The initial developers of the internet of things (IoT) envisioned a future where a vast network of interconnected objects would collect and analyze data, enabling them to perform tasks autonomously. The technology is now rapidly expanding due to the development of communication technologies such as 5G and data analytics using artificial intelligence (AI) and machine learning.
A key driver of growth in the industrial IoT (IIoT) is the increasing focus on Industry 4.0, which aims to create smart factories that are highly automated and connected. IIoT technologies can help to enable this vision by providing real-time data on machine performance, production output and other key metrics, enabling manufacturers to optimize operations and reduce downtime.
Smart factories leverage advanced robotics and AI to automate labor-intensive processes. The implementation of IIoT in these facilities enables seamless integration of production lines, allowing for customization and flexibility in manufacturing.
The global market for IIoT is anticipated to reach $391.8 billion by 2028, with North America and Europe leading the charge due to their robust industrial bases and early adoption of technology.
