IoT solutions are trending, rapidly being adopted by industries in particular, to face evolving challenges and because of the benefits derived from this technology.
The latest trend in technology is the Internet of Things (IoT). IoT Platform is a melding of many technological innovations in the field of computing and communications with smart devices and sensors. It is all set to revolutionize not just the human-to-machine interaction but all kinds of machine-to-machine engagement.
Manufacturing and industry are in the front-line
Industries and manufacturing are going to feel the most impact in the coming days, amongst all the various market sectors, from IoT solutions. Those sectors benefiting from what is called Industrial IoT (IIoT) will be in the logistics and transportation, oil and gas, energy and power production, healthcare, manufacturing and agriculture spaces.According to some reports the IIoT market world-wide will touch $933 billion by 2035 and impact on global economic output by trillions of dollars.
Overcoming Challenges and Issues
Industrial IoT makes possible to predict or identify problems, conditions and issues much before they occur which stops the process or work, but a zero downtime solution is not yet developed and fast adoption of IIoT too is troubled.
Where to start and which system is really effective, have to be sorted out by each industry.Business and industry have to invest in infrastructure to adapt and undergo this change. The USA, Netherlands, Switzerland and the Nordic countries seem to be leading this adoption. Other challenges include:
The Challenge of Costs
Don’t underestimate the costs of implementing IoT solution and sometimes the stakeholders perceive it as overwhelming. Considering the ROI of Industrial IoT there is hesitation in the market for now.
The Challenge of Standardization
The problem that IoT tech faces is the various protocols in use, that operate a plethora of devices, in an array of manufacturing and industrial settings, that need inter-connectivity and interoperability. So, how do you set the standards?
The Challenge of Vulnerability
To facilitate automation, effective communication between IoT devices is a must. A secure and encrypted network, resistant to vulnerabilities and with ability to thwart the risks of data breaches and hacking is what is certainly required.
Key Benefits of Industrial IoT
There is a wide range and diverse applications in IIoT solutions. IoT enables smart sensors and devices, are run on various software applications, across platforms and over wide area of spaces. This system helps to run, maintain and replace equipment and machines, effectively reducing the risks of breakdowns and downtime. IIoT has benefited many sectors and been made viable.
Let us see here-
Optimization of Assets
IIoT starts at the edge with collection, analysis and interaction of data from sensors or devices. The data is processed locally to adjust the parameters involved for higher efficiency and early detection of potential failures that can occur in an asset.
Optimization of Process
The next level after the edge, happens at the control room where data recorded from multiple devices and environments is aggregated to enable analysis, to derive intelligent decision-making. This can positively impact a factory environment improving efficiency and the processes. It can offer better usage of hardware, reduce the power profile and extend the lifetime.
Optimization of Business
IIoT facilitates smart data usage and this has a positive impact on asset usage, on operations and on processes. IIoT also promises to integrate data from processes with the data of the enterprise, thus enabling smarter management decisions and interesting outcomes, sometimes not achievable earlier.
This actually is the beginning of what possibilities IIoT can result, but with computing power getting enhanced as the days go by, Industry 4.0 in the future seems to highly potential.
World-wide trends seem to be pointing to greater IoT support in future and also for backward compatibility or even IoT retrofitting. It seems we have just scratched the surface of this potential technology, as we see how rapidly IoT is being adopted at commercial and consumer levels.
Today’s businesses,services and industries seem to be the first to be impacted and IIoT technology aims to benefit all stakeholders involved. IoT development is also gaining demand, as it is proving to win new revenue streams for more business and industries.
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