This connectivity allows for data collection, exchange, and analysis, potentially boosting productivity and efficiency, as well as other economic benefits. The Industrial Internet of Things (IIoT) is an evolution of distributed control systems that achieves a higher degree of automation by using cloud computing to refine and optimize process control.
The use of Industrial Internet of Things (IIoT) devices is steadily increasing. Data shows that the IIoT market size was $326.1 billion in 2021 and is projected to reach approximately $1.7 trillion by 2030, with a compound annual growth rate of 20.47% from 2022 to 2030.
The Industrial Internet of Things (IIoT) market is projected to continue growing until 2040 due to the increasing prevalence of cloud computing platforms. Various industries are adopting IIoT systems, particularly the manufacturing sector.
North America is the fastest-growing region for the Industrial Internet of Things (IIoT) market, with the United States holding the largest market share. This is driven by major IIoT market players such as Cisco, GE, and IBM. The global IIoT market is projected to exceed $263 billion in 2021 and reach $1.11 trillion by 2028.
For manufacturers, Industrial Internet of Things (IIoT) technology is key to significantly reducing downtime, creating new business models, and improving customer experience.
By 2026, edge computing applications will increase, although some enterprises are cautious about incorporating 5G. The main benefits of the Industrial Internet of Things (IIoT) include increased throughput, reduced operating costs, and higher levels of workforce security. Of course, there are also improvements in asset and service efficiency, revenue growth, and customer satisfaction.
Industrial IoT monitoring reveals the biggest cost losses, from factory waste to unnecessary truck rolls. Industrial IoT also provides asset health monitoring, remote diagnostics, and predictive maintenance.
The development of the IPv6 standard has fueled the growth of the Industrial Internet of Things (IIoT) market. As the number of connected devices grows exponentially, IPv4 becomes inefficient at storing the data generated by so many devices, driving the demand for IPv6.
This latest standard offers enhanced reliability and advanced security. The standardization of IPv6 is expected to drive growth in the global industrial IoT market.
Disadvantages of the Industrial Internet of Things
Like any technology, deploying the Industrial Internet of Things (IIoT) is not without risk. Some project risks that hinder enterprise adoption include a lack of open standards, device hijacking, data siphoning, data breaches, and the ability to integrate legacy and M2M/OT devices with IIoT applications.
Because industrial IoT devices are connected to networks and store large amounts of data, distributed denial-of-service attacks across all devices or internal networks are a major risk.
Attackers might exploit the device itself or the centralized network as a point of entry, then flood the endpoint device with massive amounts of traffic, rendering it unable to perform its intended function. Essentially, such an attack only renders the industrial IoT endpoint device as useless as a brick.
The increasing adoption of smart manufacturing systems and the growing number of connected devices throughout manufacturing facilities have increased the number of cybercrimes and cyberattacks in the Industrial Internet of Things (IIoT) sector.
This makes it the responsibility of both the equipment owner and the supplier to ensure security controls during installation. The owner or supplier is responsible for cybersecurity, wireless security, data security, cloud security, and supply chain security.
Characteristics of the Industrial Internet of Things
Many technologies have enabled the Internet of Things (IIoT), such as cybersecurity, cloud computing, edge computing, mobile technology, machine-to-machine communication, 3D printing, advanced robotics, big data, the Internet of Things, RFID technology, and cognitive computing.
The Industrial Internet of Things (IIoT) focuses on using smart technologies and connectivity to improve manufacturing facilities and industrial processes. The IoT promises to create smarter factories that are more efficient, energy-saving, and safer than ever before.
The basic infrastructure for the Industrial Internet of Things (IIoT) consists of interconnected networks of devices that provide data to control systems and, in some cases, react and perform functions based on instructions returned by control applications. A set of remote sensors and activators is a typical endpoint on the network.
Like other IoT devices, industrial IoT sensors collect and measure raw information that the system relies on. Depending on the type of industrial IoT system, sensors can measure environmental conditions such as pressure, temperature, humidity, or other important characteristics.
