The Internet of Things Has Changed Everything
The impact that the Internet has had on how we live our lives has been monumental. It has enabled people and businesses to grow more connected, productive and empowered than we ever imagined. In the last decade, the power of the internet has grown even more pervasively with the introduction of the Internet of Things (IoT) concept.
What is the Internet of Things?
The IoT is a network of devices that contain embedded electronics, software, sensors, and network connectivity technology that allow for machine-to-machine, as well as human-to-machine, communication. Think driver-less cars, smart appliances, fitness trackers and more.
With connectivity and insights from data we never thought of capturing, we have opened the doors to a much more smart and connected world. The prevalent use of mobile devices has allowed the internet to embed itself into our everyday lives. This has further enabled people and business alike to be more productive and powerful. Now, the Internet of Things has begun to expand to the industrial sector.
Expanding the IoT to the Industrial Space
The Industrial Internet of Things (Industrial IoT or IIoT) is the application of IoT technology within the non-consumer physical world.
It ties together networked sensors and software with complex physical machinery.
It captures and analyzes data from machines (mostly in real-time).
It allows for remote control capabilities, deeper performance insights, operational optimization and efficiency.
Some basic IIoT examples are:
- Smart grids
- Smart transportation railway systems
- Remote factory device monitoring
Through the intelligence of the cloud and device data analysis, the Industrial Internet of Things enables a new world of smarter operations, lower costs, and ultimately increased profitability.
The Industrial IoT Opportunity
A door has opened to an even more revolutionary step forward in human productivity. The foundation of intelligent devices used in energy, transportation and factory automation have enabled an unprecedented opportunity. The Industrial IoT is here and the market size and force of this opportunity is far greater than the consumer market.
As of 2015, the general IoT market was valued at US$24.2 billion1. It is expected to have a CAGR of 26.8%, and reach US$79.3 billion in 2020. This means that by 2020, over 23 billion IoT devices are expected to be connected to the internet and over two-thirds of which will be non-consumer devices2.
Let’s put the monumental influence of the Industrial IoT into perspective. Take the world's population and double it. That number still doesn’t add up to the amount of devices that will be embedded in non-consumer applications. 16 billion devices embedded in factories, power grid systems, transportation and city infrastructures will be connected to the internet in some way by 2020.
Let’s put the monumental influence of the Industrial IoT into perspective. Take the world's population and double it. That number still doesn’t add up to the amount of devices that will be embedded in non-consumer applications. 16 billion devices embedded in factories, power grid systems, transportation and city infrastructures will be connected to the internet in some way by 2020.
Don’t get left behind.
The Industrial IoT is more than just a buzzword; it’s a reality that is materializing in the form of real business solutions. Connected cities, intelligent traffic systems and autonomous factory production are just some examples of how the union between machines and the internet are making the Industrial IoT a reality.
Your competition may already be one step ahead of you. You can’t afford to not invest in this global megatrend.
If you are interested in learning more about the Industrial Internet of Things, let us know and we can have one of our representatives reach out to you with more information.
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