Speaking about the world economy, and IoT’s role in it, we can say that since the first industrial revolution, current actionable information provided by IIoT technologies is an edge computing technology that changes the whole understanding of the manufacturing industry again. The IIoT is the first step in the fourth industrial revolution, commonly known as Industry 4.0. It is an important component of the industrial production process, where real-time data from IIoT devices and other big data analytics sources can be interpreted to make better decisions in the industry. Using this information, IIoT devices can automate tasks. With the IIoT application, factories can run more efficiently and effectively than ever before, increasing revenue streams, and optimizing asset utilization. We are now real witnesses of the fourth industrial revolution, and that is why edge computing solutions based on edge gateway will continue to evolve and grow.
The Industrial Internet of Things and information networks are transforming the industry. The IIoT is transforming how a supply chain functions to meet global consumer needs and impact global consumer behaviors in many ways. It’s pragmatic and intriguing to see the momentum in the IoT ecosystem. Changing communication and data integration paradigms are driving consumer behavior and industries across the world.
At the same time, the opportunities for IIoT are vast. According to Mordor Intelligence, the expected industrial IoT market worth for 2026 will reach a value of USD 1,4 billion. This data shows the rising popularity of IIoT solutions and their impact of it on the global economy. In addition, it also includes a forecast from research and markets. The Industrial Internet of Things is definitely reshaping the economy through the transformation of assembly lines, the introduction of connected logistics, OPC unified architecture, industrial robots, and digital twins for everything we know well.
The Industrial Internet of Things can help companies in many industries. For instance, quite a few farms in California use satellite imaging to monitor harvest and delivery processes. In addition to agriculture, IIoT devices are used in the aerospace industry, monitoring key areas of operation. These solutions can prevent maintenance problems before they occur and reduce flight delays in the aviation industry. Likewise, oil and gas companies use IIoT solutions to detect leaks with minimal or low latency. Additionally, a good example of an IIoT use case is Rolls-Royce, which receives 70 trillion data points from engines in service. The Industrial Internet of Things using cyber-physical systems, providing for machine learning, and working with low latency gives a huge opportunity for companies to faster and cheaper process their industrial data in order to have no disruptions in the supply chain.