Over the past few years, there has been a significant amount of development in the Internet of Things (IoT), which is essentially a group of interconnected devices functioning together. While there has been a lot of growth in the consumer facing side, which is IoT, there has also been a significant amount of growth in the Industrial Internet of Things (IIoT), which is more manufacturing focused.
IIoT had a worldwide value of $295 million in 2015, an this expected to grow to a value of $1.6 billion by 2021 with a CAGR of 33%. Furthermore, IIoT is expected to have an economic impact of approximately $6 trillion by 2025, out of which $1.3 trillion will be for the electricity industry1.
While there is a large potential for this technology, it will take time for IIoT to be a standard as there are high costs to implement the system and make older manufacturing models compatible with IIoT.
What is IIoT