What is the Industrial Internet of Things (IIoT)?
The Industrial Internet of Things is the incorporation of the intelligent industrial product, processes and services that communicate with each other and with people over a global network.
5 Steps to Start and Optimize the IIoT Projects
- Build Partnership : Partnership between OT, IT, decision makers to leverage organization-wide expertise.
- Clarify business outcomes and ROI : Define use cases, establish goals, build business case, define strategy, use ROI analysis.
- Start Small : No need to rip-and-replace anything. Changes doesn’t happen overnight; it scales incrementally.
- Security First : Security tools in IIoT are available everywhere. Be cautious but active.
- Architect for analytics :Data integration challenges exists.
Size and market impact of IIoT
IIoT market by 2020
$110bn : Morgan Stanley (2015): $90 billion to $110 billion by 2010
IIoT market by 2021
$123bn : Industry ARC (2016) : $123.89 billion by 2021
Impact on global economy by 2030
$14.2tn : Accenture estimates the IIoT could add $14.2 trillion to the global economy by 2030
CAGR until 2020
7.3% : Global IIoT market report : global IIoT market to grow at a CAGR of 7.3% until 2020