Adroit Market Research - Industry Insights

Aligning with Industry 4 revolution, IIoT is a holistic compilation of smart sensors intended for improved industrial and manufacturing practices. Inclusion of smart devices, equipment and machinery that perform real time data analysis for improved functional capabilities operate on voluminous data.  Besides enabling decisive procurement and analysis if data, IIoT ensured superlative communication matrix to accelerate business outcome in terms of real time access and precision, enabling time management and optimum resource utilization, maintenance and management.

Need for minimal operati

Aligning with Industry 4 revolution, IIoT is a holistic compilation of smart sensors intended for improved industrial and manufacturing practices. Inclusion of smart devices, equipment and machinery that perform real time data analysis for improved functional capabilities operate on voluminous data.  Besides enabling decisive procurement and analysis if data, IIoT ensured superlative communication matrix to accelerate business outcome in terms of real time access and precision, enabling time management and optimum resource utilization, maintenance and management.

Need for minimal operational expenditure and pursuit of superlative organizational efficiency are likely to leverage first scale reliance on IIoT, encapsulating diverse digital technologies such as IoT integration, machine learning, and cloud computing, orchestrating consumer satisfaction and seamless business applications. Steadfast connectivity on the back of accessible and affordable internet services as well as large scale integration of smart devices and machinery, voluminous at a volume and the like ae some of the prominent growth triggers in global IIoT market.

Imminent 5G Integration across Industries to Further Flare up Growth in Global IIoT Space

With substantial advances in 5G network technology, inclusive of novel 5G investments and optimistic embracement across industries, IIoT is likely to expand exponentially with superlative connectivity. Industries across the globe are still facing operational bottlenecks in terms of legacy industry equipment and devices that lack agility and experience frequent downtime. Therefore, industries are fast embracing novel solutions such as 5G network to overcome downtime.

5G enabled IIoT is sought to enable greater speeds and data mobility wth negligible latency, allowing optimum device connectivity enabling improved predictive analytics and monitoring capabilities to ensure steady flow of operational workflow.

Predictive Analytics and IIoT

Prior to IIoT based maintenance regimen across industries, conventional procedures of maintenance levied on traditional schedule based activities remained integral based on set standards to offset limitations such as equipment and plant failure.However, the process is overtly time consuming also leading to occassional equipment replacement, thus rendering price overhaul. Therefore, factors as such have catapulted  rapid inclination and adoption of predictive maintenance industry practices leveraged by sensors to attain real time analytics and maintenance. Advances in predictive maintenance practices therefore are set to propel high investment returns in global IIoT market.

Onset of Industry 4 Revolution Enhances Adoption of IIoT for Real Time Data Analytics

At the backdrop of steadfast adoption of industrial IoT (IIoT) and the ushering of industry 4 revolution, stakeholders, businesses and solution providers are aggressively investing in market expansion schemes to build a robust solution pipelines, adhering with fast evolving market dynamics, regulatory framework as well as core business needs. To cite an instance here, several nonprofit organizations are also consolidating their stance with novel initiatives, further adding to the growth of global IIoT market.

The organization is a composite consortium of several organizations and technology think tanks on a common platform to further accelerate noteworthy advances in global IIoT sphere. The organization specifically monitors a holistic matrix of identification, assembly.

Testing and prompting industry best practices for IIoT integration across businesses. As part of its recent innovations, the Industrial Internet Consortium has come up with a novel pilot project, Industry Connect Service (ICS) to aid organizations in pursuing and achieving digital diversification resonating with specific IIoT business needs. The development is a significant one and is likely to accrue substantial investment returns in global industrial IoT (IIoT) market which still is in infancy.

PTC’s ThingWorx IIoT Platform Recognized as the Global Leader in IIoT Adoption

Further in IIoT sphere, other notable developments include unparalleled developments on the part of industry veterans. In this light, PTC's IIoT enablement platform, PTC ThingWorx which is PTC's flagship IIoT platform has been recognized as the Leader at a recent survey by Forrester Research. The platform is a highly sophisticated IIoT platform augmenting diverse capabilities, allowing companies to deliver high end functionalities with diverse scalability and safe IIoT deployment. The evaluation was facilitated on the back of several parameters such as deployment, security, and connectivity. Developments as such are integral in pushing relentless growth in global IIoT market.

On similar lines, Emerson, best known for its versatile automation functionalities has bagged the IIoT company for third consecutive year. The company has been managing IIoT integration across diverse end-use industries such as oil and gas, power, life sciences, and even chemicals to name a few, enabling digital transformation across industries on the back of its advanced digital solutions and analytics.

Emerson’s digital ecosystem enabling IIoT integration under the brand, Emerson’s Plantweb renders a clear roadmap for achieving scalable output in IIoT deployment. The company is also hopeful of sealing several commercial deals to pursue high end digital transformation.

Mutual Collaborations and Long Term Business Commitments to Reflect Improved IIoT Integration

Further in IIoT development, enterprises are entering into long term commitments to remain industry specific. IN this regard, Emerson and Cisco have joined forces to develop next-gen industrial networking services for evolved IT developments, cybersecurity advances and digital transformation. Need for low maintenance costs and developments in the realm of predictive analytics are likely to unfurl novel developments in IIoT market.

Additionally in IIoT spectrum, industry veteran, Eclipse Foundation has launched Sparkplufg to facilitate IIoT solutions on MQTT. The development is envisioned to elevate functionalities of IIoT features to implement the same across businesses and verticals, favoring industry 4 integration across a range of industries such as manufacturing, energy, and oil and gas.