The Internet of Things (IoT) is incredibly influential – especially in the manufacturing and industrial market. The global IIoT market is massive and continues to propel during the “Decade of IoT,” with an estimated growth from $76.7 billion in 2021 to $106.1 billion by 2026. In fact, manufacturing operations is considered an IoT use case with one of the most investments at roughly $100 billion. Much of the market growth success can be attributed to the rapid adoption and need for artificial intelligence (AI) and sensor data.
IoT has the ability to monitor and manage powerful equipment to drive productivity, optimise performance, and reduce downtime. 83 percent of organisations that have introduced IoT technology have also improved their business efficiencies as a result, according to a report published by Finances Online. IoT sensors, for example, allow companies to gain complete visibility into their operations in order to better execute business strategies.
Sensors are the building blocks of IoT—they are the “eyes and ears” of manufacturing equipment. Sensors in industrial environments can be used to monitor anything from temperature and humidity to vibration levels and the status of performance.
Some of the industry’s leading use cases include:
Predictive Maintenance - Predictive maintenance is the practice of diagnosing and repairing machines before they fail. It relies on data to make predictions about the performance of a machine – this data can be collected from sensors placed on the machine or obtained through analytics of its performance history. Predictive maintenance helps manufacturers keep their products up and running longer, which reduces costly downtime, increases ROI, and reduces the number of service calls, while allowing lower cost maintenance repairs to be scheduled rather than experiencing an unexpected major system failure.
Manufacturing Productivity – With an integrated IoT solution connected to the machine sensors, optimum machine performance can be realised with continuous monitoring of the key KPIs. Engineering, production, maintenance, and financial teams can view the same set of data and production metrics to increase OEE (Overall Equipment Effectiveness), reduce energy costs, reduce material waste, and ensure the production quality metrics are achieved.
Warehouse Performance - IoT solutions can help industrial organisations improve inventory management processes by connecting sensors and other devices to shelving units that monitor variables such as location data and stock levels. With real-time data on inventory status, these companies can make smarter decisions and help workers’ productivity through sensors and signals.
Learn more about the technologies and strategies for success in our industrial IoT eBook, “IoT in Verticals: What Gets Measured Gets Managed.” Download it here.
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