Major Trends in IoT in Manufacturing Industry
The IoT becomes an essential resource for factories to provide an information network to deliver automation, analytics, and real-time decision-making capabilities. Nearly one-third of production processes and equipment use IoT technology. As a result of this, the manufacturing system brings pervasive visibility across factory operations and streamline the manufacturing process.
Some of the Major Trends in IoT in Manufacturing Industry
Digital representations of physical objects and systems are well established ideas. When these ideas are integrated with analytics and real-time data, they can be powerful manufacturing operations tools. Manufacturers are focusing on the digital twin approach to identify the potential outcomes of maintenance. Globally, manufacturers are spending on billions of dollars on digital transformation. For instance, Volkswagen a leading automotive company planned to pour billion euros in digitization projects by 2023. In addition to this, manufacturer also said that the digitization brings more than 2,000 new job opportunities in digitization projects. The emergence of digital twin brought new revolution where IoT, digitization, AI, ML disrupt the automotive industry. It enables to use computer program to observe the physical objects in the real world and mimicking to monitor and predict the behavior of virtual platform in the automotive industry.
Today, manufacturers are utilizing sensors in everything from product tags to production equipment. They collect all types of data, sensors feed data into factories analytics systems, track everything from access logs. Therefore, globally increasing the demand for Radio Frequency Identification (RFID) tags which are majorly attached to the all the equipment in the manufacturing industry such as name tags, product containers, manufacturing equipment and other objects. These sensors help to keep a track of the employees and assets in the production operation. Globally, the industrial sensors market is driven by manufacturing industry due to growing demand for sensors in automotive, aerospace and heavy equipment manufacturing industries.
Swarm intelligence is emerged as a new trend in manufacturing industry. It is a process collecting
information from various sources and applying analytics tools to create actionable insights from connected devices. Globally, manufacturers are applying swarm intelligence in complex IoT systems to analyze and logically control the production operations. Swarm intelligence algorithms helps to resolve the complicated issues connected with IoT systems. The swarm intelligence helps to detect bottlenecks and optimize the manufacturing processes to streamline production flow.
Today, AI adoption is growing rapidly across various industries and specifically manufacturing industry
experienced tremendous change. The artificial intelligence is essential tool for predictive maintenance, vast amount of data interpretation, understand the patterns of data to take the insightful decisions. The artificial intelligence enables manufacturers to recommend predictive maintenance option before the machine or equipment fails. In the coming future AI will perform hazardous jobs in the production process to minimize the employee injuries and increase the efficiency.
The major issue in manufacturing industry employee retention, cost of production and high competition.
However, the integration of AI and IoT will bring the better connectivity, reduce the dependency human resource, enable real-time tracking, and optimum utilization of available resources. Therefore, the AI and IoT bring the new revolution in the industry to achieve high production at low cost.
- The manufacturing sector accounted 25% of overall AI implementation across the world for maintaining machinery and production assets
- For instance, General Motors detected 72 instances of component failure across 7000 robots to identify issues the before it could result in unplanned outages
Today augmented reality is acquiring a new dimension with IoT to connect the digital world and utilize digital information from physical devices. Augmented reality is the enhanced version of the physical world, which can be achieved using digital visual elements and sounds. IoT works as a bridge between physical assets and digital infrastructure, while AR brings digital to life by interacting with physical infrastructure in real-time. AR uses specialized software and hardware to connect with the real world seamlessly. The manufacturing industry can be benefited from this technology by providing real-time information and instructions to the workers about equipment and machinery performance.
Globally, augmented and virtual reality technology spending reached at $10.5 billion in 2020, and the spending will grow at a CAGR of 70% from 2019 to 2023. In overall spending, the manufacturing industry accounted 19% of the overall spending.
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