Industrial IoT Market Nears $132 Billion in 2020: Technavio
Pedro Hernandez for Datamation:  The Internet of Things (IoT) is expected to have a major, efficiency- and productivity-enhancing impact on how manufacturers and other companies in industrial settings conduct businesses. A new forecast from market research firm Technavio paints a rosy picture for IT vendors that specialize in industrial IoT.
According to the analyst group, the market for industrial IoT software and services will reach nearly $132 in 2020. Between now and then, the market will expand at a compound annual growth rate (CAGR) of 7 percent.
In terms of demand, Technavio has identified the Asia-Pacific (APAC) region as the largest market for industrial IoT.
Last year, the industrial IoT market generated $38 billion in sales in the region, a number that will reach $54 billion in 2020. APAC countries are investing heavily, including South Korea, which plans to pour over $3.6 billion into the IoT by 2020. Â Cont'd...
Nobilia uses IoT to create smart factory
Kitchen maker Nobilia has rolled out IoT and automation systems in its German factories to enable real-time tracking of furniture as it progresses through the manufacturing process.
The company, which has distribution in Australia, is using Beckhoff automation technology that is powered by Intel processors.
A barcode that is attached to furniture is encoded with details including processing steps, components required to be added to complete it, and logistics information such as where the finished product is to be delivered.
“Each processing machine scans the barcode and retrieves the associated machining data from a central database. Data connecting the whole factory together makes it possible to produce 2700 kitchens daily,” Intel said in a blog post.
“Through real-time tracking enabled by Intel IoT technologies, Nobilia knows exactly where each part is in the production process at any time.
“If one of the manufacturing lines shuts down, parts are automatically rerouted to another line.”
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