As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things!
Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, “IIoT will significantly change the world. You won’t participate with conventional thinking and an incremental approach.”
So, you understand some of the ways IIoT will vastly improve how businesses function.
But did you realize IIoT is more than just connected devices and smart machines? George Deeb with Forbes reminds us that IIoT impacts manufacturing, energy, oil and gas, healthcare, IT and much more. Deeb reports that, “Gartner predicts the IoT industry to be $1.9TN in size by 2020, and McKinsey thinks it could be as large as $6.2TN by 2025, in terms of economic impact.”
Are we ready for it?
Although the industry has excepted the new buzzword “IIoT” we still need to make sure the equipment and software are able to interact together or we are just adding more problems to the mix. Maria Ferrante at Packing World informs us that, “The Industrial Internet of Things has moved into the pantheon of 21st-century packaging buzzwords alongside RFID and Sustainability.”
Alright! So how is IIoT changing the oil and gas industry?
The Oil and Gas industry has seen an increase demand for more of wireless cloud IIoT technology and M2M solutions as the price of a barrel of oil dips down to a new all time low. Live Mint reminds us that, “Oil and gas companies are increasingly leveraging cloud technologies to more rapidly unlock the value of other digital technologies—especially analytics, IoT and mobility.”
That’s all for this week’s recap, but there’s more! Now that we are into the beginning of Spring, it’s important to see how some of the 2016 IIoT predictions are shaping up. In case you have any thoughts on our IIoT predictions for 2016 (or have any new predictions your own), it’s not too late to iterate on them into the comments section below!