By 2025, the global industrial IoT market is expected to reach 933.62 billion dollars. The scope of cloud applications and scalability are two of the factors that will drive the additional growth across all industries within it.
The sectors that benefit from industrial IoT solutions the most right now include manufacturing, healthcare, energy and power production, logistics and transportation, oil and gas, and agriculture. Over the coming few years, the manufacturing sector is expected to emerge as the dominant one. According to analytical reports, the industrial internet of things will reinvent many sectors that account for approximately two thirds of the global economic output, driving economic gains of 14.2 trillion dollars by 2030.
What are the reasons for the prominence of industrial IoT solutions? Some of them have been touched upon in the intro but let’s take a more thorough look.
Industrial Internet of Things: Key Benefits
Industrial IoT solutions allow for more efficient, affordable and easy way to maintain processes.
Currently, most companies adopt a very simple modus operandi – if something breaks, they fix it. The use of smart sensors and the right software, however, will allow for the correct prediction of upcoming failures. Equipment can be replaced and maintained in a much more effective way, reducing the risk of breakdowns and industrial processes coming to a halt.
The range of IoT applications is quite big and diverse. Currently, IoT solutions can be utilized to accomplish all of the following:
- Facility management: Condition-based maintenance is an effortless task and so sensors can be used to increase the effectiveness of facility management. Manufacturing equipment is prone to wear and tear. It’s also susceptible to specific conditions. Sensors can monitor temperature, vibrations and other factors that could be leading to less than optimal operational conditions.
- Inventory management: IoT solutions can also be quite beneficial when it comes to reducing the risk of inventory management errors. Events will be effortless to monitor across the supply chain, giving companies a comprehensive view of inventory. Estimates of available materials and supplies are accurate, which prevents slowdowns.