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What is the market scenario of IIOT?

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In 1999, the Internet of Things (IoT) was invented by Kevin Ashton in computational technology. There is no need for programming computers any longer but simply the information can be fed off by connecting devices through the internet.  

In the manufacturing industry, the use of such technology led to the stage for the next industrial revolution known as the Industrial Internet of Things (IIoT). Smart sensors are the latest connected devices resulting in the real-time exchange of data. It is one of the most important in the digitalization of manufacturing.

According to the PwC Survey 2017 of U.S. industrial products manufacturers, 90% of them are offering IoT- driven products and services to customers. The three key uses of IoT systems are:-

  1. Smart enterprise control: The smart connected machines are not just allowed by IoT but also the connected manufacturing components are linked to the central computing system resulting in efficient production and lower costs.
  2. Asset performance management: The working of the connected machines is due to the wireless sensors, cloud connectivity, and data analytics for a more efficient real-time flow of information. The process leads to accurate prediction of machine breakdown and aids in predictive maintenance.
  3. Augmented operators: IoT technologies are expected to assume more specialized roles in manufacturing plants to be more user-centric and less machine-centric.

In the industrial sector, IIoT refers to the use of Internet of Things (IoT) technologies and applications. The IIoT involves device integration, machines, sensors, and other equipment to be used in industrial operations with internet-connected devices. The process enabled the device to collect, analyze, and share data in real time.

Some of the key IIoT aspects are:-

  1. IIoT relies on the device, sensors, and machine connectivity to the network for enabling data transmission and receiving commands.
  2. The collection of data is possible by IIoT devices in industrial processes, operations, and equipment to analyze the advanced analytics tools for gaining insights and identifying opportunities for optimization.
  3. The automation of industrial processes is enabled by IIoT for reducing the need for human intervention and improve accuracy and efficiency.
  4. The collection of real-time data on equipment and processes is enabled by IIoT enabling data analysis and reducing downtime and maintenance costs.
  5. Safety in industrial operations can be improved by the IIoT by enabling the monitoring of hazardous conditions, alerting workers to potential dangers, and automating safety protocols.

The IIoT technologies can be used in a wide range of industrial sectors such as manufacturing, energy, transportation, and healthcare. Even though with so many advantages, IIoT is not without its challenges such as data security, interoperability, and standardization. Data security is also a critical concern for IIoT devices and networks that can be vulnerable to cyber-attacks.

Source: Statista, Pwc, techtarget

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