IoT, cloud and Big Data analytics reshape vertical markets
The advent of the Internet of Industrial Things (IoIT) has triggered an influx of services such as cyber security and advanced maintenance, and this has dramatically widened business opportunities in the manufacturing services sector, according to a new study from Frost & Sullivan.
As integration with information and communication technologies (ICT) such as big data analytics and cloud-based platforms form the crux of next-generation manufacturing services, solution providers are developing new services that address security and operational improvement as well as maintenance and support, the firm says.
The study, Services 2.0: The New Business Frontier for Profitability, notes that big data analytics is poised to change the maintenance services models across the manufacturing sector.
“In line with the emerging trend of IoIT, manufacturing services are also evolving into a connected ecosystem supported by a single control center,” Srikanth Shivaswamy, Frost & Sullivan industrial automation and process control senior research analyst, said in a statement. “The demand for interoperability and maximum transparency across multiple products and processes is lending credence to the concept of connected operations.”
Such extensive integration will mean high costs for manufacturers, the report says. The convergence of ICT with conventional services will require sophisticated platforms. But the deployment of advanced process controls and smart communication systems will increase efficiency and compensate for the large investments.
Strengthening information security infrastructure, a recent addition to the framework of industrial services, will be vital for the uptake of IoIT-based modules, Frost & Sullivan says. Innovations in investigation, threat detection and self-aware platforms will be critical.