We have seen the effect of Iot and the transformation it can cause in the field of agriculture. Now let’s move on to the industrial field. Here the term Industrial Internet of things (IIOT) come into picture.
To start with, what exactly is IIOT, this is pretty simple as per the name suggests, use of IoT for industrial purposes. In broader terms IIoT is the part of the Internet of Things (IoT) that focuses on how smart machines, networked sensors and sensor analytics can help improve business-to-business initiatives across a wide variety of industries, especially manufacturing.
The Industrial Internet of Things (IIoT) is a new phase for global transformation powered by technology and innovation to improve operational efficiency. This technology has aided in generating economic opportunities and reshaping several industries. The use of IIoT is expected to have a positive impact on productivity, efficiency and operations of industries with the intersection of people, data and intelligent machines. IIoT will enable companies to boost revenues by increasing production through creating new business models and will exploit intelligent technologies driving innovation.
IIoT incorporates machine learning and big data technology, harnessing the sensor data, machine-to-machine (M2M) communication and automation technologies that have existed in industrial settings for years. Smart machines are better than humans at accurately, consistently capturing and communicating data, this is driving IIoT. This data can enable companies to pick up on inefficiencies and problems sooner, saving time and money and supporting business intelligence efforts.
According to a recent study by Industry ARC the global market for Industrial Internet of Things is estimated to reach $123.89 billion by 2021. The manufacturing industry will be the highest revenue generating segment for IIoT market in the forecast period.
The data from the sensors enables companies to identify problems that lead to inefficiencies; thus saving time and increasing the overall productivity. In manufacturing specifically, IIoT holds great potential for quality control, sustainable and green practices, supply chain traceability and overall supply chain efficiency.
Industrial organizations worldwide are seeking to employ the Industrial Internet of Things (IIoT), a transformative digital evolution focused on Big Data analytics, to improve production efficiency, operational reliability, and supply chain performance. This technology will transform companies and countries opening up a new era of economic growth and competitiveness.
The Industrial Internet of Things is bringing about a world where our smart, connected products and systems operate as part of larger systems of systems.