According to research from IndustryARC, the industrial internet of things market is likely to reach 123.89 billion dollars by 2021. The new phase of the global transformation of industries will be led by various technological inventions that will improve the operation efficiency of the enterprises. The research also suggests that manufacturing will be the sector that will generate the most revenue and the highest growth of industrial internet of things market will be seen in healthcare’s’ medical device segment.
The transformations that IIoT will bring will change the day-to-day operations of industries. Be it providing real-time prediction data, enabling predictive analysis or effective control over the industrial control systems to prevent them from cyber-attacks. The IIoT and solutions empowered by it will drive robust business outcomes.
By combining various other technologies like HMI, Machine-to-machine communications, cybersecurity, SCADA and big data analytics, the industrial internet of things is taking enterprises to unprecedented levels of productivity, efficiency and performance. Due to which industries like manufacturing, healthcare, power and energy, and aviation are experiencing transformative financial and operational benefits.
The IIoT ecosystem combines five layers of an enterprises’ functionality, beginning from
- Smart sensors and intelligent systems that are integrated with the assets of the industries
- The platforms consist of the middleware’s that serve as the connectivity bridges of hardware and other value chain factors
- The technology that comes into play to during interaction with the smart devices fall under connectivity
- Mobile and web interfaces that provide a valuable sight of user controls come under applications
- The cloud services and big data analytics that are used for generating insights fall under business analytics
How IIoT Benefits Industries
- Predictive Maintenance
Industrial outputs mainly depend upon the efficient working of machines. If there is a failure or an unexpected situation it leads to the downtime of production and revenue losses to the organization. The primary advantage of predictive maintenance is to be one step ahead of the machine’s functionalities so that the device does not fail. With this approach, one can plan service schedules based on machines’ usage and condition rather than doing servicing by date. With the help of IIoT industries can transition from preventive to proactive maintenance.
- Asset Optimization
After the industrial revolution mass production has increased at an alarming rate, most of the industries are now optimizing their production structures to gain higher benefits. Industrial internet of things can enhance the production capabilities by helping the decision makers in analyzing different roadblock with data analytics. It can also help in;
– Mobility Support
– Improvement of security and safety
– Better Asset Management
– Faster time to Market
- Remote Diagnosis
Remote diagnosis provides better information on equipment status and conditions whenever needed. The cloud integration and augmented reality features help the user to see and monitor the condition of equipments properly. The cloud integration helps service personnel to see the performance of hardware’s and keep the equipment in good condition. The personnel can also predict fault occurrence, improve the life expectancy of the machine, improve convenience of workers and induce faster uptime of production.
- Real-Time Monitoring
Application of real-time monitoring is typically used in the healthcare sector where assets and patients need proper observation. The monitoring improves safety, location tracking and engages in faster response during emergencies. The integration of cloud with mobility features enhances the flow of information to portable devices and mobile dashboards.
Major Drivers of IIoT
|Technology Drivers||Business Drivers|
|Robotics and Automation||Edge over the competitors|
|Big Data Analytics||Better customer satisfaction|
|Augmented and Virtual Reality||Customer retention by value addition|
|Smart Sensors||Profits from new business models|
|Industrial Internet and Cloud Integration||Liability towards investors|
The importance of implementing IIoT in business models is growing day by day. It has become a magic wand that will provide industries with the opportunity to take huge leaps in digital transformation. An enterprise that will be able to leverage the state-of-art options provided by the industrial internet of things will likely see high revenue growth than those who do not.