Beyond Proofs of Concept: Scaling the Industrial IoT – Bain

#Discussion(General) [ via IoTForIndiaGroup ]

• Bain predicts IIoT will overcome adoption barriers and grow into a $200B market by 2021.
• Manufacturers still see growing potential for IIoT however they expect implementations to be slower than in 2016.
• Implementation risks are the main adoption barriers manufacturers are facing today including technical expertise, integration including system and data transition, and data portability risks.

Predictive maintenance is one of the IIoT use cases that hasn’t scaled as fast as manufacturers originally expected. A recent Bain survey of more than 600 high-tech executives found that industrial customers were less enthused about the potential of predictive maintenance in 2018 than they were two years earlier. Implementing predictive maintenance solutions has been more difficult than anticipated, and it has proven more challenging to extract valuable insights from the data

Overcoming adoption barriers
To reach those long-term goals, industrial IoT vendors should be helping their customers overcome the barriers to adoption. Bain’s 2018 survey found that among industrial customers, concerns over integration issues—in particular, technical expertise, data portability and transition risks—have become more acute over the past two years

Quality Control, remote monitoring of equipment and tracking of assets or equipment on production sites are the highest ranking IIoT use cases for both manufacturers and vendors. Bain predicts rapid growth of these three use cases given their successful adoption by manufacturers in the near-term. Adoption and implementation barriers have slowed manufacturers’ interest in predictive maintenance, while vendors are ready to deploy solutions in this area now.

Read More..