TTI, Inc.’s MarketEYE Predicts the Future of Industrial IoT
TTI, Inc. is an industry-leading specialty distributor of interconnect, passive, and electromechanical components. Their innovative resource center, MarketEYE, has recently released an article about the integration of industrial IoT (IIoT) in manufacturing. The Future of Industrial IoT in Manufacturing: Trends in 2023 acknowledges the global recognition of potential IIoT benefits in manufacturing markets and highlights future IIoT technology trends that developers should observe.
Increased Demand for Industrial IoT in Manufacturing
MarketEYE’s article reports that the increased demand for IIoT solutions in manufacturing stems from the increased revenue, industrial safety benefits, reduced operation costs, and that manufacturers are already seeing from its implementation. According to a 2022 report by Research and Markets, the global IoT in manufacturing market was valued at $209.44 billion and is expected to grow at a CAGR of 17.4% to reach $397.86 billion in 2026. MarketEYE also outlines that the steady adoption rate of IIoT in manufacturing indicates several technologies are projected to trend in 2023 and beyond.
2023 Industrial IoT Technology Trends
IIoT adoption in manufacturing will increase in 2023 and beyond. MarketEYE recommends that developers should keep an eye on the following technologies:
Bridging the divide between artificial intelligence (AI) and IoT, AIoT is positioned to trend in 2023 due to its inherent advanced analytical benefits. AIoT holds the potential to organize the massive volume of data that IoT devices accrue. In 2016, Forrester found that between 60% and 73% of all data within an enterprise goes unused for analytics. AIoT technology holds the key to transforming all IoT device data into enhanced actionable insights and increased intelligence.
Manufacturing organizations are also drawn to the innate predictive insights that AIoT and IoT provide. Many manufacturers are already receiving the benefits of predictive IoT in the form of predictive maintenance. Deloitte’s paper on Predictive Maintenance cites that the technology “increases equipment uptime by 10 to 20% while reducing overall maintenance costs by 5 to 10% and maintenance planning time by 20 to 50%.”
Digital Twins are virtual representations of real-world entities and processes. In manufacturing plants, digital twin integration can result increased speed, improved accuracy, and enhanced operations. Digital twin technology holds the tools manufacturers need to simplify logistics and eliminate operational complexities through increased visibility.
MarketEYE specifically addresses the need for increased focus around comprehensive cyber security measures for IoT in manufacturing. IoT systems are particularly vulnerable to cyberattack. The vulnerability of new and complex cyber attacks is so great that even the European Union (EU) is in the process of securing increased legislation around cyber security in manufacturing. Their new law would require manufacturers to report cyber threats directly to the European Union Agency for Cybersecurity (ENISA) within 24 hours.
That backbone of IIoT systems is data from IoT sensors. Sensors in industrial automation gather essential data about environmental conditions, positioning details, and more. As more manufacturers adopt IoT solutions, the demand will increase for smart sensor technologies.
Developing IoT in Manufacturing Solutions
It’s clear that IoT in manufacturing is positioned to elevate the market into Industry 4.0. The adoption rate and continued demand for comprehensive IoT solutions in manufacturing markets indicates that it’s an ideal time to develop IoT devices with applications in manufacturing. Our team Applications Engineers offer best-in-class technical support and are experts in wireless, IoT, and IIoT technologies. Assistance is available throughout your design cycle and consultation is free. Contact Symmetry Electronics today!
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