DECEMBER 20199failures and downtime in IIoT deployments can result in high-risk situations or even life-threatening situations. IIoT applications are also more concerned with improv-ing efficiency and improving health or safety, versus the user-centric nature of IoT applications.IIoT Use CaseIt is clear already that the IIoT is emerging as some-thing quite distinct to the IoT and will change the way a wide range of verticals do business. The IIoT is not new. It promises to revolutionize industrial prowess by im-proving efficiency at existing power plants, refineries, off-shore oil platforms, pharmaceutical plants, hospi-tals and a lot more. For instance Fanuc, is using sensors within its ro-botics, along with cloud-based data analytics, to predict the imminent failure of components in its robots. Do-ing so enables the plant manager to schedule mainte-nance at convenient times, reducing costs and averting potential downtime.Similarly Magna Steyr, an Austrian automotive man-ufacturer, is taking advantage of IIoT to track its assets, including tools and vehicle parts, as well as to automat-ically order more stock when necessary. The company is also testing `smart packaging' that is enhanced with Bluetooth to track components in its warehouses. Siemens works with Dubai to create a blueprint for future smart cities where 137 buildings will be connect-ed via cloud-based energy analytics platformTrends in IIoTBain & Company predicted industrial IoT applications will generate more than USD 300 billion by 2020, dou-ble that of the consumer IoT segment (USD 150 billion).According to McKinsey, IIoT will unlock USD 6.2 trillion in potential economic impact by 2025. For the electricity sector alone, the World Economic Forum estimates USD 1.3 trillion of value can be captured with IIoT. Few another interesting trends as per IFR [Interna-tional Federation of Robotics]:· 2.6 million industrial robots are expected to deployed worldwide by 2019· The world average for robot density is 69 units per 10,000 employees· Asia leads the pack in robot density, with Korea being the most robot dense country in the world at 531 units per 10,000 employees· By 2019, China will account for 40 percent of sales of industrial robots· IIoT & Robotics market to grow by 13 percent annually.General Electric, one of the leading IoT market play-ers, believes that by 2030, IoT will add USD 10 to USD 15 trillion to worldwide GDP growth.Similarly Research by Accenture outlines both the benefits and obstacles corporations see when imple-menting IoT solutions.· 44 percent sight poor information and com-munications infrastructure, and poor access to required capital· 42 percent said lack of government support is pre-venting them from adoption· 18 percent felt there is insufficient science, tech-nology, engineering, and mathematics skills in the workforce· 46 percent expect IoT to increase employee productivity· 46 percent expect improvements in asset optimiza-tion thanks to IoT· 44 percent expect IoT to cut costsConclusionWhile the future of IoT is bright, it seems there is much work to be done with evolving technologies like AI , ML , NLP , RPA e.g. and then interface with legacy applica-tion to arrive at consensus with help of Big Data. Given the size of the industry now, and projections going for-ward, IoT has the potential to create a lot of value for organizations that embrace it. The objective behind IIoT that Smart Machines/Devices may performs better than human brains and consistently communicates the real-time data to embedded systems
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