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From construction to mining to manufacturing, the Internet of Things offers industries new ways to improve their processes to be safer and more efficient.
Industrial IoT- Over the last 10 years, data has become increasingly important and useful to businesses as the technology to collect, store, and analyze it has improved. One of the most prevalent advancements in the industrial world over the last decade has been the introduction of the Internet of Things (IoT), which has become the centerpiece for the fourth industrial revolution, otherwise known as Industry 4.0.
The backbone of industrial IoT (IIoT) is built upon low-powered sensors and internet-connected devices, which collect and transmit data to users quickly, informing day-to-day and long-term decisions. By implementing these sensors, industrial leaders can converge internet technology and operational technology, vastly improving productivity.
“Real-time data from sensors and other information sources helps industrial devices and infrastructures in their “decision-making,” in coming up with insights and specific actions,” according to a report from Trends Micro USA. “The data allows industries and enterprises to pick up on errors or inefficiencies in the supply chain, for example, and immediately address them, thus pushing for day-to-day efficiency in operations and finance. Proper integration of the IIoT can also optimize the use of assets, predict points of failure, and even trigger maintenance processes autonomously.”
Industrial IoT covers a wide area of technological advancements in addition to sensors, such as artificial intelligence, machine-to-machine communications, and cloud technology.
Experts agree that as these technologies improve, the demand for IIoT will rise. Forecasts indicate the global IIoT market will reach $751.3 billion by 2023, with the fastest growth in IIoT software. To understand why there are such high expectations for IIoT, let’s take a look at how some of the top industries will benefit.