As the applications of industrial IoT in business and manufacturing platform is gaining rapid momentum, manufacturing companies all over the world find themselves striving to incorporate the same into their enterprise structure to leverage productivity, scalability, and cost-effectiveness.
The usage of industrial IoT enhances the manufacturing and industrial processes. IIoT also leverages the power of machines embedded with artificial intelligence and machine learning. Industrial IoT is also known as the industrial internet or industry 4.0.
With the arrival of smart factories, the IIoT boom has accelerated the current wave of the Industrial revolution. Many innovative companies are implementing IIoT by utilizing intelligent, connected devices in their factories with IIoT holding the potential to unlock $6.2 trillion in potential economic impact by 2025. IIoT technology is already paving the way for next-generation manufacturing by enabling the acquisition and accessibility of far greater amounts of data, at far higher speeds, and far more efficiently than ever before.
With the many organizations currently progressing from making investments in digital infrastructure to investing in digital literacy, it is expected that the curve of investment in IIoT will bend towards analytical capabilities. Moreover, via sensors and real-time monitoring, IIoT technology is enabling the manufacturing industry to implement effective predictive maintenance strategies thereby avoiding more costly damage and downtime.
Enterprises have also started utilizing publicly verifiable technology such as blockchain to build secure and interoperable systems for IIoT that will support the exponential growth of connected devices for years to come. A key role in the IIoT offering is predictive maintenance.
IIoT ecosystem consists of intelligent assets that can sense, mingle, and store information about the company and its data both private and public.
IIoT allows a high level of customer satisfaction, it helps the manufacturers to capture and study the data. The analysis of data is by checking how the customers and clients use their products thereby enabling the manufacturers and product designers to mend and make certain changes, built future IoT devices, and helps to shape more customer-centric product roadmaps.
Industrial IoT is a big deal and as the days become years, it changes to massive size, the more target it has on its back. In the coming years, the world will witness a huge change in industrial IoT infrastructure and platform.
Compared to another genre of technology platforms, the IoT devices will access more data and information about the consumers and devices by 2020. On the verge of this change, a recent study by McKinsey indicated that about $1.2 to $3.7 trillion would be invested in IoT manufacturing technology by 2025. As the connected devices help the manufacturers to innovate faster and create software-enabled products that are intuitive and easy to interact with, manufacturers are looking forward to enhancing their company with powerful internet of things, solutions merged with new strategies that will provide new ideas to enhance the business Our distinguished selection panel comprising CEOs, CIOs, CFOs, industry analysts, and Manufacturing Technology Insights editorial board have thoroughly analyzed the industry and recognized the key players. Presenting below the Manufacturing Technology Insights’ “Top 10 IoT Solution Providers-2018.”