Many manufacturers are applying advanced analytics and AI to their IoT data to monitor operations in real-time, improve efficiency, and make intelligent decisions.
This week, April 9, 2024, is World IoT Day, marking the growing importance of IoT in the way things work. The organization behind IoT Day is the IoT Council.
To explain why the Internet of Things deserves so much attention, consider the rapid adoption of IoT in consumer, commercial, and industrial markets.
A great place to start is with some notable IoT statistics. Many studies estimate the number of IoT devices currently deployed. Transforma Insights, one of the most cited sources, states that by 2024 there will be approximately 17 billion connected IoT devices. And that number is expected to at least double by 2030. These numbers include all connected IoT devices, industrial and industrial. consumer products.
Transforma Insights notes that there are nearly a dozen industries that currently have more than 100 million connected IoT devices. These industries include electricity, gas, water, retail, government, and more. And within these industry segments, according to past market research studies, manufacturing department It accounted for approximately 30% of the total industrial IoT market and captured the largest share of IoT devices.
Furthermore, according to Grand View Research, the global industrial Internet of Things (IIoT) market size was valued at $394 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 23.2% from 2024 to 2030. It has been.
Driving the growth of this market is the need for real-time access to information about manufacturing processes and operations. Specifically, there is a growing need for improvements in business efficiency, output speed and quality, etc.
Grand View Research further points out that several factors will double the rate of digital growth over the next six years. Perhaps most important are the technological advances in wireless networking technology and the strong adoption of Wi-Fi connectivity for mechanical sensors in factories.
See also: Spending on large-scale IoT deployments has tripled in the past year
Analytics and AI play an important role in IoT utilization
The IoT Council, the group behind IoT Day, is a think tank and community of over 400 members that provides resources to help accelerate IoT projects.
The group says the theme of this year's IoT Day is AI/IoT for Good. The report states that AI and machine learning and deep learning are enabling organizations to “create correlations between data sets that have never been created before.” And these technologies enable accurate, insightful, data-driven decision-making. The council is looking at AI/IoT as a great application to help in areas such as sustainability, energy and water management, more efficient use of resources and waste reduction.
When it comes to industrial applications, many manufacturers are applying advanced analytics and AI to the large amounts of IoT data available across their operations. Such initiatives bring prescriptive and predictive analytical insights to operations, monitor operations in real-time, improve efficiency, and enable manufacturers to make intelligent decisions as part of their daily operations. The purpose is that.
