May 2019 Technology Insights: The IIoT revolution keeps on ticking

As digitation navigates greater inroads into industry, the Industrial Internet of Things (IIot) is the future—now—synthesizing brilliant machines, advanced analytics, and people in the workplace. Enlisting a plethora of industrial devices with communications technologies enables systems that can monitor, measure, collect, exchange, analyze, and manifest new insights, which ultimately delivers faster and smarter business decisions. Adding big data analytics into the mix nurtures a milieu for higher production efficiency, safety, and financial performance.

2025 IIoT global market estimate: $933.62 billion

According to a recent report by Million Insights, the global Industrial Internet of Things (IIoT) market is predicted to mushroom to a valuation of $933.62 billion by the year 2025. The market is estimated to grow at ta CAGR of 27.8% during the forecast I Stock 1066158470iStockperiod. An increasing number of governmental initiatives and support of IIoT technology is driving the market, according to the report. "Industrie 4.0" from the European region is cited as “a multi-layered strategic initiative that incorporates the major players including private bodies and local businesses, as well as from academics in order to formulate an action plan, thus complementing implementation of advanced digital techniques for industries across the European region.” The Million insights report predicts “massive” growth in the Asia Pacific market, with India, China, Japan, and Taiwan leading the charge.1

Market Research Engine also recently released a report that predicts the global IIoT market to top $205 billion by the year 2024, with growth at a CAGR of more than 8% during from 2018 to 2024.2

Auto Industry uses technology to deliver technology

As consumers clamor for the latest technology in their vehicles, the $1 trillion auto industry is meeting consumer demand—as well as its own manufacturing and financial needs—with the help of IIoT. A recent article by Forbes details how new technology allows automakers to improve productivity, moves toward predictive maintenance and quality assessments, energy monitoring and conservation, health and safety monitoring, and part failure traceability through the supply chain. Increasing the industry’s ability to predict events through the manufacturing process—and thus act proactively—sounds like a recipe to add to automakers’ bottom lines and to consumer satisfaction.3

Power Plex 2019 IIoT conference set for June 24-25

Plex Systems, a Troy, MI-based developer of manufacturing management software, will be a key sponsor and presenter at Power Plex 2019, a conference devoted to advancements in cloud enterprise software, ERP, MES, and the IIoT. This year’s event will take place May 13-May 16 at the Cobo Center in Detroit, and will host more than 115 sessions led by nearly 120 presenters, while facilitating peer exchange and networking events. The featured guest speaker on May 14 will be Dean Kamen, founder of FIRST Robotics and president of Deka Research, and inventor with more than 440 U.S. and foreign patents.3

Report: IoT, “shadow devices” pose significant cyberthreat

According to a 2018 report, “What is lurking on your network: Exposing the threat of shadow devices,” released by Infoblox, more than a one-third of companies in the U.S., United Kingdom, and Germany found that there were more than 5,000 personal “shadow devices such as laptops, kindles and mobile phones, as well as IoT devices such as digital assistants and smart appliances connecting to the corporate network every day. Twelve percent of UK organizations reported having more than 10,000 shadow devices on their network on a typical day. Those devices are easily detectable by criminals online via easily procurable search engines. The report also says that employees admitted that they connected to the enterprise network for reasons including social media, and to download apps and games. Although 88% of the polled IT leaders said they had an IT policy that was “very effective,” 24% of employees said they were unaware of a company security policy.4 EE

 

References

1. Million Insights, “Industrial Internet of Things (IIoT) Market Size & Forecast Report, 2014-2025,” April 2017.

2. Market Research Engine, “Industrial Internet of Things Market By End User Analysis—Global Forecast by 2018-2024,” November 2018.

3. Forbes, “Auto Makers Are Improving Operations With Help From Industrial IoT,” March 19, 2019.

4. Infoblox, “What is Lurking on Your Network: Exposing the threat of shadow devices,” May 2018.

 

Please use this image with this story: https://www.istockphoto.com/photo/businessman-touch-screen-control-robot-the-production-of-factory-parts-engine-gm1066158470-285103208

More in IoT