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Three Industrial Internet of Things (IIoT) myths that need busting

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There is no doubt that the Industrial Internet of Things (IIoT) market is evolving quickly. In the report Digital Transformation – an Internet of Things perspective, International Data Corporation (IDC) predicts that the installed base of IoT endpoints will grow from less than 13 billion units at the end of 2015 to 30 billion by 2020. The industries that IDC predicts will spend the most on IoT solutions are manufacturing, transport, energy and utilities, and retail, with a wide range of IoT use cases.

In other words, the Industrial IoT clock is ticking, and businesses not already addressing the opportunity offered by IoT need to create and implement their plans – quickly! So why are some companies still hesitating? One answer is that there are several misperceptions, or myths, regarding IIoT that are making decision makers hesitate, and sometimes delay or stop an IIoT project altogether. A heavy focus on standards, exorbitant expected costs and the fear of big changes are all cited as reasons for not pursuing IIoT projects. Let’s take a closer look at these in more detail.

Myth: We should wait for standardisation

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