With the advances in Industrial IoT (IIoT) and Industry 4.0, manufacturers are actively being encouraged to incorporate and utilise IoT technology to keep up with the current competition. Using IoT technology within factories is transforming the manufacturing segment and bringing advantages to manufacturers, including how they streamline the supply chain to improve shipments and deliveries by effectively improving operational efficiency, productivity, and decreased downtime. These factors have been among the mainstays of IIoT implementation ever since it was developed and they continue to be among the most important benefits for companies entering into the industry.
One key component to the implementation of IIoT is the continuous monitoring of equipment on a constant basis. One of the most important recommended elements is to better understand when to schedule regular maintenance of manufacturing machines, rather than relying on routine scheduling. Unless the equipment is serviced at the right time, repairs will be inevitable and will be extremely expensive.
It is quite clear that there is still a lot to be explored and IoT experts are aware of the fact that there is so much more to be discovered and capitalised on in IIoT implementation. However, IIoT is certainly creating many new business and profit opportunities, indicating that the market is going to explode soon.
In fact, it is predicted that the global market size for the IIoT will exceed $949 billion by 2025, meaning manufacturing companies will have to be able to process billions of events per day in real-time and manage data in a consistent and reliable way across machines and sensors.