Value and Global Share of Smart ManufacturingJune 29, 2018
Smart manufacturing is the use of The Internet of Things (IoT) devices to improve efficiency and productivity of manufacturing operations. Many manufacturing facilities and production lines are undergoing process changes for these technology updates.
According to a recent estimation by McKinsey, the potential economic impact of IoT applications by 2025 will be between $3.9 and $11 trillion, of which $1.2 to $3.7 trillion is allotted to IoT applications within the factory environment.
Smart manufacturing as a norm is in the near future and the most valuable asset is the real time data. Those who master the transformation will be the leaders in their industry.
How does the manufacturing industry utilize IoT?