![]() The concept is the same as for the consumer IoT devices in the home, but in this case the aim is to use a combination of sensors, wireless networks, big data, AI and analytics to measure and optimise industrial processes. The Industrial Internet of Things (IIoT) or the fourth industrial revolution or Industry 4.0 are all names given to the use of IoT technology in a business setting. What is the Industrial Internet of Things? Do you own your data and have free rein? The answer in an Internet of things, cloud world may surprise you.UX needs to operate under a new set of rules within the Internet of Things.IoT spending in the utilities industry will be dominated by smart-grid projects for electricity, gas, and water.Ĭonsumer IoT spending was predicted to hit $108 billion, making it the second largest industry segment: smart home, personal wellness, and connected vehicle infotainment will see much of the spending.īy use case, manufacturing operations ($100 billion), production asset management ($44.2 billion), smart home ($44.1 billion), and freight monitoring ($41.7 billion) will be the largest areas of investment. ![]() For manufacturers, projects to support asset management will be key in transportation it will be freight monitoring and fleet management taking top priority. Top industries for the IoT were predicted to be discrete manufacturing ($119 billion in spending), process manufacturing ($78 billion), transportation ($71 billion), and utilities ($61 billion). Worldwide spending on the IoT was forecast to reach $745 billion in 2019, an increase of 15.4% over the $646 billion spent in 2018, according to IDC, and pass the $1 trillion mark in 2022. ![]() By 2020, business and consumer spending on IoT hardware will hit nearly $3tn. Consumers purchase more devices, but businesses spend more: the analyst group said that while consumer spending on IoT devices was around $725bn last year, businesses spending on IoT hit $964bn. While industry-specific products will make the early running, by 2020 Gartner predicts that cross-industry devices will reach 4.4 billion units, while vertical-specific devices will amount to 3.2 billion units. "With the introduction of comprehensive, real-time data collection and analysis, production systems can become dramatically more responsive," say consultants McKinsey.Įnterprise use of the IoT can be divided into two segments: industry-specific offerings like sensors in a generating plant or real-time location devices for healthcare and IoT devices that can be used in all industries, like smart air conditioning or security systems. This ebook, based on the latest ZDNet / TechRepublic special feature, examines how 5G connectivity will underpin the next generation of IoT devices. Special report: 5G: What it means for IoT (free PDF) However, it was Internet of Things and IoT that stuck. ![]() Early suggestions for internet-connected devices included 'blogjects' (objects that blog and record data about themselves to the internet), ubiquitous computing (or 'ubicomp'), invisible computing, and pervasive computing. The IoT was initially most interesting to business and manufacturing, where its application is sometimes known as machine-to-machine (M2M), but the emphasis is now on filling our homes and offices with smart devices, transforming it into something that's relevant to almost everyone. But since then, the cost of adding sensors and an internet connection to objects has continued to fall, and experts predict that this basic functionality could one day cost as little as 10 cents, making it possible to connect nearly everything to the internet. "The IoT integrates the interconnectedness of human culture - our 'things' - with the interconnectedness of our digital information system - 'the internet.' That's the IoT," Ashton told ZDNet.Īdding RFID tags to expensive pieces of equipment to help track their location was one of the first IoT applications. ![]()
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