Despite record-high stock market indexes and record-low unemployment, there are several indicators that the economy is starting to slow and that a recession, while not necessarily imminent, is on the horizon. Already, we’ve seen the ISM US Manufacturing purchasing manager’s index drop to a 10 year low of 47.8% in September and overall four months in a row of contraction.
By 2030, Gartner estimates that 30% of industrial enterprises will have full deployments of constantly connected platforms. Through this year, only 15% of those organizations have done so. As a result of this rapid expansion, the global IIoT market is expected to grow to nearly $1 trillion by 2025 at a CAGR of 29.4%.
For the first time since January 2016, ISM’s manufacturing index fell below 50% in August. It fell even lower in September to 47.8%, marking the first contraction of manufacturing activity in the economy after 125 consecutive months of growth.