The growing importance of industrial IoT

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As digitisation continues to spread into numerous areas of our lives, more and more devices and appliances are now able to connect with each other. This transformation is set to continue, and a recent article on the Financial Express website notes that industrial IoT is leading the way in new connectivity standards and targets.

The three key factors driving the IoT revolution are digitisation, urbanisation and industrialisation. By 2020 there are expected to be 50 million connected devices in the world, and by 2050 there will be an estimated 2.5 billion people living in cities. This will drive global energy consumption up by almost 50%, meaning that industries must start adopting sustainable practices and finding ways to be more efficient with their energy.

Industrial IoT refers to the use of 'smart' industrial products, services and processes that communicate with each other – and their human users – via a wireless internet connection. Through sensors that provide both the visualisation and analysis of energy usage, actions can be taken manually or automatically to drive energy efficiency.

With increased digitisation, of course, there will also be the need for more energy-intensive data centres and communication towers; but the opportunities to improve energy efficiency in all products, services and processes mitigate this.

Similarly, some companies may be unsure about investing in industrial IoT systems and disrupting their traditional set-up; but again, the benefits after installation will outweigh the initial costs. What's more, companies that use industrial IoT will have a major advantage over those who don't – with optimised performance resulting in shorter delivery times and faster cost recoveries, those who embrace such tech will enjoy better returns and higher profits.

In addition to this, smart industrial systems encourage an active approach to risk mitigation, enhanced service speed and quality, and preventing or reducing expensive downtimes – all while improving sustainability. So, as the article notes, while moving towards industrial IoT certainly comes with short-term costs, not doing so isn't really an option in today's increasingly competitive market.




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