The markets for the Industrial Internet of Things (IIoT) and edge computing are projected to grow from USD 3.6bn in 2020 to USD 15.7 bn by 2025, so it is becoming increasingly important to have an IoT strategy in place when developing a flourishing IT roadmap in manufacturing, utilities, and other industries. The ability to implement innovative technology into industrial assets is revolutionary for data collection, analysis, and automation.
As edge computing advances, equipment & devices to process data and action operations at the edge of your systems where IT meets the real world, without waiting for a reaction from a remote centralized database system.
Defined: Industrial Internet of Things
The IoT is a network of physical objects that can sense their internal states or external environment and autonomously communicate or respond to change as required. For example, smart devices are increasingly used consumer application of IoT. It enabled home automation devices can help you save money and reduce waste by allowing you to control appliances, lights, and heating from your smartphone, send alerts, and make adjustments based on set parameters.
Applying these principles on an enterprise scale, the Industrial Internet of Things (IIoT) focuses on connecting everything from factory machines to laboratory sensors and any other mechanical or electronic equipment that needs monitoring. You can now collect and process more data than ever by connecting these internet-enabled devices and sensors to a business process management system. This also enables you to analyze all that data in real-time and make better data-driven operational decisions. Additionally, IIoT solutions allow organizations to transform business processes by automating monitoring and emergency response procedures. This has the potential to unlock tremendous value through efficiency and precision control.
Benefits of IoT & edge computing for Businesses?
Businesses that use IoT and edge computing have many benefits over other companies. For example, a business can create an AI-based predictive model to help them maximize productivity by monitoring their employees' behaviour. This model can then optimize employee performance or even predict when employees will leave the company. The model can also be used as a tool for recruitment, as it will allow companies to find employees who are most likely to remain with them for years.
Another benefit of using IoT and edge computing is that it allows businesses to collect data from multiple sources simultaneously, rather than just one source simultaneously, as traditional computing models do. This allows for a more accurate analysis of large datasets and makes it easier for businesses to make decisions based on the collected data.
The final benefit of using IoT and edge computing is cost savings. Eliminate manual data entry tasks so that employees don't have to spend time entering data into spreadsheets or manually entering information into databases (which can be costly and time-consuming).