Training and calibration of sensors in Internet of Things systems is expected to drive enterprise pending on artificial intelligence software in the manufacturing sector, which Tractica forecasts will increase from $13.5 million last year to over $1 billion by 2024.
Competition is fierce across several verticals but especially so in industries experiencing or facing disruption. Uncertainty in the face of other factors, such as the economy, is adding considerable pressure and both spurs tech adoption and depresses the heck out of CEOs. So, is revolutionary tech such as big data analytics, IoT and robotics the path to a happy and prosperous future, or is it more a matter of grim survival? Here's what a new PwC report has to say.
GE Power announced the opening of its advanced manufacturing facility in South Carolina, a $400 million digital industrial investment, on the heels of opening its first additive manufacturing (3D printing) center in Pittsburgh. GE previously declared itself a digital industrial company, essentially indicating its move from traditional industrial equipment supplier to an industrial analytics company. These two new facilities represent a clear advance in that initiative.
The global big data market in the manufacturing sector is projected to grow at a compound annual growth rate of around 17 percent through 2020, according to market research firm Technavio.
Worldwide spending on the Internet of Things is forecast by IDC to climb to nearly $1.32 trillion in 2019, up from $699 billion this year, an aggressive 17 percent compound annual growth rate.
MTConnect is an open, HTTP- and XML-based communications standard used to enhance interoperability and information sharing between manufacturing equipment, devices and software applications. The MTConnect Student Challenge intended to find creative uses of the standard in manufacturing and it's open to all U.S. college students. The deadline for ideation submissions has been extended to December 15, 2015. Cash prizes total $33,000.
Cloud and M2M implementations are about to shift into high gear in manufacturing environments as the sector moves from sporadic, data-driven applications to far more sophisticated and integrated deployments, according to a new Frost & Sullivan report. For example, the implementation of artificial intelligence for advanced robotics.
The commercial, industrial and public services sectors are expected to fuel growth in the Internet of Things, with the number of IoT connected devices forecast by Juniper Research tripling to 38 billion units by 2020.
You'll find an interesting post in the McKinsey & Company blog on how big data can improve manufacturing.
Manufacturing, utilities and transportation will be the top three verticals using Internet of Things devices in 2015, with 736 million connected devices in use next year, forecasts Gartner.