It’s pretty apparent that China has come a long way over the past few decades. What was once a mostly rural nation is now the world’s seconlargest economy. And an essential part of that transformation has been the manufacturing sector.
But along with China’s development, wages have seen major increases. Compared to 2000, factories pay workers nine times more. For some companies, these increasing costs have meant that the feasibility of continuing business in the country needs to be reevaluated.
In order to remain competitive and hold the interest of major international companies, Chinese factories have started to use robots to replace workers. They’ve also started to embrace the Internet of Things (IoT).
The author of this article mentions:
The implementation of robots into the manufacturing sector is one way the IoT Revolution is picking up speed. When it does, it will change how we live, work, travel, entertain, and more.
As the IoT ushers in the Fourth Industrial Revolution, it will change everything. Chinese manufacturers are not oblivious to this. And they’ve come to appreciate the business the world has given them. It would be a shame if business diminished just because of rising wages.
In general, the impact of the IoT will be tremendous. Here is a basic idea of what changes the IoT will bring about in the next few years:
IoT devices connected to the Internet will more than triple by 2020, from 10 billion to 34 billion.
Nearly $6 trillion will be spent on IoT solutions over the next five years.
Businesses will be the top adopter of IoT solutions because they will use IoT to:
Lower operating costs;
Increase productivity; and
Expand to new markets or develop new product offerings.