Rapid technological advancement is shaping various industries into a more transformative tomorrow. As we look ahead to 2024, the Industrial Internet of Things (IIoT) is the most transformative technology, with several key IIoT trends set to redefine how businesses operate and drive innovation.
From the rise of edge computing to the assumption of artificial intelligence and machine learning, these industrial IoT trends can potentially revolutionize various industries, including manufacturing, logistics, energy, and healthcare. The IIoT enables real-time data analysis, predictive maintenance, and enhanced operational efficiencies with the ever-increasing connectivity between machines, sensors, and devices. By harnessing the power of IIoT, businesses can optimize their processes, reduce downtime, and produce better products.
Let’s delve into the future of IIoT Trends and discover the game-changing trends shaping how we work and live in the coming years. Lead the curve and be prepared for the exciting possibilities lying ahead.
IoT Industry Growth from 2021 to 2025
In 2020, the global IoT market size was $330.6 billion, expected to reach $875 billion in 2025, from enabling manufacturers to connect with both individuals and businesses to gaining insight into product performance and finding new ways to interact with new and existing customers. You will notice huge updates and advancements in IIoT trends by 2025 as IoT industry growth will be at its pinnacle.
Importance of Staying Updated with IIoT Trends
It is vital to keep an eye on the various 2024 IIoT trends in order to develop and achieve a more technical environment in daily life, resulting in better productivity, accuracy, and cash support, keeping lesser human involvement.
Overview of Upcoming IIoT Trends in 2024
IIoT Trends can upgrade how you deploy data-handling activities and operations, provide quantifiable data for significant efficiency, productivity, and cost-effectiveness improvements, and protect linked devices and networks. Below are the detailed IIoT trends that you can expect in 2024.
Trend 1: Edge Computing in IIoT
You can simply avoid sending the data to a centralized server like a cloud for storage and analysis, as edge computing analyzes data at or close to the source. It will keep the process of extracting insights quick and smooth even when the data volume grows.
Trend 2: Artificial Intelligence (AI) and Machine Learning (ML) in IIoT
You can get the power of real-time data analysis and automation with AI & ML reshaping how IIoT works. Industries can now harness the power of AI for optimizing operations, predicting failures, and improving overall productivity. AI and ML have profound implications for all sectors, from predictive maintenance in manufacturing to quality control in healthcare.
Trend 3: Cybersecurity in IIoT
As IIoT devices and systems become more interconnected, the need for robust cybersecurity is paramount. The implications of inadequate cybersecurity can lead to data breaches, operational disruptions, and potential safety risks.
Trend 4: The 4.0 Solution in IIoT
The Industry 4.0 concept represents the fourth industrial revolution, driven by integrating digital technologies, the Internet of Things (IoT), and smart manufacturing. Industry 4.0 solutions in Industrial IoT (IIoT) are a key trend, promising to reshape industries. To create more innovative, more efficient manufacturing processes, you can accumulate involvement in advanced technologies such as AI, IoT sensors, big data analytics, and automation.
Trend 5: Predictive Maintenance and Condition Monitoring in IIoT
You can utilize predictive maintenance using data analytics to predict equipment failure time or reduce downtime and maintenance costs. Condition monitoring involves real-time tracking of equipment health, ensuring optimal performance.
Challenges and Considerations for Adopting IIoT Trends
Adopting and implementing the latest IIoT trends and technologies can be challenging as it requires some expertise and guidance for success. Hence, here are some challenges and considerations that can be helpful for you in better IIoT trends implication.
1. Infrastructure Investment:
Challenge: Implementing IIoT often requires significant investments in hardware, sensors, and communication infrastructure.
Consideration: Develop a precise cost-benefit analysis and phased implementation plan to ensure a return on investment.
2. Data Privacy and Security:
Challenge: IIoT exposes systems to potential cyber threats and data breaches, necessitating robust cybersecurity measures.
Consideration: Prioritize cybersecurity, establish protocols, and continuously monitor for vulnerabilities.
3. Integration with Legacy Systems:
Challenge: Many industries rely on legacy equipment and systems that may need help integrating modern IIoT trends and technologies.
Consideration: Implement gateways and middleware solutions to bridge the gap between old and new systems.
Challenge: As IIoT networks expand, scaling the infrastructure and managing the growing volume of data can become challenging.
Consideration: Design systems with scalability in mind and adopt cloud-based solutions for data management.
5. Regulatory Compliance:
Challenge: Industries must adhere to various regulations, which can be complex and vary by region.
Consideration: Stay informed about relevant regulations and ensure IIoT solutions comply with all applicable standards.
6. Skill Gap:
Challenge: Finding and retaining skilled personnel with expertise in IIoT trends and technologies, AI, cybersecurity, and data analytics can be challenging.
Consideration: Invest in the Flex IoT83 solution and get an all-in-one solution for all your IoT requirements and challenges.
7. Data Quality and Reliability:
Challenge: Inaccurate or unreliable data can lead to incorrect decisions and predictions.
Consideration: Implement data validation processes and ensure data quality through proper sensor maintenance.
Challenge: Different IIoT devices and platforms may be incompatible, causing compatibility issues.
Consideration: Adopt open standards and protocols to facilitate interoperability and seamless data exchange.
9. Change Management:
Challenge: Resistance to change within an organization can hinder the adoption of new IIoT trends and technologies.
Consideration: Develop a change management strategy that involves employees at all levels and emphasizes the benefits of IIoT trends.
10. Cost Control:
Challenge: The initial costs of IIoT adoption and ongoing maintenance can strain budgets.
Consideration: Create a budget, including implementation and ongoing operational costs, and explore cost-saving strategies.
Successfully adopting IIoT trends requires a comprehensive understanding of these challenges and carefully considering how to address them. Industries must be proactive in their approach, embracing innovation while effectively managing the complexities that come with the integration of IIoT technologies.
Simple Solution to Achieve Success in Your IIoT Trends Needs
We have discussed many challenges and considerations regarding the booming IIoT trend implications. But what if you can get a one-stop solution for all your troubles, from app development to analytics and various system integrations to completely customizable functions?
Flex83, as an application enablement platform (AEP) in the transforming world of industrial IoT, can lead you to build customizable and adaptable low-code and pro-code IoT solutions aligned with your project’s unique prerequisites. Craft customer-oriented, revenue-boosting business models with the right industrial IoT network and technology. When building your IIoT application, a substantial portion (over 80%) of your budget is typically allocated to the platform’s infrastructure development, leaving only a fraction of the resources for the crucial Business Logic. Flex83 provides a giant tech leap, enabling you to bypass the hindrances in business transformation through IoT adoption.
Conclusion: Embracing the Future of Industrial IoT
You can win any business battlefield with the right technology, so contact us, and after proper consideration and research, get a perfect solution. The identified IIoT trends, such as edge computing, AI, cybersecurity, 4.0 solutions, and predictive maintenance, promise improved efficiency, cost reduction, and enhanced safety. However, adoption comes with challenges like infrastructure investment, data security, and regulatory compliance. Success hinges on proactive measures, staying abreast of technological advancements, fostering an innovative culture, and investing in talent. By understanding the specific needs and goals, businesses can harness these IIoT trends to gain a competitive edge and seize opportunities in the evolving Industrial IoT landscape.
Nishant Puri, CISO at IoT83
Nishant carries professional expertise in team collaboration and network security solutions. He excels at aligning the needs of key business stakeholders, including Sales, Marketing, and Product Engineering, with pragmatic and efficient approaches that meet both short-term and long-term strategic goals.
Before joining IoT83, Nishant held a leadership position at Cisco America Partners, where he led sales and technology solutions. He was also a frequent speaker for Cisco APO, showcasing his knowledge and experience in the field. Being a Cisco-certified Inter-Networking Expert in Security and Collaboration, Nishant brings a wealth of technical expertise to his role. He is also inclined to identify digital discontinuities and is adept at mapping out effective digital transformations.