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Industrial IoT Drives Productivity, Profit

April 12, 2021
An evolution of the distributed control system (DCS), the IIot uses cloud computing to attain a higher mode of automation and optimization of process controls.

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TechInsights0421 

Industrial IoT Drives Productivity, Profit 

By Ken Cormier 

Managing Editor 

The industrial IoT (IIoT) is the computerized networking of sensors, instruments and other devices in industry settings, including manufacturing and energy management. This setup allows for the collection, exchange and analysis of data in industry, paving the way for advancements in productivity, efficiency and profitability. An evolution of the distributed control system (DCS), the IIot uses cloud computing to attain a higher mode of automation and optimization of process controls. In addition to cloud computing, the IIoT is supported by technologies including Edge computing, cybersecurity, and big-data analytics, as well as AI and machine learning. According to a report by Reportlinker.com, the global market for IIoT is predicted to grow by $421.28 billion during the period of 2021-2025at a CAGR of 33% during that timespan.1 Here are some recent news briefs on the subject:  

AI and IoT Form Super Team 

A recent article on World Economic Forum cites IIoT as one of the four major areas in which IoT is trending, powered by AI, 5G and Big Data. The other areas in the Big 4 include Wearables, Smart Homes, and Smart Cities. Emerging technologies using edge computing, Voice AI and Vision AI include home robots, autonomous vehicles, natural language processing, epayment voice authentication, video analytics on the edge, and super 8K resolution.2 

Startup Eyes Solving Global Problems 

Dutch startup Hiber BV, led by a team of technology entrepreneurs and satellite experts plans to bring IoT solutions to remote areas of the world, bolstered by 26 million Euros in funding from EU and private investment. Founded in 2016, the company is addressing issues like “eliminating food wastage [and] reducing the environmental impact of extracting fossil fuels. “Every year, 30 per cent of food production is lost or wasted and 33 per cent of oil wells experience leakages,” said Coen Janssen, CSO and co-founder of Hiber. “Both problems can be addressed by using technology to monitor pressure, humidity or temperature,” he added. “These are great examples of how space innovation can solve important global problems and improve lives. The company, which recently launched its fourth satellite, employs low-cost and low-power nanosatellites that orbit 600 km above Earth.3 

China Wants to Pump Up IIoT Strategy 

According to an article in China Today, China is planning to build an industrial internet system to gain a competitive edge in global industrial development. The country should first establish a national-level open-source alliance on the industrial internet platform to encourage developers to participate in developing open-source codes and systems, said Zhou Yunjie, president of home appliance giant Haier Group. Zhou is advocating the building of common standards in platforms, networks, and securityThe Ministry of Industry and Information Technology says that China already has more than 70 industrial internet platforms with regional impacts. It is estimated that 350,000 facilities use cloud platforms.4 

Reportlinker.com, “The Global Industrial Internet of Things (IoT) Market is expected to grow by $ 421.28 bn during 2021-2025 progressing at a CAGR of 33% during the forecast period,” March 2, 2021 

http://www.globenewswire.com/news-release/2021/03/02/2185138/0/en/The-Global-Industrial-Internet-of-Things-IoT-Market-is-expected-to-grow-by-421-28-bn-during-2021-2025-progressing-at-a-CAGR-of-33-during-the-forecast-period.html 

World Economic Forum, 4 key areas where AI and IoT are being combined, March 15, 2021 

https://www.weforum.org/agenda/2021/03/ai-is-fusing-with-the-internet-of-things-to-create-new-technology-innovations/ 

EuronewsThis Internet of Things Startup is ‘Solving Important Global Problems,’ March 30, 2021 

https://www.euronews.com/living/2021/03/30/this-is-the-internet-of-things-startup-is-solving-important-global-problems 

China Daily, China's industrial internet a 'beachhead' in global development,” March 9, 2021 

http://www.chinadaily.com.cn/a/202103/09/WS60472576a31024ad0baadfbe.html 

https://www.industryupdate.com.au/article/are-you-wired-future-iiot 

https://www.iotworldtoday.com/2021/02/26/securing-the-industrial-internet-of-things/ 

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