In the face of stagnant global demand for manufactured products, industrial manufacturers struggle to keep their operational costs low and operate profitably. As a result, manufacturers are embracing new technologies that allow them to streamline and speed up the manufacturing process. This constitutes a significant opportunity for the providers of innovative industrial technologies, such as automation and control systems, sensors, robotics, and electric motors.
The industrial technology sector has experienced unprecedented growth over the past few years. Of all the technological advancements, connected industrial devices have captured the greatest interest of manufacturers. Also known as the Internet of Things (IoT), the technology allows manufacturers to network their industrial devices together to enjoy a number of unparalleled benefits, including real-time monitoring of equipment, asset optimization, predictive performance management, and more. Industrial technology providers will need to focus on developing easy-to-learn, scalable solutions that can fulfill the needs of businesses of all sizes to expand the adoption of this new technology by the manufacturers.
Today, many industrial manufacturers receive and generate large volumes of data coming from an avalanche of sensors and integrated devices. To derive value from this information, manufacturers are looking for technology solutions that can help them mine the data and draw valuable insights from it. Industrial technology providers will need to focus on developing data mining and analysis solutions that have been designed with the needs of the manufacturing industry.
Lack of portability of automation and control solutions is another challenge facing the industrial technology providers, and this must change. Due to increasing proliferation of mobile devices in the workplace, manufacturers are looking for solutions that allow them to monitor the manufacturing process on the go. Hence, technology providers should focus on building solutions with open ecosystems that can facilitate innovation and make it easier for manufacturers to track their operational performance from any location, at any time.
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