Internet-of-things (IoT) has been a buzzword in recent times across various industries, for business houses, OEMs, service providers and even end consumers. The technologies enabling IoT have been around for years together though. It is being expected that IoT will become a serious technological phenomenon driving a $500 Billion market with 50 billion devices connected together by the year 2020!
Simply put, IoT is defined as “A network of physical ‘things’ powered by software, sensors and electronics along with network connectivity, which enables these objects to collect and exchange data and ‘talk’ with one another.’’
With the advent of advanced technologies including smart sensors, M2M, cloud, mobility, wireless communication, remote access and analytics among others, the world is rapidly transforming for the better. The face of technology has changed from humans having to operate machines themselves to a scenario where humans themselves are silent witnesses to interconnected machines communicating with each other. The web is producing a humongous amount of data that is driving innovation and providing operators with ease of operations and decision-making.
Industries covered under IIoT and Consumer IoT are entirely different as IIoT is relevant to mission critical industries. Having a sensor-packed factory floor feeding data into control systems with limited intelligence is not an IIoT-enabled industry. It takes altogether a different level of importance compared to consumer IoT in terms of high performance criteria. While consumer IoT is guided by comfort and convenience, criticality of applications drive IIoT.
Following are a few must-have characteristics of an IIoT-enabled Industry:
This can only be ensured with a fool-proof combination of Sensors, Analytics, Mobility, Security, Big Data, Embedded Systems Design and Understanding of Internet Protocol implementation etc.
For the OEMs and component manufacturers in factory automation space such automotive, food processing, packaging companies as well as in process automation space such as power, pharma or oil & gas, the rise of IIoT is a great opportunity to bank on and take advantage of the scenario as an early mover.
The projected impact is immense. Just to quote an example, 1% differential pump efficiency will mint additional $ 19 Billion in oil production industry every year!
The companies have on offer an increased efficiency, minimized risk, faster response, enhanced reliability and repeatability of performance and a lot more, through migration to IIoT enabled industry. They may choose to either act quickly and ride the rising wave or lag behind the competition who are trying to make the best use of IIoT implementations.
Apparently, service providers across the globe, have identified the importance of IIoT implementation and are willing to render services in the domain. However, as per early analyst reports, only 7% of service providers are really geared up for the challenge which offers an ocean of opportunities for other service providers.
The approach can be two-pronged. One, taking up the piecemeal assignments of designing individual components right from smart sensors or the gateways or more on the cloud/mobility enablement services. The other approach will be to become an end to end provider, and provide sensors to analytics, all under one roof!
The end to end service provider who not only acts as a mere supplier of products or services but as a strategic partner, right from analysis of status quo to IIoT implementation and post implementation support are expected to emerge as a winner.
A ‘silicon to software’ player such as eInfochips is equipped with the expertise in cutting-edge technologies covering the complete spectrum right from sensors to control systems to analytics, as well as cloud and mobility. With a potential of adding immense value to the client’s business through IIoT implementation, eInfochips, therefore, is in a sweet spot having identified the need of the hour!