Global Industrial Internet of Things Market to Grow as Manufacturing Industry Invests

 

Global Industrial Internet of Things Market to Grow as Manufacturing Industry Invests

 

 

Earlier this month, Business Insider UK reported that the manufacturing industry is predicted to invest up to $70 Billion in the Industrial Internet of Things (IIoT) by 2020, up from $29 Billion in 2015.

 

 

 

As more industries begin to adopt and invest in the Internet of Things, manufacturing companies are set to drive significant growth for the technology over the next four years – so much so that the Industrial Internet of Things (IIoT) has become its own “version” of the technology.

Manufacturers have already begun to invest in IIoT solutions to date, but it is hoped that with greater adoption and investment in the future, greater efficiencies will be triggered and it will fuel even more innovation for the industry.

 

The report highlights three key findings:

  • Whilst many IIoT solutions are still basic, manufacturers are expected to eventually implement more complex technologies such as autonomous robots and augmented reality (AR) tools. 
  • Manufacturers across all areas such as automotive, chemical and durable goods, have invested heavily in IIoT devices and are already reaping the benefits and improving efficiencies.
  • Investment in the IIoT by manufacturers will translate to billions in spending and a considerable amount of growth for the market.

 

The use cases for the IIoT are highly varied and include; better utilisation and real-time tracking of assets, monitoring of energy consumption, predictive maintenance and pre-emptory solutions to prevent downtime, and better supply chain management. Safety, working conditions, and productivity can also be improved by the IIoT, resulting in a more effective workforce as well.

To successfully deploy IIoT solutions though, companies need first to invest in flexible connectivity which can truly enable it. Manufacturers need to minimise their investment costs while optimising their IIoT solutions in order to drive the greatest improvements and return, and fixed line connectivity cannot answer this demand in all cases.

Deploying connected manufacturing solutions using fixed line could be both financially and time expensive, with the roll out of new infrastructure being a significant investment – and companies may still not be able to achieve exactly what they’re looking to do. By utilising 3G and 4G however, manufacturers can easily set up secure connectivity in any location, cost effectively. Easily scaled and rapidly deployed, 3G/4G networking allows businesses to roll out advanced IIoT technologies and optimise their usage. “Things” can get connected almost-instantly and transmit data in real-time from any location, at any time – truly enabling the Industrial Internet of Things.