IIOT (Industrial Internet of Things) is rapidly changing and innovating manufacturing by offering connectivity of assets, linking machines, people, products, and analytics into one ecosystem. 93% of Manufacturers started the IIOT journey. 78% have at least one project that reached “use” stage. According to Deloitte, there are two main value propositions of IIOT: growing the business and operating the existing business more efficiently. The efficiency of business covers increases in the production capacity and employees being more productive.
By the numbers: Discrete manufacturing is one of the top three industries with the largest spend on IoT in 2020, according to Statista (Supply Chain and Utilities are the other top industries heavily investing in the technology). By 2025, manufacturers and suppliers implementing Industry 4.0 tactics are expected to create $3.7 trillion in value, according to research by McKinsey and the World Economic Forum.