Multitrillion Dollar Choices: IoT and the Future of Manufacturing
The world’s factories depend on production lines that were never designed for digital connectivity. These so-called “dumb” machines may be a multitrillion dollar drag on manufacturing, which accounts for 16 percent of global GDP and 14 percent of employment. However, making these machines “smart” will require significant investments in an industrial Internet of Things (IoT). The immense cost of production line breakdowns – and the complexity of preventing them – will motivate business leaders to take this leap and transform the future of manufacturing.