SINGAPORE, Sept. 8, 2017 /PRNewswire/ -- With uncertain and volatile economic conditions, manufacturers are seeking competitive advantages by modernizing and upgrading their production methods. Industrialized nations such as Germany have paved the way in digitizing their manufacturing capabilities through the Industrial Internet of Things (IIoT). This manufacturing transformation is rapidly catching on in the Asia-Pacific (APAC) region with Japan, South Korea, and Singapore leading the way.
Governments in APAC are looking to IIoT as a viable way to create sustainable manufacturing growth, expand manufacturing capabilities, and affirm their role in the global supply chain. However, not all countries in APAC are ready for IIoT.
Frost & Sullivan's research, "Role of Governments in Promoting the Industrial Internet of Things (IIoT) in Asia-Pacific," investigates IIoT initiatives, action plans, and funding schemes. As the manufacturing economies in APAC gradually embrace the fourth industrial revolution, bridging the gaps in infrastructure capacity is necessary. Profiles of eight export-intensive economies, namely Singapore, Taiwan, China, South Korea, Japan, Malaysia, Australia, and Thailand and their perceived IIoT-readiness ranking are provided.
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"Governments in APAC are making a concerted effort to promote and encourage IIoT adoption in their respective countries in order to strengthen their manufacturing sectors," said Frost & Sullivan Industrial Automation & Process Control Senior Consultant Tzern Tzuin Toh.
"Funding schemes, flagship projects, and national-level organizations have been set up to promote and demonstrate the potential benefits of IIoT. Ultimately, governments in APAC are aligning their technological developments to ensure that the region remains a manufacturing powerhouse," he noted.
Strategic imperatives for growth include:
- Solution providers positioning themselves to address current opportunities in the potential implementation of Smart City initiatives;
- Aligning IIoT marketing and business development campaigns to attract investment from government agencies;
- Keeping abreast of innovative developments in preparation for the next paradigm shift; and
- Commitment by governments to wholeheartedly follow through on their industrial digitization plans.
"IIoT is a relatively new area and not many companies can afford the initial investment. To mitigate this challenge, solution providers could demonstrate the potential returns on investment to likely adopters and explore partnerships with government agencies tasked with promoting the implementation of IIoT," explained Toh.
Role of Governments in Promoting the Industrial Internet of Things (IIoT) in Asia-Pacific is part of Frost & Sullivan's Industrial Automation & Process Control Growth Partnership Service program.
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Role of Governments in Promoting the Industrial Internet of Things (IIoT) in Asia-Pacific
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