Industrial IoT adoption has been growing aggressively, thanks in part to advances in technology and the easing availability of affordable sensors and processors, which can facilitate real-time access to information. According to a recent industry report from Grand View Research, the global industrial Internet of Things market size was valued at $216.13 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.8% from 2021 to 2028.
IoT is particularly playing a vital role in ensuring easy access to machines and devices. According to Grand View Research, IIoT deployment is typically gaining traction in application areas such as asset management, remote servicing, operational intelligence, predictive maintenance, and remote monitoring. The key business benefits of industrial IoT (IIoT) are certainly helping to fuel adoption in these areas.
Industrial organizations depend on expensive and specialized machinery that’s often dispersed over geographical areas, making maintenance a challenge. Equipment repairs are inevitable when health checks aren’t performed at the right times, causing downtime and disruption that can cut into productivity and revenues. Implementing industrial IoT solutions that closely monitor and track machines enables companies to be proactive about maintenance and repairs.
Field service activities can be inefficient and costly, especially when a single issue requires repeat visits. Specialized industrial IoT solutions automate these types of processes by connecting field service technicians — via tablet, wearable, or smartphone — to backend systems so they can easily schedule and coordinate preventative maintenance and emergency repairs regardless of their location.
To survive in today’s global landscape, companies need to be continually aware of conditions related to product quality and operational outcomes, as well as environmental factors that can impact performance. By analyzing industrial IoT data, businesses can identify trends and proactively and efficiently address any potential issues that may arise down the road — optimizing processes and increasing ROI.
Industrial IoT solutions can connect data and equipment across an organization to provide the highest level of visibility for greater operational efficiency. An edge-to-cloud IIoT solution with secure cellular connectivity provides reliable and affordable visibility needed to effectively manage equipment, achieve peak performance, and reduce maintenance costs.
The digitalization of legacy processes and equipment is driving the Fourth Industrial Revolution, bringing more efficiency, safety, and profitability to an industry that faces many challenges. KORE has bundled IIoT solutions that help organizations take advantage of intelligent data, with the hardware, connectivity, managed services, and advanced analytics for valuable business insights and maximum ROI.
Download the eBook, “The Complete Guide to Industrial IoT” to learn more about the technologies powering the next Industrial Revolution.
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