The Industrial Internet of Things (IIoT) market was worth approximately $77.3 billion in 2020 and is expected to grow to $110.6 billion by 2025. IIoT is a massive market set to have a transformative impact by introducing new approaches and technologies, such as smart factories, cyber-physical systems, and intelligent robotics, across a wide variety of industries.
Indeed, due to the ongoing Covid-19 pandemic, it appears this transformation is only accelerating. In the last year alone, technological advances in IIoT have helped impacted businesses to automate processes, enhance collaboration, and improve cost management.
Let’s take a look at some of the top trends concerning IIoT products and solutions in 2022.
Maintenance is always a key point of interest for manufacturers hoping to maximize profits and growth. With new IIoT asset sensor solutions, manufacturers can increase productivity through predictive and preventative maintenance. Asset sensor devices and applications can also help manage and update equipment quickly and accurately without disrupting the production workflow.
For example, asset managers will be able to find the right asset upgrades at the most opportune time, ensuring that idle hours are minimized, and production delays are limited. Additionally, IIoT-enabled solutions and devices can help monitor equipment to prevent unnecessary shutdowns and keep manufacturers aware of any pressing issues.
Optimized operational resilience using automation
More industries are now embracing IIoT applications to ensure reliable, automated operations. During the pandemic, the manufacturing industry has suffered serious setbacks, and it has been challenging to maintain regular supplies and manage operations.
IIoT solutions and applications have helped businesses improve their operating efficiency by lessening the time employees are required to use equipment physically. This has helped reduce human activity on the floor and enable proper social distancing as needed. New IIoT solution initiatives have also been used to power remote technology deployments which, in turn, have helped manufacturers save up to 30-40% on equipment maintenance expenses.
An increase in cybersecurity spending
As noted in a Deloitte Perspectives piece, “Safeguarding the IoT is complicated by the scale and scope of data being generated and collected, not to mention the fact that much of it is actually held or accessed by third parties.”
Clearly, this is a complex topic that must be taken extremely seriously. As IIoT solutions become more ubiquitous, companies likely will become increasingly susceptible to cyber threats, given the enormity of their data and network accessibility. Businesses in this space would be wise to take preventive measures to ensure their operations’ security.
Transition to “the edge”
In recent years, the ability to react quickly has become increasingly important, especially in a very competitive environment. For businesses that want to ensure optimal operations and future-proof their initiatives, it is vital to move processing power and data storage as close as possible to the point at which the data is being generated. New IIoT edge devices are a reliable way to get close to the “edge,” and edge computing can help facilitate agile and dependable manufacturing.
Data-driven prognostic technologies
Solutions that have emerged from IIoT have helped reduce unexpected downtimes and minimize the threats to manufacturers’ bottom lines. By 2025, there will be 75 billion IoT devices worldwide, and many of these devices will provide data-driven prognostic and diagnostic information.
Real-time intelligence and metrics are vital to operational continuity, and these advancements ensure that manufacturers can make informed decisions and detect any issues as early as possible.
Sentient artificial intelligence
Today, AI is the norm when it comes to complex problem solving and managing large amounts of data. It is important that businesses understand how to utilize properly – and engage with – AI systems to ensure that they are always evolving and consistently improving workflows.
As we look at the continued growth of remote working, more businesses will be relying on sentient AI in 2022 to solve complex issues.
Wireless connections are key to ensuring that IIoT applications can function at their potential. Improving wireless accessibility is likely to be a popular trend in 2022 as wireless networking technologies become more sophisticated and the need for wireless technology grows.
More and more employees are using battery-powered smart gadgets in industrial environments to enhance their productivity. This trend will likely continue in 2022 as wearable gadgets such as exoskeletons or smart-glasses help employees complete repetitive tasks and strenuous activities.
Industrial IoT and factory automation form the building blocks of intelligent factories, and smart metering systems must be reliable when it comes to battery life. Since these devices perform computing operations at the edge, they need to ensure their processors can perform these tasks on a low electrical charge.
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Charlene Wan is vice-president of branding, marketing, and investor relations at Ambiq.Tags: Industrial, IoT