The global Industrial IoT (IIoT) market size is estimated to grow to $106.1 billion by 2026 – up from only $88.2 billion in 2023, according to MarketsandMarkets. The Fourth Industrial Revolution is set to be an era that accompanies this market growth and redefines the manufacturing, artificial intelligence (AI), and robotics industry. The Internet of Things (IoT) is aiding the advancements of machine learning and growing the demand for automation. With these changes come challenges, and it’s important to know how to set your operation up for success.
Some of the biggest concerns include the following:
To understand a larger breakdown of the challenges and opportunities in the IIoT industry, view our IoT in Industrial infographic here.
One of the most important factors in ensuring warehouse operations run smoothly is tracking inventory and assets. Without monitoring stock levels, organisations are left essentially without direction – causing employees to manually track inventory and delaying the order of operations. IoT solutions help bridge the gap by connecting sensors and other devices to shelving units that can monitor variables such as location data and stock levels.
With real-time data about the location and quantity of materials, industrial organisations can improve inventory management processes and help employees work more efficiently. These technologies also lay the foundation for automation, enabling greater warehouse productivity and performance through sensors and signals.
Likewise to warehouse performance, one challenge in the industrial and manufacturing setting is equipment monitoring and maintenance. Machines must be routinely checked to ensure proper performance; however, this task can cause downtime and disruption that can cut productivity and revenue. Predictive maintenance is the process of using machine learning to collect data and determine when maintenance should be performed. With IoT and predictive maintenance, companies can combat unexpected malfunctions, overloads, and external conditions to keep operations running smoothly.
Security is a common apprehension among organisations using technology solutions. According to a survey conducted by Kaleido Intelligence, 40 percent of respondents expressed security concerns when adopting cellular IoT – particularly SIM locking, location detection, and cybersecurity. However, when deployed accurately, IoT can help lower the complexity and heighten security to ensure devices are safe and protected.
KORE will be attending the Smart Factory Expo in Birmingham, England - 7th to 8th June 2023. This event is the industry’s leading manufacturing exhibition showcasing the latest digital innovations in technology, processes and thinking behind Industry 4.0. Schedule a meeting today!
KORE keeps you up to date on all things IoT.
Stay up to date on all things IoT by signing up for email notifications.