The Industrial Internet of Things (IIoT) is a viable extension of IoT catering to the industrial and manufacturing sectors. IIoT is also known as Industry 4.0. A connected ecosystem under a secure network helping the machine to be connected and interact with each other is largely defined as IIoT. The adoption of the industrial internet of things (IIoT) and digitization is already a major trend for the industrial machinery manufacturing industry. The IIoT in India is paving a path for the growth of the manufacturing industry; communications between devices, advanced data analytics about material usage and products, and less human intervention are helping manufacturing floors become more efficient.
This IIoT trend is expected to have a strong influence on industrial machinery manufacturing companies, especially in North America and Europe according to the latest report of BizVibe. But IIoT in India and largely in Asia to see a great extension and adoption in the coming years. There are many reasons to quantify the statement. Below are a few.
IIoT leverages a combination of M2M communication, Big Data Analytics, SCADA, and other similar industrial equipment. The IIoT can transform traditional, linear manufacturing supply chains into dynamic, interconnected systems—a digital supply network (DSN)—that can more readily incorporate ecosystem partners.
To fully capture value from IIoT platforms, companies need to build up strong internal capabilities and establish a dedicated cross-functional team that drives innovation based on a culture open to change and experimentation. This team must be located outside of the organization, if internal processes are not agile enough to allow for development and field testing of IIoT-platform-enabled use cases at “high-tech player” speed states McKinsey&Company in a report.
Given the proliferation of IIoT in North America and Europe is a lack of workforce alongside their maturity to apprehend technology. Also, the regulations and standardization provided to the companies are vital for the adoption in these parts of the globe.
In the coming time, and already moving at par is Asia, where the balance is been identified and been adopted across industries, may it be Oil&Gas or automobile industry.
Also, the impact of the pandemic is compelling decision-makers and leaders to opt towards digital and automated future.
Hence given the industrial machinery manufacturing companies in the APAC and significantly in China and India is set to adopt the benefits of IIoT and churn this technology to new market dynamics.
More cognizance, industry bodies and solution providers collaboration, the cost to transition will be key deciding the fate of IIoT in Asia. Providers, enablers shall also create a strong partner ecosystem to help grow the IIoT segment across the indigenous market.