With the Internet of Things promising a world that is fully automated where objects can communicate without humans, it only makes sense that this technology could be used in other ways –enter the Industrial IoT (IIoT). This next iteration of the IoT applies the IoT technology to industrial applications and is slated to revolutionize the way we do business. Here are 5 things you need to know about the Industrial IoT:
It’s smart business
We’ve heard of smart houses, smart cars and even smart cities, now we’ll have smart businesses. The goal of the IIoT is to improve efficiency, productivity and operations on a global scale by linking people, data and intelligent machines. Machines will be able to communicate and work with each other in machine to machine (M2M) networks to optimize production and workflow.
It takes business into the Cloud
The IIoT integrates physical machinery with software and sensors that can be networked to the Cloud to provide real-time visibility of business assets. These smart machines deliver data that is analyzed and used to monitor and control operations and make real-time decisions, which improves operational efficiency, saves money and reduces waste.
It is applicable across a range of industries
Pilot projects have tested and proven that the IIoT can be impactful across a large spectrum of industries that include healthcare, manufacturing, logistics, energy and agriculture.
It breathes new life into old equipment
The IIoT will connect more than a century’s worth of existing mechanical and electrical infrastructure to the Internet. This includes manufacturing equipment, fleet tracking and HVAC systems. The IIoT has the power to reduce waste and improve operating costs with features such as a service alert sent before equipment breaks down, or monitoring the flow of gas valves in a refinery.
It is the future of business The IIoT is projected to be one of the fastest growing markets over the next several years with as many as 25 billion IP-enabled "things" being networked by 2020. It has been forecasted that the IIoT will generate nearly $320 billion in worldwide revenue and over 26% CAGR by 2020.
