The proliferation and ‘smartening’ of IoT-driven devices is projected to reach a market cap exceeding $195 billion in 2023, according to analysts at ReportsnReports. From a market of $16 billion in 2016, this growth is mainly fueled by the increasingly ubiquitous manufacturing of smarter in-home, mobile, and transportation devices — and the need to capture that data and enhance communication infrastructure.
The IIoT offers the potential for significant improvements in manufacturing productivity and quality by providing information on every aspect of productive assets while enabling people and programs to make the necessary adjustments to optimize their performance.
We’re living in a time where everything from elevators to factory floors are becoming digitized and connected and businesses are using the Internet of Things (IoT) and cloud to turn their goldmine of data into insight that they can use to back better business decisions. But at the edge, those remote locations that I mentioned earlier, this data stays in the dark, untapped and unused.
Enterprises who adopt innovative business models enabled by advanced 4IR technologies are in a class by themselves. The very lifeblood that fuels the 4IR is a disruptive mindset enabled by accessible and cheap technology—not necessarily favourable business environments or high marks in competitiveness factors. As such, innovative 4IR enterprises seem to have the ability to outperform the national economies they function in. But with a strong business environment, this success could very well translate into national competitiveness.
Today's customer wants a smooth shopping experience in what, where, when, and how he wants to buy irrespective of the retail environment whether it is a physical shop or a digital one. And it is the Internet of Things that is bridging this gap in providing the seamless retail experience to the customer.
The industrial Internet of Things, known as the Industry 4.0 or the Fourth Industrial Revolution, has become a buzzword for automating the smart manufacturing process. It is shaping the future of smart and intelligent manufacturing. No matter what you call it, this connected or smart manufacturing has become all pervasive.
Internet of Things is concerned with the connectivity of devices and sensors, and multiple other sources and services linked to them. It is continuously pushing our society and industries to new heights. These devices, sensors and other connected sources emit enormous and dynamic structured, unstructured, semi-structured and behavioral data in real time, which in itself is raw. This data needs to be churned out to derive actionable insights to improve things connected by IoT and drive overall productivity.
Given the high costs of industrial assets, extending their life cycle by harnessing the power of prognostic analytics for predictive maintenance is essential to maximizing your return on this substantial investment. Leverage your industrial data to lower maintenance costs, increase safety, raise productivity, and improve profits.
The IoT is about a world in which physical objects ranging from gas turbines to mobile phones and television sets are connected to the Internet. That connectivity imbues these devices with intelligence and enables them to collaborate with each other and with people to adapt to the contexts in which we live, work, and play.