The Internet of Things has become a globally adoptive technological solution which has shown a significant shift from the academic circles to various other industry. This is predominantly, due to the development of cost-effective sensors, affordable connectivity, accessible cloud platforms, effective processing and storage capabilities of large amounts of structured and unstructured data by the big data platforms, abundant mobile applications and smart machine learning tools. Enterprises, nowadays have become acquaintance to IoT and have enabled it as an innovative solution to solve business problems. One such problem where industrial internet of thing is applied for the efficient management, monitoring and maintenance of enterprise’s asset and operation.
Smart connected asset and operation are the devices used by the enterprises to produce and deliver goods and services that can efficiently sense and respond to internal and external environment in a prompt and accurate manner. The smart connected asset and operation devices are well aware of environment and can react to design and configuration, support customer requirement or supplier performance and even handle inventory and maintenance schedule. Assets that have been installed and managed for years have decades of historical information. These information reside in various places such as paper files, dataset and knowledgeable workforce. To extract more information from assets, companies are embarking on digital transformation by deploying more and more smart sensor at multiple touch-points.
Smart connected operation provides a comprehensive path for managing factory and its production line. It significantly transform the manufacturing operation and allow manufacturer to have real time analysis of operation data through predictive analytics technology. Smart connected asset and operations are developed through convergence of big data analytics and, cloud and mobile technologies that are merging traditional Informational and operational technology (IT/OT). Smart connected asset and operation are one of the strategic objective that an asset intensive organization are following as it allows an enterprise to move beyond real-time control to predictive control and ultimately to autonomous operation.
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Increase in manufacturing agility, need for cost reduction and energy and requirement for improving performance has driven the smart connected asset and operation market. Manufacturing industry significantly adopt new technology in order to efficiently compete and fulfil customer demand through improving efficiency and flexibility. This is also expected to increase the adoption of the smart connected assets and operations market in a significant manner.
Lack of proper standardization is major restating factor for the market. Furthermore, the cyber security is also one of the biggest concern for the vendors to implement smart connected assets and operation among their end-user facilities. Despite, these challenges, smart connected asset and operation market display immense opportunity due to growing adoption of smart connected assets and operation among end-user vertical for efficient asset monitoring and measurement.
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The market can be segmented on the basis of end-use vertical such as automotive, healthcare, agriculture, power and energy and others (transportation, factory automation). The market can also be segmented on the basis of component such as include hardware, software and services.
Key players in the market include Intel Corporation, General Electric International Inc., Bentley systems, Rockwell Automation, Broadcom Corporation, STMicroelectronics N.V., Freescale Semiconductor, Inc., ARM Holding PLC, Cypress Semiconductor Corporation, Texas instruments Inc, Cypress Semiconductor Corporation and ABB Ltd.