The influx of wireless technologies and intelligent devices has resulted in the rapid evolution of the Internet of Things (IoT), a disruptive cross industry force expected to transform the manufacturing value chain into a state of hyper-connectivity. While it is only a matter of time before end users see the compelling benefits of real-time data collection and in-depth analysis of multiple process variables from diverse distributed assets, several roadblocks remain to enforce high-level business continuity.
New analysis from Frost & Sullivan, Internet of Things (IoT)—Challenges and Impediments, finds that improving the speed and reliability of communication, enforcing a single standard across the enterprise, maintaining a robust security platform and managing high volume datasets are paramount to the success of the highly dynamic IoT landscape.
“Security, particularly for critical infrastructure, is a key concern for end users owing to the number of attack points and potential magnitude of impact,” said Frost & Sullivan Industrial Automation and Process Control Senior Research Analyst Rahul Vijayaraghavan. “As the IoT market moves towards semi- and fully-autonomous control networks, end users will have limited awareness and control in the event of targeted attacks, heightening the risk of sudden disruptions.”
While IoT provides benefits like responsiveness, collaboration, and visibility, there remain concerns surrounding management of high volume data traffic from multiple connected assets. End users must decide what mission-critical data (safety, financial, and operational) to manage in-house and what data should be progressively farmed out to service-platform providers.
Additionally, to derive value from the data amassed, development of extensible, industry-specific platforms that offer actionable, real-time insights to improve operational productivity should be a focal point for solution providers.
“As data becomes the currency of the future, vendors must further invest in meeting critical end user data storage, management, analytics and ownership requirements,” noted Rahul. “The ability to establish robust strategic partnerships with IoT ecosystem value chain participants will determine if solution providers can sustain growth in the fast-evolving IoT domain.”
Internet of Things (IoT)—Challenges and Impediments is a Market Insight that is part of the Industrial Automation & Process Control Growth Partnership Service program. This Insight provides value chain participants in the IoT ecosystem an overview of the key business drivers fueling IoT adoption, applications of IoT across the manufacturing value chain, and a detailed analysis of critical concerns and road blocks.
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