Industrial IoT: two illustrative cases
As predicted by IndustryARC, the Industrial IoT (IIoT) market will reach $123.89B by 2021; and it’s already gathering power through 2018. At the recent conferences, besides a variety of smart consumer products, we encountered large corporations—from healthcare to industrial businesses—that had well-defined needs to embrace tech advances.
At our client’s steel works factory, an hour of downtime costs about $150M, while any breakdowns may bear risks for human health. This factory requires continuous high-tech enhancements not to lag behind the competition, if not be ahead of it. At the same time, these enhancements must not contradict with the existing, well-orchestrated work processes and environment, in order to be capable of producing the expected annual 1.5 million tons of output. Any new component to be implemented in the core IIoT system must be 100% verified and reliable.
How can such a factory boost productivity seamlessly under these conditions? Innovation is an option, and it lies in a combination of augmented reality, IoT, and app development. It allows engineers to monitor operations and gather data from various sensors with hands-free devices in real time. With this idea in mind, we are required to consult, build tech stack options, and implement the solution.
The second case concerns one of the leading construction works corporations, which has the need to update the product line. It must be based on the existing models with an addition of IoT hardware modules and the software component that accumulates and analyzes data, builds optimization models for the usage of high-end equipment, as well as prevents possible breakdowns according to the data analysis. This proved to be a surefire way to smoke the market competition by delivering a more valuable product.
Such cases allowed us to single out 5 IoT trends that meet at the crossroads with business and drive innovation throughout 2018-2020:
- • The Internet of Things is driven by industries
- • Wider adoption of consumer IoT
- • Interoperability matters
- • IoT security issues and constantly evolving solutions
- • The Internet of Things is about software and data
Now let’s overview each trend in detail.
Trend #1. The Internet of Things is driven by industries
That’s what our curious case was all about. Instead of talking about raw technologies, our clients focus on real problems and solutions. According to a survey by IDC, 31.4% of companies launched IoT products, with an additional 43% looking to deploy in the next 12 months. 55% of respondents see IoT as strategic to their business as a means to face competition more effectively.
Indeed, the latest conferences and requests from our clients showed corporations in search of IoT solutions that can be incorporated with their business processes. They want to manage their diversity of data in a less operationally complex way. They are interested in blockchain—as far from mainstream adoption as it is—as a means of secure peer-to-peer transactions between IoT devices. Business impact is the key for all IoT trends.