In an increasingly globalized world, the Canadian industrial sector is losing ground to cheaper, more technology driven regions.
For the first time in the history of the industrial age, North America will have a smaller share of industrial output than other emerging markets. Overseas Economic Cooperation and Development (OECD) data of global industrial output shows that developed countries are suffering from dwindling industrial output, and being out-performed by emerging markets.
For example, if industrial output is used as base of 100 and that base is year 2005, then all OECD countries combined are at 100 basis points whereas combined, emerging markets are over 180 basis points. As of Jan 2016, the United States is at 105 basis points, and Canada at 102, Germany at 110 and the United Kingdom, France and Japan between 100 to 105. China’s industrial output is over 350 basis points, Indias’ over 180 and Indonesia’s over 130.
The world is undergoing technological changes at a remarkable pace. China is leading the way in adoption of technology for its industrial sector through growth of Internet of Things (IoT) and connected devices.
The following stats highlight the impact of IoT on the international market.
- The global (IoT) market will grow to $1.7 trillion in 2020 from $655.8 billion in 2014.
- The number of “IoT endpoints,” (connected devices) will grow from 10.3 billion in 2014 to more than 29.5 billion in 2020.
- Industrial Internet of Things spans industries representing 62% of G20 nations GDP. Industries including Manufacturing, Mining, O&G, Agriculture, Utilities etc.
Deloitte carried out a survey of over 700 businesses in Canada and discovered that 64% of Canadian businesses either aren’t prepared, or are poorly prepared for the technological disruption the world is undergoing at the moment. In fact, only 13% businesses are ready.
The world is about to enter a new phase of automation and industrial development. That phase is defined by Internet of Things (IoT) or Industrial IoT.
The use of IoT in industrial sectors is primarily concerned with:
- Increasing productivity and reducing waste
- Business insight
- Leverage connected devices to explore new growth avenues
IoT Events recently conducted survey to understand impact of technology and how it is can affect the Industrial (manufacturing, mining, transport) sector, and 90% of the respondents felt that better utilization of technology can make us better and more competitive. Operation efficiency, asset management and maintenance, interoperability and data insight were the four key areas where respondent felt that technology investment was able to help.
A majority of respondents, 78%, felt a comprehensive industrial competitiveness strategy was needed to to remain competitive globally.
To address these challenges and adaptations, IoT Events presents the Industrial IoT, Big Data Summit on 21-22 June in Toronto, Ontario. This event will be attended by C-level speakers and attendees from organizations such as Toyota, Infinity Energy, and SNC Lavalin.
We are offering 15 free passes to members of the mining, manufacturing and transport communities to help them learn from experts over the two-day conference.
If you would like to reserve one of those 15 tickets or obtain full survey results, please contact us at [email protected].