Today, the Industrial Internet of Things (IIoT) has become an increasingly popular technology among manufacturers worldwide. The usage of IIoT by manufacturers is anticipated to singnificantly increase in 2024. Also, recent research by Research and Markets estimates that the global market for IoT in manufacturing would be worth $609.44 billion in 2030. Also, by 2026, the market value is expected to increase at a compound annual growth rate (CAGR) of 17.4% to $397.86 billion. However, some technologies are also set to become popular soon in this steady IIoT adoption curve in manufacturing.
AIoT: Unlocking IIoT Data’s Potential
The true value of IoT actually lies behind in its vast amount of available data. By 2025, IoT devices are projected to generate 73.1 zettabytes of data, a four-fold increase from the 18.3 zettabytes recorded in 2019. However, according to the recent Forrester research, 73% of this data is totally being wasted. Also, an increasing difficulty in IoT implementations is having more data collected than you know what to do with it. Moreover, this gets especially worse when Industry 4.0 adoption causes a data explosion in the industrial sector.
The goal of integrating artificial intelligence (AI) with the Internet of Things (IoT) is to close the gap in data consumption. AIoT leverages large-scale IoT data to deliver advanced analytics and insights. AIoT integrates AI into process engineering applications. Machine learning algorithms process the vast amounts of IoT data, generating valuable insights. Thanks to AIoT, manufacturers may now concentrate on data value rather than IoT data volume.
Adoption of Predictive IoT Is Growing
Predictive capabilities are a valuable benefit of integrating IoT and AI in manufacturing. Moreover, predictive Internet of Things solutions, particularly predictive maintenance, are already helping the manufacturing industry immensely.
Industrial equipment maintenance costs in manufacturing facilities make up close to 70% of total production costs. Widespread IoT connectivity and sensorization have made condition-based monitoring of industrial processes and equipment possible as more businesses embrace Industry 4.0. Sensor data is correlated by machine learning and analytics to forecast equipment breakdowns. In addition, predictive maintenance helps manufacturers save 10% on maintenance costs, increase equipment uptime by 20%, and reduce maintenance planning time by 50%, according to research. These invaluable benefits are now making the business owners to choose various IIoT platforms to boost their business growth by streamlining their business operations.
As a result, they are now embracing advanced IIoT platforms. Especially, cloud-based, configurable IIoT platform with edge-cloud architecture which suits best for them. These IIoT platforms offer many sophisticated capabilities like predictive maintenance, asset tracking, activity detection, and remote asset management, which are highly essential for their business operations. That’s the core reason, why these IIoT platforms are gaining popularity in industry 4.0, especially in the manufacturing sector.
Industrial Metaverse and Digital Twins
The design, manufacture, and maintenance of industrial items have been completely transformed by digital twin technology, leading to more rapid, accurate, flexible, and efficient processes. McKinsey reports that digital twins can halve the time to market, enhance product quality by 25%, and boost revenue by 10% for manufacturers. For instance, Unilever used digital twins to pinpoint crucial variables for soap moisture content, improving the quality of their products.
According to a 2022 poll by a popular market research firm, 20% of manufacturers across all industries use digital twins. Another 10% aim to embrace them in 2023 and 17% by 2024. Industrial businesses can create virtual reality (VR) and digital twin applications in the metaverse to create virtual environments that closely resemble their working environments for anticipatory decision-making. Innovations in the field of creating more lifelike virtual reality digital twins are about to take off.
A Greater Priority for Cyber Resilience
Manufacturers, security professionals, and regulators are placing more emphasis on the cyber resilience of IIoT systems due to the growing sophistication of threats and the volume of IoT cyberattacks. It is anticipated that in 2023, the European Union (EU) will enact legislation mandating that smart devices comply with cybersecurity regulations, with non-compliance leading to a device ban. Manufacturers are required by law to notify ENISA, the European Union Agency for Cybersecurity, of any threats within a 24-hour period.
Also, IoT systems are vulnerable to physical manipulation since they are cyber-physical in nature. For smart factories, supply chain problems that lead to fake device parts raise cyber-physical risks. Manufacturers must now embrace security adoption as a matter of course to combat these threats. A recent study forecasts that the IoT security market will achieve $61 billion by 2029.
Advances in Sensor Technology
Designers of IIoT systems are increasingly relying on sensor data to identify and quantify real-world inputs. The sensors used in industrial automation collect a variety of data, including temperature, position, force, pressure, humidity, distance, and air quality.
According to a Research and Markets study, the market for industrial automation sensors is expected to grow at a compound annual growth rate (CAGR) of 9.6% from 2022 to 2029, reaching $22.59 billion. One of the main factors propelling this growth is the increasing use of IIoT and Industry 4.0 in manufacturing. Advancements in industrial sensor technology have led to greater utilization of predictive maintenance. This growth is expected to be aided by the growing demand for wearable devices that are equipped with smart sensors. The need for smart sensors in automotive manufacturing and design is growing to enhance vehicle safety.
In summary
IIoT technological developments will help manufacturers in the long run by creating new revenue streams, enhancing industrial safety, and cutting down on operating expenses and downtime. The adoption of IIoT, however, and cyber resilience need to coexist. Although new regulatory measures are positive, security needs to start at the design stage. To safeguard the industrial ecosystem, system designers must make sure that parts like sensors and ASICs are tamper-proof and resilient.
Author Bio
Vishnu Narayan is a content writer works at ThinkPalm Technologies. He is a passionate writer, a tech enthusiast, and an avid reader who tries to tour the globe with a heart that longs to see more sunsets than Netflix!
