From: Frost & Sullivan
The emergence of Industrial IoT is set to revolutionize the manufacturing landscape by establishing a digitally connected ecosystem. In the present scenario with rising pressure to control operational expenditure (OPEX) and enhance production efficiency, end-users across various industry verticals are keen to invest in IoT technologies that make their assets smarter and intuitive. This trend is influencing the pumps market where several leading and niche manufacturers are actively exploring IoT based technologies to embed intelligence to their product offering. Moreover with the dawn of digitalization, manufacturers are defining their value proposition and gradually drifting towards service based business models. They are leveraging the IoT platform which includes industrial cloud, big data, mobility, cognitive intelligence and edge analytics to continuously monitor asset performance and adopt predictive approach for their maintenance strategy.
While we witness tremendous leap in technological advancements, end-users face certain degree of complexity in technology adoption that pose as roadblocks to reap its benefits. Some of the critical challenges faced by the end-users include:
- Infrastructural challenges in collecting, sorting and storing volumes of data and making it available real time
- Fragmented vendor landscape and lack of unified standards affecting supply chain wide implementation
- Concerns about data security and privacy
- Lack of big data analytics talent to interpret large volumes data and derive business implications
To understand these challenges and prepare for the future better, Empowering Pumps along with Frost & Sullivan is conducting an end-user survey. The survey will investigate end-users’ challenges and key pain points when it comes to key issues such as technological transformations.
The survey will focus on the following:
- Emerging technology and need for IoT solutions
- Key challenges and pain points in implementation of IoT solutions
- Supplier selection criteria and unmet needs
Pump users across industries are invited to participate in the survey. Empowering Pumps will publish the results of the survey in a series of articles written by Frost & Sullivan industry analysts.
Would you like to participate? Take this 10-minute survey: bit.ly/FSIOTSurvey