Asia-Pacific’s Manufacturing sector to spend $89 Billion on Industrial IoT
Ever since the boom in the tech sector, the fraction of money spent in the IT sector has been increasing exponentially. Data has become an essential commodity. Everyone knows that they can develop at quite a faster rate if they have data.
According to a new estimate, the IIoT spending in the discrete manufacturing sector in Asia-Pacific is predicted to reach $89 billion by 2025.
Discrete manufacturing is the sector that produces specific items like automobiles, furniture, toys, smartphones, and aeroplanes, among others.
What is Industrial IoT?
IIoT stands for Industrial Internet of Things. It refers to the investment of the industrial sector into technology or internet-related things. It constitutes the investment to record data, cyber security, storage of companies’ data, and many more things.
No company can avoid these types of expenditure as they have become quite primary nowadays. Every company now stores data of their customers regarding improvement in customer service.
Need for this vast investment
The need for investment is ever-increasing in this sector. However, the demand which has increased manifold is cyber security. According to an IDC report, manufacturing is today’s most common target of infrastructure cybercrime, accounting for one-third of all assaults.
At starting, it was not estimated that cyber-attacks and cybercrime would develop in such a way that it would lead to many scams resulting in interference, remote access, intellectual property theft, and data loss or change.
In 2020, In Asia/Pacific, excluding Japan (APEJ), nearly one-third of all IoT spending was in the manufacturing sector.
Thus, the enormous investment is entirely justified. However, one must keep in mind that not all companies have been using data ethically. Some also try to exploit the data to their advantage. Also, it would increase employment in that sector, contributing to the already massive market for CS guys.
Whatever the conclusion, this tells us something about the direction in which the world is moving. It is no surprise that the tech world is still expanding but what’s concerning is that malpractices are the things that are dominating now.