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McKinsey Report Stresses IIoT Opportunities on the Shop Floor

March 27, 2019

An extensive Industrial Internet of Things (IIoT) report released by McKinsey & C. stresses opportunities for shop-floor communication.

“IIoT technology presents an opportunity for substantial IIoT revenue growth and margin expansion in industrial equipment and machinery,” it reads. “Platforms, software and app development are the elements of IIoT that are expected to grow, while others, such as device cloud connectivity, likely have plateaued. Still others, such as hardware without service enablement, are expected to shrink. Industrial automation and shop-floor communication equipment need to be integrated into the platforms of industrial equipment and machinery manufacturers to increase the profit margin of the services portfolio. Machine OEE optimization, predictive maintenance and cross-vendor shop-floor integration are among the most promising applications.”

Industry-Related Terms: Hardware
View Glossary of Metalforming Terms

Technologies: Sensing/Electronics/IOT


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