The global Industrial IoT (IIoT) market size is estimated to grow to $106.1 billion by 2026 – up from only $88.2 billion in 2023, according to MarketsandMarkets. The Fourth Industrial Revolution is set to be an era that accompanies this market growth and redefines the manufacturing, artificial intelligence (AI), and robotics industry. The Internet of Things (IoT) is aiding the advancements of machine learning and growing the demand for automation. With these changes come challenges, and it’s important to know how to set your operation up for success.
Some of the biggest concerns include the following:
To understand a larger breakdown of the challenges and opportunities in the IIoT industry, view our IoT in Industrial infographic here.
One of the most important factors in ensuring warehouse operations run smoothly is tracking inventory and assets. Without monitoring stock levels, organizations are left essentially without direction – causing employees to manually track inventory and delaying the order of operations. IoT solutions help bridge the gap by connecting sensors and other devices to shelving units that can monitor variables such as location data and stock levels.
With real-time data about the location and quantity of materials, industrial organizations can improve inventory management processes and help employees work more efficiently. These technologies also lay the foundation for automation, enabling greater warehouse productivity and performance through sensors and signals.
Likewise to warehouse performance, one challenge in the industrial and manufacturing setting is equipment monitoring and maintenance. Machines must be routinely checked to ensure proper performance; however, this task can cause downtime and disruption that can cut productivity and revenue. Predictive maintenance is the process of using machine learning to collect data and determine when maintenance should be performed. With IoT and predictive maintenance, companies can combat unexpected malfunctions, overloads, and external conditions to keep operations running smoothly.
Security is a common apprehension among organizations using technology solutions. According to a survey conducted by Kaleido Intelligence, 40 percent of respondents expressed security concerns when adopting cellular IoT – particularly SIM locking, location detection, and cybersecurity. However, when deployed accurately, IoT can help lower the complexity and heighten security to ensure devices are safe and protected.
Want to learn more Industry 4.0 and the opportunities presented with it? KORE is participating in this year’s IMC IIoT Summit on May 4th at 11 a.m. ET. KORE’s Adam Cohen, Global Director of Industrial IoT, will be joined by Bachelor Control’s Michael Bachelor, President, and Pragma’s Dirk Janse van Rensburg, Managing Director to discuss how you can start digitally transforming your business with IIoT. You don’t want to miss this! Registration is now open here.
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