Today’s factories run on data. To harness that data, manufacturers are turning to software applications such as Electronic Resource Planning (ERP), Manufacturing Execution Systems (MES), Manufacturing Operations Management (MOM), Product Lifecycle Management (PLM), Inventory Management, and CRM and Demand Planning.
Organizations are already applying edge computing technology to enhance operations and gain real-time insights from their IoT data. Thus, the continued transition toward edge computing is expected to influence the IT strategies of more CIOs and CTOs at forward-thinking companies.
The prescriptive analytics market was valued at $1.96 billion in 2018 and is projected to reach $12.35 billion by 2026, growing at a CAGR of 26.6% from 2019 to 2026. Prescriptive analytics leverages in-depth data mining techniques, which include machine learning.
via Allied Research
“As artificial intelligence, automation, Internet of Things, blockchain, and 5G become pervasive, their combined impact will reshape standard business architectures. The “outside-in” digital transformation of the past decade is giving way to the “inside-out” potential of data exploited with these exponential technologies.”
The global predictive maintenance market, valued at $28.24 billion by 2025, will grow at a CAGR of 37.9%. Demand for IoT and big data, along with rising concerns regarding asset maintenance and operational costs, is expected to drive the growth.
via Grand View
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“Instead of moving data to the public cloud, the cloud experience will move the cloud to the data. Just as the need for enterprise-style engagement models creates opportunities for incumbent technology companies, so too does the movement of the cloud experience into the core and out to the edge.”
via Wikibon Research