The "Industrial Internet of Things” is here and the entire global manufacturing industry should be taking notice. In fact, when it comes to opportunity and overall potential the manufacturing space, in particular, appears to be at the epicenter of this new $14.4 Trillion dollar .
With 27% of the total IoT business value at stake - the biggest forecasted share for any one industry, manufacturing businesses of all kinds and sizes need to start taking steps now to position themselves to take advantage of these new unexpected growth opportunities.
We did the math and this means $3.83 trillion dollars in potential business over the next decade.
In fact, according to a study from Zebra Technologies, 83% of the 600 surveyed manufacturers are either already using the technology or planning to deploy by next year. And out of all the emerging industrial iot technologies, RTLS, Wireless, GPS, barcodes, sensors, and mobile devices have been cited as the most important.
The overwhelming interest primarily stems from the technology’s unlimited applications in the manufacturing space. Improved operations efficiency, new levels of automation, real-time visibility, downtime reduction, and decreased waste and asset loss, are just a few of the "smart factory's" most sought after benefits.
Suggested Reading: "The Real Value The Internet of Things Has to Offer [Infographic]"
Ultimately, these real-world applications have helped create the emergence of the 4th industrial revolution, called "Industry 4.0".
Industry 4.0 in short is based on a new production model that pairs the physical world with the digital world by combining physical objects, communications, data and IT.
In other words, machines talk to other machines, then sensors deliver mission critical data that is then processed and sent in real-time to the end user who needs it most.
This new system will be the next step in the realization of the “Smart-Factory,” paving the way for growth across your entire organization, connecting the plant-floor with business systems both locally and globally.
And with the 50 Billion connected devices predicted to go online by 2020, the real advantage will go to early adopters of this new revolution.
To know learn more about what you can expect from the IIoT, check out Industrial IP Advantage’s IoT infographic below.