The term IoT (Internet of Things) was first dubbed by a British entrepreneur named Kevin Ashton in 1999, during the time he worked at Auto i.d. Labs. Nearly 20 years later and experts are estimating that IoT will encompass about 50 billion objects by the year 2020.

The term IIOT (industrial internet of things) is referred to in the manufacturing industries, classifying the industrial category of the IoT. IoT in terms of manufacturing would likely drive so much business value that it will naturally lead to the fourth industrial revolution, i.e., the so-called Industry 4.0.

So why the rapid growth?

This can be attributed to the evolution of convergence of many technologies, everything from wireless communication to the internet and the many other technology revolutions currently happening at a fast pace. This convergence has meant that the use of embedded systems, control systems, automation and wireless sensor networks all contribute to enabling the internet of things.

Industry 4.0 – Automation of Production Lines Heavily Relies on IoT.

The latest IoT intelligent systems are enabling rapid manufacturing of new products, allowing dynamic response to product demands, and create the opportunity for real-time optimization of manufacturing production lines and supply chain networks. This is accomplished by networking machinery, sensors and control systems together.

Automating process controls via digital control systems and optimizing plant safety and security systems via operator tools and service information systems are within the scope of the IoT capabilities. But this type of technology also stretches itself to asset management through the use of statistical evaluation, predictive maintenance, and measurements to maximize reliability. Smart management systems in the industrial
sector have the ability to be integrated with the Smart Grid, thus allowing real-time energy optimization. Precise measurements, plant optimization, health and safety management, automated controls and other functionality are delivered through a massive amount of networked sensors.

It is predicted that in the near future, successful businesses will have the ability to increase their revenue via the internet of things by constructing new business models, improving overall productivity, exploiting analytics for innovation, and transforming the workforce as we know it.The conceivable growth by implementing IIoT has the potential to generate $12 trillion of global GDP by 2030.

The crucial progress of IIoT will be the ability to masterfully understand machines and devices along with the capability to react in real-time to offer a solution to include predictive maintenance, anomaly detection, production failures and machine learning.