The Internet of Things (IoT) plays an important part in optimizing operational efficiencies in the industrial sector. Managing a successful path to new manufacturing adoptions can seem daunting, but with IIoT (Industrial IoT), companies can utilize machines, cloud computing, sensors, and devices to create an efficient, safer, and more profitable production. It is a system like this that can drive and deliver value across many use cases such as asset management, predictive maintenance, and remote monitoring.
The Fourth Industrial Revolution, often referred to as Industry 4.0, is currently being led by the digital transformation accompanied by IoT. According to an extensive study released by Data Bridge Market Research, the global IIoT market is projected to reach approximately $540.98 billion by 2029.
This growth is driven by strong technological advancements in the IIoT industry, marking a compound annual growth rate of 10.1 percent during this forecast period (2022 to 2029).
IIoT adoption has the potential to pose certain challenges. Some of the biggest concerns are the following:
However, among these roadblocks come opportunities. IoT has the potential to streamline operations through comprehensive visibility in many ways:
To get a greater breakdown of the dynamics in the manufacturing industry, check out our IoT in Industrial infographic.
KORE is hosting a webinar series, “IoT in Verticals,” and our next roundtable discussion is just around the corner. Join us on October 27th at 10:00 a.m. ET/3:00 p.m. GMT to explore the results of Kaleido Intelligence’s recent survey, “Serving the Enterprise: The Cellular IoT Connectivity Opportunity”. KORE is tackling the top three industrial innovations, monitoring a customer roundtable, and exploring themes of complexity, roaming, private LTE 5G, and more. Registration for the webinar is now open!
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