It has been more than a decade; the Internet of Things has forever revolutionized how we look at the consumer market. The consumer domain has experienced a boom in the past few years owing to the Internet of things technology. By far, industrial IoT is the most promising and flourishing aspect of the new technology that has conquered the manufacturing industry.
When we talk about industrial IoT, we mean using IoT technology on an industrial level, and the applications include robotics, software-infused production systems, and much more. It is commonly referred to as Industry 4.0 or simply industrial IoT. Through a secured network, the internet of things seamlessly connects machines and industrial equipment. This smooth and effortless connectivity enables automation. Industry 4.0 strengthens and delves further into big data analytics, Scada, m2m combination, and other such industrial applications. Industrial IoT has led to operational efficiencies, improved productions, short lead times, less risk, improved traceability, and reduced maintenance cost.
Statistically speaking, it is reported that the industrial IoT market for technology and devices will experience a jump from $77.3 billion to $110.6 billion in the coming years. By the end of 2025, it is predicted to grow at a CAGR of 7.4%. To understand how industrial IoT has revolutionized the manufacturing industry, let us go through some of the plus points.
Predictive Analytics and the Tools
The IIoT or Industrial 4.0 has made the prediction and forecast process more manageable than it used to be. The manufacturers are now better able to monitor the status of devices and industrial IoT equipment. IoT allows them to calculate the exact time needed to reach milestones and deadlines. They monitor equipment maintenance status from one piece to another and check for defects in the production process. The IoT’s predictive analytics tools not only assist the engineers in eliminating the root cause of a problem or defect but also identify it and prevent it from happening. The analytical tools devise mitigation plans and rule out potential defects and failures that may appear in the future. Shortly through predictive analytics, the production line is likely to improve due to more data. A robust data set will present a robust system and production line.
Asset management is a crucial yet tiring task. While running a production floor or a factory, details of each equipment being used, the product being manufactured, and the raw material must be monitored. The operator has to verify the product passing through various stages, change the controls, monitor production times, and keep a tab of exit and entry points. This job is prone to errors because of immense human involvement. IoT services could be used to reduce the intervention and exempt the operator from managing and tracking assets himself. Smart logistics and systems are put into practice with smart sensors to monitor demand and supply plans and manage workflow and records, respectively.
Operational and Production Efficiency
The manufacturing industry requires maintenance and care to drive efficiency in operations and production processes. Mechanical equipment requires regular checks and servicing. The defects in equipment and machinery affect production, resources, and valuable time. To maintain operational efficiency and smooth functioning, equipment servicing is mandatory. This increases the productivity and life of machinery.
Safety and Security
Most industrial equipment and processes could be hazardous and risky if their servicing is not regular. The safety of the system, employees, capital, and resources must be ensured using IoT trends for 2021. To avoid dangerous, life-threatening situations, IIoT is helpful. Smart technology takes care of the system’s safety and security and alerts the authorities and concerning individuals in time.
While the benefits of IIoT are huge, its challenges could not be ignored. That debate is, however, for another time. IIoT has, for now, proven its value and worth to the manufacturers and enterprises. The benefits do outweigh the challenges for sure.