Industrial Internet of Things (IIoT) in discrete manufacturing is transforming the entire manufacturing value chain, with manufacturers leveraging digital technologies, including product lifecycle management (PLM) solutions, to streamline their production planning. The higher demand for advanced PLM solutions and the proliferation of technologies and their applications within shop floor processes are expected to drive the $2.05 billion market toward $3.09 billion by 2022, at a compound annual growth rate (CAGR) of 8.5 percent.
“Manufacturers are actively looking to incorporate advanced technologies such as Big Data Analytics and 3D printing in their production and assembly line,” said Karthik Sundaram, programme manager, Industrial Automation & Process Control, at Frost & Sullivan. “Furthermore, rising customer demand for reduced time to market and mass customisation are prompting vendors to accelerate their manufacturing capabilities through system engineering and configuration management.”
“The US manufacturing industry, especially automotive, is an enthusiastic adopter of advanced technologies such as Artificial Intelligence and Digital Twin,” noted Sundaram. “Meanwhile, Asia-Pacific is positioning itself as a digital manufacturing hub on the strength of rapid urbanisation, industrialisation, and the economy’s shift to value-added manufacturing. Countries like Singapore, Japan, Thailand, and Hong Kong are especially exhibiting high industrial growth.”
PLM vendors are adopting various strategies for incorporating digital manufacturing products to remain competitive. Successful solutions providers will look to make the most of the growth opportunities offered by:
- Partnering with companies providing digital solutions and collaborating with government agencies to unlock opportunities within discrete manufacturing.
- Altering traditional pricing models so industrial manufacturers can penetrate niche markets.
- Complying with regulatory standards to leverage disruptive technologies and adopting new business models that improve efficiency and factory performance.
- Upgrading their technical capabilities to improve customer retention and foster long-term customer engagements.
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