Did you know? According to Bloomberg, the Industrial IoT market is going to reach $276.79 Billion by 2029. Have you ever wondered, what is the driving force behind IIoT’s popularity?
The Industrial Internet of Things (IIoT) is revolutionizing the industrial sector by automating machines with smart internet-connected devices and sensors. With IIoT, business organizations are capable of collecting real-time data, improving the quality control process for finished products, and implementing automation for their manufacturing processes. Consequently, industries are seeing better ROIs than before.
Why are businesses leaning towards it?
Businesses are drawn to the Industrial IoT because it completely changes the way they operate their business.
The technology can help them to reduce downtime and promote sustainable practices. For example, industrial IoT sensors can be used to monitor equipment conditions and predict when maintenance is needed. IIoT is enabling businesses to prevent downtime and extend the longevity of their assets.
Let’s take a look at the top industries utilizing IIoT significantly and their reasons for doing so.
Manufacturing, Healthcare, and Oil and gas are the three industries that are leveraging IIoT solutions (Industrial Internet of Things) significantly.
Here’s how IIoT is supporting these industries.
How is the Manufacturing industry benefiting from IIoT?
Research And Markets has published a report named “Global Industrial Internet of Things Market by IIoT Technologies, Solutions and Services 2023-2028” where it has been stated that IIoT in manufacturing alone will reach $191.3 billion globally by 2028, growing at 21.4% CAGR.
It is evident from the data that the manufacturing sector is increasingly embracing IIoT and will continue to do so.
Here are three ways that IIoT is revolutionizing the manufacturing industry.
Industrial IoT sensors help manufacturers optimize their operations by providing them with real-time insights into the manufacturing equipment’s operational performance. The technology allows manufacturers to monitor the equipment’s performance from anywhere and manage operations more efficiently, which ultimately helps in streamlining or optimizing manufacturing productivity.
In addition to enhancing productivity, IIoT is now also helping to improve workplace safety. Smart manufacturing technology includes a ‘smart security’ component to ensure workplace safety through the automation of manufacturing processes.
While the integrated IIoT safety systems monitor workplace and employee safety, the wearable technology alerts employees about potential hazards that could occur within manufacturing sites. Everyone present in the manufacturing plant usually receives an alert notification if any accident occurs and the manufacturing operation stops immediately. IIoT can prevent future accidents by analyzing data collected from the work site.
IoT devices dedicated to the manufacturing industry provide data-driven insights to businesses thus guiding businesses towards profitability. The IIoT features like predictive maintenance, enhanced quality control, and improved efficiencies contribute to revenue generation.
Most importantly, the real-time insights provided by IIoT devices can support manufacturers with cost reductions and revenue boosting.
These are the three ways the manufacturing industry is benefitting from the Industrial Internet of Things.
How is the Healthcare sector benefiting from IIoT?
IIoT is transforming healthcare with better access to data and remote patient monitoring. It is also enabling new medical treatments and procedures, such as remote surgery and telemedicine.
In the post-COVID era, healthcare providers have harnessed technology to revolutionize patient care. They employ remote patient monitoring, telemedicine, electronic health records, AI-driven diagnostics, and advanced medical devices to offer more accessible, efficient, and personalized care while reducing the need for physical visits. These innovations enhance patient safety, streamline operations, and contribute to improved healthcare outcomes in an increasingly digital healthcare landscape.
Here’s how IIoT is supporting the healthcare sector.
IIoT remotely detects the technical snags that usually lead to machine downtime. It helps the healthcare sector by monitoring, testing, and diagnosing medical devices remotely to prevent any kind of downtime.
Clinical Data Analytics
IIoT helps in creating a more accurate patient profile for healthcare providers. It has the capability to gather essential data from medical devices and subsequently merge all the clinical information for a better understanding of the data. The information can be leveraged by healthcare providers to analyze and act upon from any location.
IIoT-connected healthcare devices help healthcare providers keep a close eye on elderly patients 24/7. IIoT-enabled medical devices can continuously monitor the vital signs of patients with multiple chronic diseases and immediately alert healthcare providers in case of any abnormality.
These are the three ways the healthcare sector is benefitting from the Industrial Internet of Things.
How is the Oil and Gas field benefiting from IIoT?
The refineries in the oil & gas sector are dependent on heavy equipment and use the Industrial Internet of Things to manage heavy machinery. It supports them by detecting any kind of pipe leakage, predicting equipment failure, and preventing security hazards like fires, and unauthorized entry.
IIoT is supporting the Oil and Gas industry in three ways.
The technology is helping the sector with anomaly detection of assets and equipment. Predictive Maintenance supports the industry with improvement in the efficiency level of the machinery and cost-effective production.
The oil and gas industry usually operates from isolated and impassable locations. Remote performance monitoring systems can evaluate equipment and improve efficiency, safety, and maintenance.
The implementation of IIoT has streamlined the process for maintenance managers and administrative teams, allowing them to accurately assess the operational lifespan of equipment used in the oil and gas industry and significantly decrease machine downtime.
The asset management system triggers alerts for maintenance managers at the slightest technical issue, ensuring prompt repairs.
These are the three ways the Oil and Gas industry has benefited from the Industrial Internet of Things.
The Industrial Internet of Things (IIoT) is transforming operations across industries. By connecting physical devices to the internet and collecting and analyzing data from these devices, IIoT is enabling businesses to improve their operations in several ways. IIoT is helping them by increasing their efficiency level, improving product quality, and by adopting sustainable practices like reducing energy consumption.
In conclusion, the Industrial Internet of Things (IIoT) stands at the forefront of a transformative revolution spanning various industries. If you are looking to enhance daily operations and boost revenue generation at your firm, IIoT is the ideal solution for you. You can trust Youngsoft as an expert IIoT service provider who can deliver high-quality services to support your business.
Youngsoft India Pvt. Ltd. (formerly known as Ritwik Software Technologies Pvt. Ltd.) is an affiliate of Youngsoft Inc. that offers a full-service IT technology and consulting solution. Based in Hyderabad, India, and with Youngsoft Inc., we offer 24/7 support and solutions to clients across the globe.
Reach out to us to learn more about IIoT in more detail!