SINGAPORE, Dec. 27, 2018
SINGAPORE, Dec. 27, 2018 /PRNewswire/ -- Manufacturing plants' increasing inclination on improving manufacturing process by including Industrial Internet of Things (IIoT) in their ecosystem is leading to IIoT's higher demand in Asia-Pacific. IIoT has positive implications in the manufacturing industry and is considered vital for their long-term strategies as it can significantly improve the mean time between failure (MTBF) rates.
IIoT assists with predictive maintenance of assets by enabling savings over scheduled repairs, reducing overall maintenance costs, and eliminating breakdowns.
"The interplay of information technology (IT) and operational Technology (OT) will involve the convergence of intelligent machine applications with analytics. This is seen to be a major enabler of growth in the future," said Tim Chuah, Associate Director, Automation & Electronics at Frost & Sullivan Asia-Pacific.
Frost & Sullivan predicts the industrial IoT market to grow at a CAGR of 17.9% between 2017 and 2022, mainly driven by three key trends, namely:
"Asia-Pacific is a dynamic region with opportunities concentrated across sectors and a low-cost manufacturing destination," said Chuah.
"Most governments in the region are keen on collaboration and improving infrastructure, which will aid the suppliers of automation and process control systems," he added.
Frost & Sullivan's recent report, Industrial Internet of Things Market in Asia-Pacific, Forecast to 2022, provides detailed analysis on key market drivers and growth opportunities for market players in the IIoT market. A few of the growth opportunities are:
Industrial Internet of Things Market in Asia-Pacific, Forecast to 2022 is the latest addition to Frost & Sullivan's Industrial Automation & Process Control research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed.
To learn more about Frost & Sullivan Industrial Internet of Things Market in Asia-Pacific, Forecast to 2022, visit https://go.frost.com/AZ_PR_ZZukarnain_P9EF_APACIOT_Dec18
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