With several technological advancements taking place in the field of digitalization, the internet of things (IoT) has significantly revolutionized the way several industries work. The rise of automation in daily tasks has not only reduced industry workload but also improved the overall experience of the users. With the constantly evolving technologies, such as Blockchain, 5G, wireless broadband, digital twin, and edge computing, the usage of IoT devices is bound to expand to many more fields of applications and transform all the major industry verticals currently present across the globe.
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The IoT revolves around the analysis and extraction of digital data from the physical world to provide actionable insight to users of this device. The launch of IoT devices has offered many significant benefits to customers. For instance, IoT services, when clubbed with sensors and cameras, help in monitoring the workplace to ensure equipment safety and protection against physical threats. Similarly, in the utility sector, the use of smart meter enables the energy providers to analyze energy usage and enable consumers to be more energy conscious. However, the digital revolution is not only limited to the consumers, and the rise of the Industrial Internet of Things (IIoT) is expected to act as the biggest driver of productivity and growth in the next decade.
The Industrial Internet of Things (IIoT) is an amalgamation of physical objects, platforms, systems, and applications, which consist of embedded technology to communicate, transfer, and share intelligence with each other, consumers, and the external environment. The high adoption rate of Industrial IoT is enabled by the affordability and improved availability of sensors, processors, platforms, and other integrated technologies that have helped facilitate access to real-time information. The overall objective of Industrial IoT revolves around system optimization and the benefits that come along it. The benefits can be segregated into three categories, as reflected in the following figure:
In a factory or manufacturing floor, asset optimization helps in adjusting the parameters for achieving high efficiency or for an early indication of potential failure. The second stage i.e., process optimization, helps in enabling more intelligent decisions that could impact the factory efficiency and multiple processes. The data generated can positively impact asset usage and process operations, however, the Industrial IoT does not only envision an increase in data collection and analysis in the first two stages but also promises to integrate process data with integrated data i.e., business optimization stage where smarter management decisions can be made. Since all the factory or process data is stored in the cloud, software analysis can help with asset optimization, followed by process optimization, and business optimization.
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The growing demand for Industrial IoT applications in smart industries, coupled with low sensor cost and innovative sensor technology, is among the major factors substantiating the need for Industrial IoT in manufacturing industries. Moreover, the utilization of cloud computing for large-scale Industrial IoT solutions has also led to the advent of Industrial IoT to cater to the growing need in applications such as predictive maintenance, remote monitoring, and inventory management in industries including automotive, healthcare, and energy and utilities. As per the BIS Research, the global Industrial IoT market is growing at a high rate and is expected to reach a substantial level by 2024. The market is currently witnessing a pattern of transition due to the companies not fully understanding long-term implications as well as the underlying business models of the Industrial IoT. Moreover, the integration of Industrial IoT into existing technology, coupled with security challenges, is also acting as the primary growth inhibitor for the Industrial IoT market.
The global Industrial IoT market accounted for a revenue of $72.34 billion in 2018 and is expected to reach $114.57 billion by 2024, at a CAGR of 8.67% during the forecast period. Due to increased market competitiveness and hence the rising need for quicker delivery of goods led to the adoption of automated machinery, robotics, and intelligent platforms, as the human dependency in manufacturing techniques can be substantially reduced, and lag timings could be easily avoided. Moreover, in recent years, due to the advent of Industry 4.0, manufacturing companies are looking to collaborate with third-party vendors and technology firms to automate their factories.
