A Deep Dive Inside Industrial IoT (IIoT)
A Deep Dive Inside Industrial IoT (IIoT)
Check out how these industries are incorporating IoT.
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Jaded sensors and real-time analytics are revolutionizing construction, transportation, and logistics, from asset safety to increased condition monitoring and proactive deployment of maintenance crews before equipment fails.
From the manpower efforts to the digital technologies, Internet of Things (IoT) has changed the way we interact with the world around us, bringing new opportunities from every challenge and new risks to the most personal areas of our lives. But the real revolution among various industries is going on, from heavy industry and agriculture to city infrastructure and medical care to the healthcare industry.
Industry 4.0 is the next big splash movement to make Industrial IoT technology more accessible to businesses and enterprises to integrate smart sensors and powerful analytical system into its workflow. With real-time relevant data in hand, a quick and swift decision can be taken to make a big difference in both quality and cost.
How IIoT has leveraged the technological gap in the context of every aspect of industrial transformation?
The technological revolution is the phase before the industrial revolution. New technologies are invented, and industries themselves identify the technological gap within themselves and look for new technologies. The technologies are further configured specifically for the industries. The crux of the story is that the technology remains the same — it is just the use cases for different industries that change.
The same goes for the Industrial IoT. Below, we discuss the industries that are currently leveraging the benefits of the Industrial IoT.
The UN reports estimates that “by 2025, approximately 1.8 billion people worldwide will be living in areas of absolute water scarcity.”
Internet of Things (IoT) acknowledged this problem and IoT vendors came up with extraordinary solutions. IoT water ensures precise control over the data of the water resources, which allows an efficient and optimized management of water companies. In urban areas and in agriculture, IoT Smart Water Management has made a significant and fast improvement to the cost of water supply management. The demand for IoT Smart Water Management has enabled the efficient use of available water resources and due to which some of the famous analysts estimated that global water sector to be worth 1 trillion USD per year by 2025. Earlier conventional techniques of conservation were used to conserve water but the right apparatus leveraging IoT technology is the reply to get water conservation to a new level. The IoT technology will enable smart water meters, detectors, and irrigation methods to be deployed in households and industries easily.
Oil and Gas Industry
By 2023, the size of the Industrial IoT market will grow by USD 232.15 Billion at a CAGR of 8.06 percent: A Research by Zion Market.
The introduction of IoT in oil and gas industry is recognized as a leading contributor to reducing the cases like that of leakage and many more. The oil and gas industry has been facing challenges like this from last so many years, but IoT has efficiently eradicated them away. If oil and gas companies aim to transform their business, then they can procure considerable value by developing an integrated IoT strategy. Incorporating IoT in the oil and gas industry has not only influenced the oil and gas companies to foster their profits but has also increased the global GDP.
With the inclusion of IoT in the oil and gas industry, the production of oil can be captured in real-time with the help of the embedded sensors. Not only this but the gathering of information from assets and hence taking real-time decisions can also be done with the help of the right automation of data communication systems. Industrial IoT is about to increase their revenues by an average of $217 million, or 9 percent, by 2023.
Internet of Things has revolutionized the transportation industry in recent years. The real-time access to new data streams has made the self-driving vehicles a reality in today’s world. IoT has proved its presence by showcasing its potential in reducing pollution, optimizing the mobility of people and goods, and saving a lot of lives. IoT is growing at an exponential rate, and this is the industry where most of the growth is witnessed. The way the scope of Industrial IoT in transportation has been broadening up it has hugely impacted the features like asset tracking, traffic management, optimized route, driver behavior and many more. The integrated smart transportation system tells about the real-time information of the driver as well as the vehicle and warns them about the potential dangers on the road.
IoT in transportation helps in the real-time parking management of the vehicles, which tells us about the parking lots that are presently available. Also, the multi-level parking system helps in reducing the operating and maintenance expenses
Internet of Things (IoT) over the last several years has opened up a box of new possibilities in transportation and has undoubtedly evolved beyond recognition. IoT is all about connecting devices digitally and accessing the data and getting an insight into the real-time valuable data which was a challenge about a decade ago.
Healthcare being a vast ecosystem has adapted Internet of Things very rapidly. Personal healthcare, pharmaceutical companies, smart beds, biosensors, and many healthcare specializations have implemented IoT at a very massive level. Real-time health systems serve as a key area for IoT in healthcare as both the dynamic and static data is evaluated by different analytics tool for predictive maintenance as part of comprehensive healthcare systems.
Remote health monitoring helps to solve the rise of chronic disease among various people due to aging factor. A broad range of smart wearables and biosensors along with other medical devices enables remote health monitoring which detects the patterns, leverages the data taken from these devices and hence enables the new insights.
The most common use of IoT technology today in healthcare is to do patient monitoring, energy meters, and X-rays and imaging devices. Few of the previous research found that the majority of the benefits of IoT in healthcare today revolves around increased innovation, visibility across the organization and cost savings. Future IoT benefits will cater to higher workforce productivity, the creation of new business models and better collaboration.
Internet of Things is the future of mining industry as it is truly disruptive. Industrial IoT is affordable and leverages the advanced sensor technologies for real-time monitoring of the assets in mining. IoT has eliminated the waste at every step of themining process and monitors the processes at a more granular level to take decisions based on real-time data. Various challenges like mine landslide, equipment failure has been monitored and controlled very precisely with the adaption of the Internet of Things in the mining industry. Even in the early stages of digital transformation, mining companies have increased their productivity, reduced costs and improved their production and safety through real-time data.
According to a recent report, 40 percent of mining companies have planned to deploy IoT solution within the next 18 months. As IoT has enabled the miners to move from reactive to proactive maintenance, it reduces the asset downtime and cost of operations.
Connecting the world with technologies has changed everything. But the Internet of Things (IoT) has been more significant than just adding connectivity to the existing products and services in a way that products have become services and services have become more intelligent. IoT in hospitality industry has revolutionized the service delivery and has improved the customer experience while reducing the costs. IoT sensors have taken the preventive maintenance one step further and brought predictive maintenance into existence, which recognizes the hazardous trends and sends alerts for proper maintenance before the issue escalates. Coming onto reality, the capabilities of the technology has been impressive in a way that many of the five-star hotels like Marriott International has already implemented IoT in their hotel rooms.
In the hospitality industry, IoT applications are embraced among businesses, and building this platform is necessary for innovators and early explorers of IoT devices to adopt them. Using the data from the early adopters, hospitality businesses can create value from it by offering unique experiences through IoT services and products.
The Future of the Industrial IoT
The Industrial IoT is considered to be one of the primary trends affecting industrial businesses today and in the future. Every industry is emerging out and pushing to integrate the modern systems and equipment into their workflow to meet the regulations, to keep up with the speeding market and to cope up with disruptive technologies. Businesses that have embraced Industrial IoT have seen significant improvements to safety, efficiency, and profits.
Not only this, the Global Industrial IoT Gateway Market is forecasted to grow at a Compounded Annual Growth Rate (CAGR) of 13.64 percent during the period 2019-2023. According to a recent estimate by the World Bank, the gross world product stood at $75.62 trillion so the Industrial IoT could bring significant profits and prosperity to many.
As the Industrial IoT rolls out over the next decade, trillions of dollars are already at stake. On the one hand, the IIoT is about sensors and networks and data but is simultaneously very much about money and the profits associated with a particular industry. It is estimated that IIoT could add a jaw-dropping $14.2 trillion to the global domestic product by 2030. That is huge.
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