Of the 13 industries surveyed, industrial manufacturing gained the highest revenue through its IoT initiatives last year. The IoT spend of industrial manufacturers is only expected to grow in the coming years.
Industrial manufacturers will spend approximately $121.3 million in 2015, and the spend will increase to $136.3 million in 2018. A huge chunk of IoT investments will go towards product monitoring (40%), followed by supply chain monitoring (23.4%), customer monitoring (19.1%), and premises monitoring (17.0%).
33.8% of the companies who use IoT have implemented digital sensors that provide greater insights into product quality than before. 21.6% monitor customers through mobile apps and 12.2% monitor customers through wearable devices.
For industrial manufacturers, the process of business improvement related to IoT starts with more proactive service. The other two areas of business improvement are automated reordering for customers and more tailored products and services.
Finding new business opportunities is the top success factor for industrial manufacturers. This is followed by capturing the right IoT data and encouraging employees to think differently about customers, products, and processes.