international manufacturing industry

The vision is of the “Smart Connected World”, in which every “thing” in the Internet of Things has a name, can go online and can be communicated with individually via Internet. The vision can be quickly formulated, but the journey there is a rather painstaking evolution as opposed to a disruptive one. That is the result of an international study by market research experts of Oxford Economics who along with PTC researched the status of the development and the market presence of smart connected products (SCP) in the manufacturing industry. Integration and data security were named as significant challenges to be overcome on the journey into an IoT world.

A study of the international manufacturing industry undertaken by Oxford Economics and PTC revealed that nearly 70 percent of the executives surveyed believe that a radical transformation of their companies’ business operations is inevitable within the next three years. The study analyzes the seven main forces influencing the global manufacturing market and discusses strategies that can ensure companies will be able to compete internationally. Process changes can lead to opportunity when completely new business models are discovered.