According to a report by International Data Corporation (IDC), the industrial internet of things (IIoT) spending in the discrete manufacturing sector in the Asia Pacific is likely to reach $89 billion by 2025. Manufacturing is the most common target of infrastructure cybercrime today, accounting for one-third of all assaults. Additionally, the level of competitiveness is rising and so does the expectations of the client which demands improved personalisation, rapid information, and better assistance before making a purchase.

Commenting on the report, Piyush Singh, senior market analyst for IoT insights, IDC Asia Pacific, said, “Most traditional manufacturing plants were not built with cybersecurity in mind. With the advancement of hacking technology, every point of connection increases the danger of cyberattacks and cybercrime, which can result in interference, remote access, intellectual property theft, and data loss or change.”

The report states that manufacturers can profit greatly from retrofitting smart sensors to old equipment because of the insights they can obtain about their equipment. According to IDC, in the Asia Pacific excluding Japan (APEJ), close to one-third of all IoT spending in 2020 (hardware, software, services, and connectivity combined) was for the manufacturing industry.

Further, Singh added, “Retrofitting machinery with IoT capabilities is a cost-effective solution to update outdated pieces of equipment, especially when compared with totally replacing them.”