Iot, probably everyone has the idea of this technology. If you don’t know, don’t worry, today in this blog we will try to discuss all the important things about the Industrial Internet of Things. To give a complete idea in short; Iot is devices that are capable to connect with the internet to exchange data in the various form. These devices can be anything, for example, sensors, driverless car, CCTV, cars, washing machine, smartwatches and even bulb lights. These devices collect the data from the end user and exchange the collected row data with the internet than on later stage this data is used to understand users. This data is also known as big data.
As we move forward in the digital era, end-user data will be everything to understand a group of people and individual. This makes it easier for a marketing executive to meet end users needs and increase sale without investing more money and time. The big data is also used to improve user satisfaction.
Industrial Internet of Things
Another importance of industrial Iot is that it helps in machine learning. Machine learning is for helping devices algorithm to improve itself as per user experience. Internet of Things benefits manufacturer and end user. IIoT creates machines for machine contact. This can help the manufacturer to improve productivity. IIoT can also use for remote access of the devices to troubleshoot problems and lot more.
Manufacturer – Can collect huge data to understand more about the customer and serve them better. This will result in a sale.
Customer – Simplify living style by allowing customers to take a smarter decision on each level (Automation).
IOT product by Samsung
Example of IoT
Internet of things is useful in every industry. For example, let’s take at the example of logistic. As well all know, N number of couriers/packages delivered every day to different cities and area. If we use the internet of things in logistic, then the user can generate real-time data about their product status and logistic company can collect real-time information of the outside world. If the collected data is shared in real-time then this data can help to solve traffic problems and probably stop an accident. IOT will help the user to make a smarter decision on real time by sending an instant notification.
The expected growth of IIoT in the market by 2022 is US$ 176 billion.
According to the research; by 2030, 125 billion devices will be connected with IoT. If we look at the investment in industrial Iot applications, then companies in manufacturing industries will spend around ($189 billion), transportation industry ($85 billion), and utilities ($73 billion).
This is a huge number and the successful implementation of the IoT in any organization can be revolutionary in the market.
Companies like Google, IBM, Microsoft, Facebook and other MNC have started their IIoT projects to compete in the market.
Report from Google cloud: https://cloud.google.com/customers/cognite/
“The Industrial Internet of Things (IIot) sector is still new. In 2017, it was reported that under 10% of the top 50 Iot players earn annual revenues of more than $10 million, and fewer than 20% provide comprehensive industrial platforms".
Well, these results are unbelievable. We can expect the revenue to grow more than 100 times. Since this is just the start of Iot.