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Things You Should Know About Industrial IOT

Understanding today’s rapidly growing Internet of Things market.


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Industrial IOT

 

According to Accenture, around 87% of the mainstream consumers of the Internet of Things and Industrial IOT market do not know what it is about. The Internet of Things and Industrial IOT is a coined term by British Entrepreneur Kevin Ashton in 1999 referring to a network of things connected via Internet. As a growing market, the following are statistics and forecasts of the demands in the IoT market that may affect the way our lives in the future.

50 to 200 billion connected devices 

Cisco, a worldwide IT company, estimates that the number of connected devices today will increase up to 50 billion. Intel, another network giant, claims a total of 200 billion devices by then. These smart devices involve optimized hardware and processors in it deploying Industrial IOT systems. Low-power Industrial IOT chips will be manufactured for many products such as wearables, drones and other devices.

Electronics, automation, mechanical and software engineers are responsible for the proliferation of Industrial IOT (image source: Giphy)

$1.7 trillion in spending 

Research asserts a rise in the global spending as these IoT devices and services will be widely available in the market. The research firm, International Data Corporation, estimates a spending worth $656 billion to $1.7 trillion within 2-3 years. The growth includes emerging connectivity solutions and IT services addressing the demand for purpose-built platforms and cloud-based applications for device management.

$79 billion plus revenue in the smart-home industry

Demands for smart devices also involves home appliances that are now even present today such as smart TVs, refrigerators and thermostats. Consumers aiming for easy usage and controls of home gadgets seems to be a niche market for IoT home products. According to Harbor Research and Postscapes, the smart home industry generated a revenue $79.4 billion. The number is expected to rise as more mainstream smart products are introduced in the market.

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IoT in white goods and smarthome (Source: Giphy)

90% of automobiles are connected 

Within 2-3 years, 90% of cars will be online according to Spanish telecommunications provider, Telefonica. Infotainment, automated-driving and other OS applications are to be embedded in most cars. Existing mobile applications for cars like Apple’s Carplay and Google’s Android Auto are likely to be integrated in car dashboards. Studies of designing and simulating artificial intelligence in cars are conducted to develop automated cars. Google has already tested its driverless car on public roads. Operating systems for cars are also being develop and to be available in the future.

IoT in the automotive industry (Source: Giphy)

173.4 million wearables 

These smart devices includes smart watches and fitness trackers. Available today, it is expected that more wearable products are produced in the future. IDC estimates a global shipment surge from 76.1 million in 2015 to 173.4 million units within 2-3 years.

IoT wearable technology
IoT wearable technology

“Industrial Internet” to expand larger than China and the US

The electronics company, General Electric, estimates that the “Industrial Internet” or Industrial IOT market will grow a value of $10 trillion to $15 trillion to the global GDP in a couple of decades. Industrial Market refers to industrial machinery connected to the internet. Today, China has $10 trillion worth of GDP while the United States with $17 trillion.  This projection will exceed those two as more factories will be automated and connected to a cloud resulting to big advancement in the industrial production in a global scale.

IoT in the manufacturing industry (Source: Giphy)

 

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Engr. Alaric Saltzman
Rugby is life. Studied electrical engineering at Imperial College London. Lives in Peoria, Illinois. Follow me facebook.com/alaric.saltzman.18294

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