When you attach the Internet of Things to a physical asset like a manufacturing machine, you create a cycle between the IoT device and the physical machine. This cycle works on a physical to digital and back to physical cycle, meaning your physical asset provides digital data to the device, which creates a physical solution. Here is how it would work.
Research Nester released a report titled “Predictive Maintenance for Manufacturing Industry Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the Predictive Maintenance for Manufacturing Industrymarket in terms of market segmentation by product type, technology and region.Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.Predictive Maintenance for Manufacturing Industry market is projected to grow with a high CAGR during the forecast period, i.e., 2020-2029 on account of the ability to anticipate equipment malfunctions before they occur, arrange repairs proactively, avoid stalling factory floor operations and most importantly, prevent the failure of machinery to keep businesses running efficiently.
In June 2020, PTC enhanced ThingWorx Industrial IoT platform to accelerate Industrial IoT deployments across the enterprise value chain.
ThingWorx 9.0 is delivering new and expanded features to help industrial companies create, implement, customize, and scale their solutions.The market is segmented by type into solution and service.
Moreover, generating need to prolong lifetime of ageing industrial machinery is required for better production forecasting and cost savings.
North America is estimated to hold the largest market size in the global predictive maintenance for manufacturing industry market, North America is projected to be the leading region in terms of adopting and developing predictive maintenance.
The rising investments in emerging technologies such as IoT, AI, ML, the increasing presence of predictive maintenance vendors, and growing government support for regulatory compliance are the major factors expected to contribute to the market growth during the forecast period, while Asia Pacific is expected to grow at the highest CAGR during the forecast period.
So you want to create your own Internet of Things project, but got stuck at the very beginning?
Follow the guide on how to create an IoT product, and get ready to share your achievements with us later!
IoT is one of the most popular concepts of the last few years in many industries.
Most of the IoT companies that failed, focused on what final product they want to create, but not on what problems should it solve.
What technology choices should I consider?
Great, take note of everything, and don’t stop analyzing until you are 100% sure what IoT use case suits your idea the best.
