IoT in Manufacturing Market report provides detailed synopsis about opportunities, competitive landscape, emerging technologies, key trends and dynamics.
Northrook, IL -- (SBWIRE) -- 11/25/2019 -- The IoT in Manufacturing Market size was USD 10.45 Billion in 2016 and is projected to reach USD 45.30 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 29.0% during the forecast period as per a report by MarketsandMarkets.
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Why shared security model adoption will keep the opportunities growing?
A shared security model can ensure proper security and compliance for each constituent in the IoT ecosystem, along with introducing transparency and visibility at different business/operational levels. Recently in 2016, an unprecedented and a massive distributed denial of service (DDoS) attack was initiated against KrebsOnSecurity.com, the website of Brian Krebs, a security blogger and reporter. The attack was so sustained and massive that Prolexic (owned by Akamai), the company providing security for the website, had to cancel his account to stop the drain on its resources. What makes DDoS attacks even more dangerous in the IoT space is the flow of a large data hose through loosely coupled devices, such as IP cameras, connected light bulbs, Wi-Fi-enabled door locks, routers, and connected smart devices, which can halt the entire IoT subsystem. A shared security model incorporates a cohesive blend of responsibilities undertaken by infrastructure as a service (IaaS), PaaS, and application providers along with the end-users. It helps various enterprises secure their underlying infrastructure as well as the commercial clients' obligation to secure their virtual servers, applications, and systems with tools they provide. With technological advancements of companies, such as Soha Systems and Radware, enterprises can access grade application security services, thereby assisting their commercial clients to fulfill their shared security responsibilities and secure applications running on the hybrid and public cloud infrastructure, and minimize threats from breaches, hijacks, and data leakages.
How data migration challenges remain?
Data migration is a key component to consider when adopting any new system, either through integration with a new system, or a new deployment. Resources consumed in migrating data from legacy systems to new systems increase the operational costs for organizations. Data migration causes serious issues if the system design and process collaboration are not carried out properly, business rules are interpreted incorrectly, or data standardization is not followed. It is difficult to transfer the unstructured data, as it should be cleaned and reviewed before processing. The main issue during data migration is the completion of the implementation process within the specified deadline and the elimination of the risks associated with it, as most of the data migration projects suffer from implementation delays. As maintaining data quality is also an important factor in data migration, a lot of planning is involved before commencing the data migration process.
Smart surveillance solution segment is expected to grow at the highest CAGR from 2017 to 2022 to play a key role in the IoT in manufacturing market
Smart surveillance allows manufacturers to view a live video feed of their on-going floor operations with strategically placed cameras that auto-record the on-going manufacturing activities. In addition, these services are instrumental in developing instant alerts with smart clip capture and secure cloud storage. Smart surveillance has been increasingly becoming a major tool for monitoring daily employee activities with its video analytics techniques and provision of unified view of the security threats and vulnerabilities. The video surveillance technology consists of wireless (cloud) security cameras, thermal imaging cameras, integrated analogue, IP recording systems, and video analytics.
Application management platform is expected to grow at the highest CAGR in the IoT in Manufacturing Market during the forecast period
Application management platform is designed for managing heterogeneous applications such as packing, deployment, and a containerized SDE, with ease. This platform caters to heterogeneous business entities, such as application services; processes; and business methodologies for maintaining, enhancing, and managing custom-built applications, packaged software applications, and network-delivered applications. This platform includes extensible functionalities available through a set of cloud-based APIs that enable the development of horizontal and vertical applications and leverage the data generated by connected endpoints in the IoT environment. The IoT platform also integrates industry services and provide open APIs, service orchestration, and open data to implement a cost-effective and short application development cycle.
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