved along with industry associations to setup Industry 4.0 and IIoT clusters. These help increase awareness, disseminate best practices and helps manufacturers get the required hand holding to adopt Industrial IoT,” said Vinay Nathan, Co-Founder and CEO of Altizon Systems.
“A major growth driver for Asian region is the ‘Digital India' and ‘Made in China 2025' initiatives where the government is expected to contribute extensively into the Asia Pacific IIoT market,” said Kiran Nataraj, Founder and CEO of Entrib.
Meanwhile, IIoT benefits are also being realized by Asian manufacturers themselves. “Manufacturing in Asia is perceived to be pursued under the age-old practices of limited focus on workforce safety, dependency on unorganized sectors for supply chain requirements, limited economies of scale benefits as compared to counterparts in developed economies, dollar or euro exchange rate drawbacks and lagging tendency in adoption of new technology innovations,” said Keshab Panda, CEO and Managing Director, L&T Technology Services. “IIoT can help overcome these disparities and challenges as it will enable a common standardized platform that can scale up the manufacturing companies in the Asian continent to match up to the excellence level of global peers. IIoT through use of smart wearables and predictive analytics can address the challenges of safer work environment as well as improved uptime quotient.”
“The long history of industries signifies the presence of legacy equipment and wide diversity of IT maturity. This also represents an opportunity as IIoT is uniquely positioned to act as the glue for all this machine data at affordable price points, thereby openings up deep analytics possibilities to end users,” said Nathan. “A unified data infrastructure for analytic of machine data is huge boost for productivity, quality enhancement, condition-based monitoring and asset performance management across the value chain.”
Deployment in countries
In general, any market in Asia with thriving manufacturing can benefit from IIoT. “We see the use of IIoT and sensorization for manufacturing becoming more commonly accepted and utilized in Singapore, Taiwan, South Korea and China. As the costs of labor increases, IIoT adoption increases to mitigate the need for human intervention for data collection and monitoring. However as more companies continue to move their core manufacturing operations from North Asia down south, we see large potential and uptake of IIoT solutions in Vietnam, Thailand and Indonesia,” said Willson Deng, Chairman and Founder of Singapore Manufacturing Consortium.
India, meanwhile, is another country where IIoT deployment is picking up. “We have done complete digitization of factories in India: in one case one of our customers – Prince Pipes and Fittings – have succeeded in digitizing one of their factories in the north thanks to IIoT, and they are now looking to roll it out to their other plants,” said Nataraj. “They have seen significant productivity improvements through IIoT adoption. Here analytics can be employed to figure out bottlenecks along with the benefits of digitization – eliminating a paper based system, reduction in data capture error and improved analytics.”