From the manpower efforts to the digital technologies, Internet of Things (IoT) has changed the way we interact with the world around us. This means bringing new opportunities from every challenge and new risks to the most personal areas of our lives.
The real revolution in the digital industries of IoT is agriculture, city infrastructure, medical care and healthcare.
There are new IIoT technologies like equipment sensors and real-time analysis. These are are gradually growing digitally and changing the way digital industrial processes and efficiency move forward.
Industry 4.0 is the next big splash movement to make Industrial IoT technology more accessible to businesses and enterprises. This means integrating smart sensors and powerful analytical system into the workflows, with real-time relevant data in hand. Because of these efforts, a quick and swift decision can be made to make a big difference in both quality and cost of industrial applications.
How IIoT has leveraged the technological gap in context of every aspect of industrial transformation.
The technological revolution is in a phase before the digital industrial revolution can really take flight. New technologies are invented and then industries themselves identify the technological gap within themselves and they look for new technologies. Then the technologies have to be further configured specifically for individual industries. The crux of the story is that the technology often remains the same — it’s just the use cases for different industries that finally cause the needed changes.
The same goes with the Industrial IoT. The following are the industries which 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 a precise control over the data of water resources. This will allows an efficient and optimized management of water companies.
In urban areas and in agriculture, IoT Smart Water Management has made a significant amount of improvement to the cost of water supply management. The demand for IoT Smart Water Management has enabled the efficient use of available water resources. Some assessments have estimated that the global water sector will be worth one trillion USD per year by 2025.
Earlier conventional techniques of water conservation were used to maintain and preserve water. With the right apparatus, leveraging IoT technology is the solution to get our water conservation efforts to a new level. This new IoT technology will enable smart water meters, detectors, and irrigation methods to be deployed not only in industries but easily in households, as well.
Oil and Gas Industry:
By 2023, size of 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 reduce the cases responsible for instances of leakage and much more. The oil and gas industry have been facing challenges in this form for many years. IoT has efficiently eradicated many situations that can cause these problems.
If oil and gas companies aim to transform their businesses to digital IoT efforts they can procure considerable value for themselves by developing an integrated IoT strategy. Incorporating IoT in the oil and gas industry has not only influenced the oil and gas companies, but also fosters the efforts to build their profits. They can realize an increased global GDP by merging with the digital IoT analytical resolutions.
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 embedded sensors. This will facilitate the gathering of pertinent information from assets allowing real-time decisions with greater accuracy. This is achieved with the right automation of data communication systems.
This method factors that the Industrial IoT is about to increase their revenues by an average of $217 million, or nine percent by 2023.
Internet of Things has revolutionized the transportation industry in recent years. The real-time access to new data streams has made self-driving vehicles a reality in today’s world. IoT has proved its value 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 the auto industry where most of the growth is witnessed. The scope of industrial IoT has been broadening as it impacts features like asset tracking, traffic management, optimized routes, driver behavior and more.
An integrated smart transportation system tells us about the real-time information of the driver as well as the vehicle and warns drivers about potential dangers on the road.
IoT in transportation helps in real-time parking management of vehicles, as well. It informs the driver which parking lots that are presently available. Multi-level parking systems are also helping to reduce operating and maintenance expenses.
The Internet of Things (IoT) has opened up a box of new possibilities in transportation over the last several years. IoT has undoubtedly evolved beyond recognition to any previous timeframe. IoT is all about connecting devices digitally and accessing the data which provides an insight into the real-time valuable data. This data was a challenge even a short decade ago.
Healthcare is a vast ecosystem and has adapted to the Internet of Things very rapidly. Personal healthcare, the pharmaceutical industry, smart beds, biosensors and many healthcare specializations have implemented IoT at a very progressive level. Real-time Health system serves as key areas for IoT. Healthcare has both dynamic and static data that has to be evaluated by different analytic tools. Healthcare must have tools for predictive maintenance as part of a comprehensive healthcare systems.
Remote Health Monitoring helps to solve the rise of chronic disease among various people due to the aging factor. A broad range of smart wearables and biosensors along with other medical devices enables remote health monitoring. This monitoring can detects emerging patterns and leverage the data taken from these devices. This information will enable new insight into disease prevention methods.
The most common use of IoT technology today in healthcare has to do patient monitoring. This includes energy meters, X-rays and other imaging devices. Previous research found that the majority of the benefits of IoT in healthcare today revolves around increased innovation and visibility across the organization and cost savings. Future IoT benefits will cater to higher workforce productivity, creation of new business models and better collaboration across the entire industry globally.
The Internet of Things has a huge future in the Mining Industry. IoT will be seen as truly disruptive in mining. Industrial IoT is affordable in this industrial area and leverages the advance sensor technologies for real-time monitoring of mining assets. IoT has eliminated waste at every step of the mining process and monitors the processes at a more granular level to make saving decisions based on real-time data.
Various challenges like mine landslide and equipment failure has been monitored and controlled with great accuracy because of the adaption of IoT. Even in the early stages of digital transformation, mining companies have increased their productivity, reduced costs and improved their production and safety through the real-time data.
According to recent report, 40 percent of mining companies have planned to deploy IoT solution within the next 18 months. As IoT enables 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 IoT has been more significant than just adding connectivity to existing products and services in a new way. IoT has changed to where the products have become services of the services, and the services have become more intelligent.
IoT in hospitality industry has revolutionized the service delivery and has improved the customer experience, all while reducing the costs. IoT sensors have taken the preventive maintenance one step further and brought predictive maintenance into existence.
These sensors recognize hazardous trends and sends an alert for proper maintenance before an issue can escalate. This enables the capabilities of technology in an impressive way that many of the 5-star hotels like Marriott International have already implemented by adding IoT in all their hotel rooms.
In the hospitality industry, IoT applications are embraced among businesses. Building these platforms has been necessary so that innovators and early explorers of IoT devices can adopt them. Using the data from the early adopters, hospitality businesses can create value from them by offering unique experiences through the IoT services and products.
The Future of the IIoT:
The Industrial IoT is considered to be one of the primary trends affecting industrial businesses today and in the future. Every industry is emerging with the intent to integrate the modern systems and equipments into their workflow. Using these systems helps industries to meet the required regulations.
The systems also help keep up with the forever changing market and to cope up with disruptive technologies. Businesses that have embraced industrial IoT have seen significant improvements to safety, efficiency and profits.
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, networks and data, but is ultimately it is very much about the money and the profits associated with a particular industry.
It is estimated that IIoT could add a jaw-dropping $14.2 trillion to global domestic product by 2030. That is huge.