Over the last few years, the global industrial IoT market has been witnessing massive growth due to factors like the increased adoption of cloud computing in the industrial sector, enhanced automation, and industrialization.
By 2023, the global industrial IoT market is expected to reach approximately USD 751.3 billion, growing at a CAGR of 23.88% from 2017 to 2023.
The unprecedented 2020 brought many challenges to the manufacturing and industrial sectors. Due to the pandemic, there was a sudden halt to routine manufacturing, teamwork, and collaboration. The need for more automation due to lockdowns, social distancing, and health concerns caused businesses and enterprises to adopt digital transformation in their strategy.
With increased connectivity, faster 5G and Wi-Fi, and improvements in AI and machine learning, industrial IoT solutions are all set to deepen their roots
Let’s examine some of the ways to unlock the true potential of Industrial IoT (IIoT) in 2024.
Securing Operational Technology (OT)
Due to a lot of business procedures and operations migrating to the online world, cybercrimes in industrial environments will continue to grow in 2024. This requires IT to take bolder steps to ensure the operational technology is secured and safe.
The information security and IT teams are accountable for cybersecurity across the businesses. However, IT teams often have little or no visibility into the operational technology network.
This is because more OT networks employ traditional measures like air gapping or an industrial demilitarized zone to protect against attacks. These solutions have drawbacks.
For industrial environments, IT cybersecurity practices need to step up to ensure the security of operational technology.
To unlock the true potential of IIoT in terms of cybersecurity, it is imperative to have cybersecurity solutions that meet the needs of IT and OT. This requires visibility and control across the IT environment to the OT network. It also means such security solutions for OT that allow them to respond to anomalies while keeping production going.
Remote Operations with Increased Automation
The impact of the pandemic in 2020 has driven organizations to use IoT technologies more extensively for operational resiliency. The need for business continuity and operational resiliency requires the acceleration of deployment of remote and autonomous operations using embedded systems, which is paving the way for an entirely new way of working.
This is where IoT jumps on, keeping a business up and running when people cannot be on the ground. Implementing IoT solutions also improves safety and efficiency by preventing unnecessary site visits and reducing employee movement through facilities.
2021 will see more operations at more advanced remote functions, which will go well beyond remote monitoring. Autonomous operational controls for select parts of a process and remotely enabled for other features will be a big part of future IIoT.
Deployments will increasingly move toward full autonomy, eliminating or decreasing the need for humans to be present locally or remotely. AI is continually being deployed for dynamic optimization and autonomous operations.
Some use cases for automation and remote operations include autonomous haul trucks for mining applications, increased automation of the distribution grid, computer-based train control for rail and mass transit, etc.
Managing Multiple Access with IoT Technologies
Ethernet has always been the foundation for connectivity in industrial IoT spaces, which are quickly expanding to wireless. Wireless helps reduce costs by removing physical cabling. It also provides the flexibility and ability to upgrade, deploy, and reconfigure the network with less operational downtime.
The need to manage multiple access technologies continues to grow with the expansion of IoT deployments. The right connectivity is imperative for successful implementations; otherwise, costs, complexity, and security risks increase.
As you continue to build and refine your business strategies for 2024, it is imperative to reduce cybersecurity risks. Employing IoT in your industrial operations will also increase operational resiliency.