The market for Industrial Internet of Things market is projected to grow rapidly for the next five years at a compound annual growth rate of 24.3%. Adoption of Internet of Things (IoT) in the manufacturing industry to enhance production processes is termed as Industrial Internet of Things (IIoT). IIoT combines Big Data technology, machine-to-machine (M2M) communication and machine learning with the automation technologies and sensor data prevalent in the industry.
IIoT increases process transparency, productivity, operational efficiency and reduces process complexity. Huge amounts of data gathered aids predictive analytics which in turn cut downs maintenance costs and reduces equipment downtime. Organizations are actively exploring new methods to improve their business processes using available data. The emerging adoption of IIoT by the manufacturing industry is having a tremendous impact on the market. However, an important factor surrounding IIoT is data security and privacy, this is as a result of the significant loss and damage brought to data and physical systems respectively by security breaches.
Internet of Things is an amalgamation of several technologies that allow a plethora of devices, objects and appliances to connect and communicate via the use of networks. The increased use of the internet of things served as a precursor to the advent of Industrial Internet of Things, which is simply the interconnection of multiple sensors, instruments and gadgets in various equipment over a network. The increasing popularity of real time processing of data collected by sensors over networks coupled with the incorporation of artificial intelligence and machine learning will be instrumental in the development of the international industrial internet of things market.
Digital manufacturing technologies have shown to possess great advantages for several players in the manufacturing industry and industrial internet of things in particular will play a crucial role in the coming years. Furthermore, industrial internet of things will certainly experience increased adoption, this is in part, due to an increase in the amount of partnerships among several key industry players. These and other elements will act as catalysts to the expansion of the international industrial internet of things (IIoT) market in coming years.
With the rapid adoption of the internet of things systems, Organizations in different sectors will have the ability to automate many complex processes. Large amounts of data, business analytics, cloud services and enterprise mobility capabilities are likely to enhance many industrial processes. The myriad of advantages will contribute to the growth of the international industrial internet of things market.
The main objective of the Industrial Internet of Things (IIoT) is to enhance operational efficiency and automate manufacturing processes. In addition, manufacturers are leveraging advanced analytics tools to explore prospects for growth. As the years go by, more organizations will deploy IIoT software to exploit new expansion opportunities by scaling production and developing new business models. Data analytics will play a major role by enabling efficient resource optimization, allocation and utilization which will ultimately enhance operational efficiency.
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Olamide is a technology consultant with cognate experience providing digital transformation services for small and large-scale clients globally. With a focus on emerging technologies like IoT, Extended Reality, Blockchain and Artificial Intelligence, he has spent three years developing numerous articles on these knowledge areas for different platforms online and offline.
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