Industrial IoT – 3 key trends for 2021
Industrial IoT has grown tremendously in the last nine months, thanks in part to automated processes, reduced costs, and a ready-made solution for surviving industrial production under COVID restrictions. The Industrial Internet of Things (IIoT) is steadily gaining traction across the board, from small-scale manufacturers to large-scale production units. Regardless of whether the world is returning to normalcy, businesses want to ensure that they are prepared in the event of another pandemic, and the Internet of Things (IoT) is a critical initiative.
Trend #1: Spend on Employee Safety will increase
Spending on employee safety will increase, according to trend #1. In a survey, decision-makers stated that they would prioritize employee safety over financial stability (44 percent) in the year 2021. The fact that most businesses are eager to get their employees back to work in the company means that ensuring their safety is the most important requirement.
More than just automating machine operations, the Internet of Things (IoT) will become increasingly important in ensuring the safety of the workforce. The lessons learned from COVID have compelled businesses to implement processes that ensure that employees adhere to all safety regulations and guidelines. Simply put, an IIoT application can monitor whether or not all employees have been properly sanitized before walking onto the floor, as well as whether or not they are wearing their masks properly. Factory workers, despite hints of vaccination, will continue to prefer social distancing in the post-COVID world.
As a result, the Internet of Things has a greater potential for ensuring employee safety.
Predictive monitoring can send out alerts when a machine is at risk of malfunctioning or crashing. This is significant because on-the-job injuries cost global organizations a total of USD 170 billion per year. In the assembly line or in processes where more injuries occur, it is possible to identify areas of high accident vulnerability that can be avoided, preventing widespread devastation. It is critical to remember that this was the case before the outbreak of the pandemic. Now, to reduce the reliance on manual expertise, it will be necessary to use connected devices in an industrial setting.
If faults are identified and corrected promptly, the money saved can be put towards other employee welfare initiatives.
Trend #2: Focus on Operational Resilience through automation
The manufacturing industry took a significant hit. The industries in the ten most affected states in the United States experienced a revenue decline of USD 400 billion. Any further shutdown could have a direct impact on the availability of routine supplies. Industries have begun to embrace IIoT applications to navigate the fine line between innovation and conservatism. This ensures operational efficiency by limiting the amount of time people are required to be present around the machines. As a result, the reduced amount of human activity on the floor ensures social distancing and a reduced risk of infection transmission.
Even if there was no COVID scare, the Internet of Things (IoT) was poised to grow in 2021. The global IIoT market was already expected to grow at a compound annual growth rate (CAGR) of 22.4 percent by 2027, reaching a value of USD 885.1 billion.
For the reason that remote assistance deployments can save OEMs up to 30-40 percent on equipment servicing costs, it is becoming increasingly popular. IIoT applications will expand beyond remote assistance in 2021 to include predictive maintenance, fault analysis, machine metric analysis, and other functions. Recent research on the Internet of Things Product Development by post covid details the impact of IIoT in 2021 across sectors and predicts a vast amount of processing to be done through connected devices. It is predicted that the demand for experts in industrial deployments will increase immediately on Ioterra, a digital IoT marketplace devoted exclusively to technology. It is anticipated that IoT projects will progress from simple domestic solutions to critical industrial unit deployments, according to the platform, which hosts a large number of OEMs and project managers.
Trend #3: Increased Spending on Cyber Security
The Internet of Things (IoT) is vulnerable to attacks in the same way that all other good things on the web are. The Internet of Things (IoT) is an enticing ecosystem that offers a variety of ways to connect to a network. In 2019, 90 percent of consumers express a lack of trust in Internet of Things networks. In the same year, over 100 million attacks on Internet of Things endpoints were launched (Kaspersky findings).
Cybersecurity in the Industrial Internet of Things (IIoT) is extremely important because the consequences go far beyond financial and reputational damage. Millions of connected devices, both on the floor and outside the facility, are at risk in this situation. IIoT networks have direct access to enterprise resource planning systems, which contain a wealth of confidential information, including trade secrets. Any massive cyber-attack has the potential to cause widespread disruptions that are impossible to predict. An article on developing IoT products goes into greater detail about the various types of botnets that have been specifically developed for IIoT networks.
The Internet of All Things
Manufacturers must take greater responsibility for ensuring continuous vulnerability management, secure configuration, and third-party analysis of security logs, which falls primarily on their shoulders. You should not be afraid to partner with technology experts if you do not have the necessary expertise in-house. In fact, following COVID, IoTerra reported a twofold increase in the number of IoT cyber experts and other professionals hired through its platform. This demand will continue to rise as a result of stakeholder pressure to launch as soon as possible in 2021.
The Internet of Everything (also known as the Internet of Things)
Enterprises must embrace automation through the use of connected devices at all levels of the organization in the future. There is a massive pool of data, and the Internet of Things is the channel for streamlining it safely and transparently.