The Industrial Internet of Things, also referred to as industrial IoT, is used regularly in businesses across the globe. Most people have a general idea of what “the Internet of Things” means, yet this technology plays a unique role for businesses.
Let’s take a look at what this term really means:
Defining IIoT
Also known as the Industrial Internet, IIoT combines advanced analytics with intelligent machines and humans at work. It is best to think of this version of the internet of things as a network of an array of industrial devices linked through communicative technology that creates valuable systems. These systems do everything from collecting data to analyzing it and providing helpful insight. Such insight propels rapid business decisions for industrial businesses.
IIoT is quickly changing how industrial businesses function on a daily basis. As an example, industrial IoT can identify additional plant capacity, hasten the development of new products, and even identify corrosion within pipes through predictive analytics. The result is improved efficiency, performance, and productivity for all sorts of businesses.
IIoT by the Numbers
IIoT across the world hit a market value of more than $113 billion this past year. If you are not impressed by market value, consider the following statistic: IIoT ‘s compound annual growth rate is 7.3 percent. It is clear this technology will only continue to become that much more ubiquitous and valuable as time progresses.
The implementation of IIoT is becoming that much more popular thanks to advances in cloud computing and additional supporting infrastructures. More and more companies are taking advantage of this technology by incorporating smart connected devices for monitoring, improved control and heightened efficiency. Additional benefits of IIoT include enhanced control from remote locations, heightened employee productivity and most importantly, a considerable savings of money and time.
IoT Across the Globe
Businesses in all different sectors across the world use IIoT. Companies operating in the insurance, transportation, manufacturing, retail and oil and gas sectors are taking full advantage of this technology for improved efficiency. Organizations throughout the world are working in unison to create innovative IIoT technology to help manufacturing businesses decrease maintenance costs and prevent unexpected downtime. As an example, General Electric has collaborated with Huawei Technology to create the Predictive Maintenance Solution to accurately predict the scheduling of maintenance through IIoT, networking, and the cloud.
Make Way for IIoT
IT aficionados insist that industrial IoT is now at a mainstream tipping point. It will not be long until the vast majority of businesses tap into this remarkable technology. Businesses that implement IIoT before others will enjoy a meaningful competitive advantage that leads to additional market share and an improved bottom line.