Internet of Things (IoT)--Challenges and Impediments

NEW YORK, Sept. 15, 2014 /PRNewswire/ -- While the IoT is expected to transform the plant floor into a hyper-connected space and dissolve boundaries between individual business units within the organization, a number of challenges require attention to ensure the future of a connected enterprise. This strategic market insight provides value chain participants in the IoT ecosystem an overview of the key business drivers fueling IoT adoption, applications of IoT across the manufacturing value chain, and a detailed analysis of critical concerns and road blocks in the form of communication, data management, networking, and security.

Key Findings
Business Drivers
-The pressing need for real-time decision making, challenges associated with the aging workforce, and technology advancements in the form of cloud computing drive IoT acceptance.
-The greatest impact across the value chain is expected from the manufacturing (shop floor), supply-chain, and managed services' segments.
Barrier to Entry
-The 4 pillars essential to facilitating a smooth transition into the IoT era include communication, data management, networking, and security.
-Improving the speed and reliability of communication, enforcing a single standard across the enterprise, managing high volume datasets, and maintaining a robust security platform are paramount in the evolving IoT landscape.
Final Word
-Strategic partnerships with IoT ecosystem value chain participants coupled with the development of niche industry-specific platforms to convert raw data into actionable insights will determine if solution providers can sustain growth.

Business Drivers
Key Takeaway: Wireless technologies and intelligent devices that connect diverse assets will drive performance and operational excellence both on the plant floor and throughout the supply chain.
-Real-time Decision Making: Pressing need to measure and analyze data from the manufacturing plant in real-time from multiple sensors will predict future equipment performance and maintenance requirements.
-Resource Scarcity: The perennial challenge of the aging workforce has resulted in greater data accessibility and mobility of operations.
-Demographics : The high penetration of smart phones and tablets clearly indicates this generations' affinity for technology.
-Low Cost Computing: Leveraging cloud-based technologies allows for storing large volumes of data and reducing information technology (IT) costs.
-Hyper Connectivity: Increase in distributed assets has resulted in a push towards a centralized connected enterprise.
-Business Model Innovation: Partnerships, go-to-market strategies, and new product developments by value chain participants target a wider gamut of applications.
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