Why is the Internet of Things gaining so much momentum?

Decades ago, the idea of embedding sensors and chips into physical objects sounded crazy and impossible. But thanks to the Internet of Things, it became a reality. In a short time, this technology has become a primary concept for many companies. IoT has greatly changed some aspects of our daily lives, such as driving, cooking, shopping, manufacturing, etc.

Today, numerous IoT devices are emerging. Therefore, the number of IoT-connected devices, excluding smartphones, tablets, and laptops, is expected to grow to 8.3 billion by the end of 2019. In addition, the number of IoT devices in various industries will reach 29.7 million devices by 2025.|IoT exposure in terms of numbers is quite impressive

Many companies around the world have successfully integrated IoT tools into their infrastructures. This allows them to optimize the production process, reduce lead times, and lower costs. All this will lead to an explosion in IoT market share in the coming years. And while IDC expects the IoT footprint to grow to as much as $1.2 trillion by 2022, Statista believes the economic impact could be between $3.9 trillion and $11.1 trillion by 2025.

| IoT in the Industry: benefits explained

With all this in mind, it is no surprise that IoT in the industry will benefit both manufacturers and their target customers. Industrial IoT allows manufacturers to scale distributed devices capable of remote monitoring and maintenance. This allows companies to get an accurate assessment of their customers' needs.

Manufacturing is one of the industries that are taking advantage of IoT visibility. Many factories already use control systems linked to processes and monitoring. The main benefits of IoT solutions are:

Watch the short video below for a possible scenario of how an IoT system can help a manufacturing worker.

Currently, many IoT projects address plant and asset management, safety and operations, logistics, and customer service. Therefore, IoT is a promising technology trend, if not a cornerstone of business in 2020 and beyond. So let's take an in-depth look at the best IoT examples in the industry.

1| Predictive Repairing

By connecting IoT-enabled gadgets with various sensor points (temperatures, vibrations, voltages, currents, etc.) to other devices, IFTTT, cloud/API, or legacy systems, manufacturers can gain important maintenance information. Such information can be used to assess the current status of machines, determine warning signs, send alarms and activate the corresponding repair processes.

In this way, IoT transforms maintenance into a fast and automated practice that anticipates failure well in advance. It also contributes to cost savings compared to traditional preventive measures, as actions are triggered exactly when they are needed.

With timely access to qualified information, managers can identify plant machinery in need of repair. It also helps to plan maintenance activities thoroughly and keep systems up and running while workers are still performing the task. IoT can extend the life of equipment, promote plant safety and reduce the risk of accidents that negatively impact the environment.

In practice, IoT can significantly improve your company's proactive repair/maintenance capabilities. For example, one of the leading international medical device manufacturers, Medivators, has successfully integrated IoT solutions into its global services and benefited from an impressive 78% increase in maintenance incidents and problems that can be easily monitored and (if an incident occurs) resolved without additional human resources.

In the video below, you can see an example of how an aircraft manufacturing company can use IoT to detect and resolve issues early.

2| Remote control of production

By configuring your company's computing resources for a custom cloud service or connecting your devices to one of the popular BAAS or PAAS (Backend as a Service) cloud service models, you can collect and analyse large data sets needed to monitor various field devices such as switches, valves and other imaging components.

Thanks to IoT, this data is transmitted to an industrial automation system that enables complete control of the machines during the production process. The telecommunications, oil and gas, and power generation industries have already deployed IoT devices installed in remote control systems.

The main feature of remote production monitoring in industrial automation systems is the central control of the machines in the production process. The information obtained through remote monitoring provides a much clearer and faster understanding of the actual state of production. It helps employees to analyze business data. All this makes IoT technology an indispensable tool to ensure safe automated production, monitor employees, and track the location of personnel.

3| Asset Tracking

More and more industrial companies want to monitor their assets. IoT technology combined with the development of native web and mobile apps for iOS or Android enables real-time asset information and intelligent decision making.

The main task of monitoring is to identify and track such critical assets as elements of the supply chain (raw materials, containers, and finished goods). Such applications can significantly optimize logistics, monitor unfinished inventory and detect theft and irregularities.

With IoT-based asset tracking, manufacturers can calculate the usage of mobile device components and take action to reduce downtime and improve utilization.

4| Logistics Management

Businesses that rely heavily on transportation can also benefit from the interconnectivity of various IoT-based devices and systems.

IoT can uncover inefficiencies in the supply chain by eliminating blind spots in logistics processes.
- Forbes

Fleet management with IoT helps manufacturers eliminate or reduce risks associated with vehicle, labor, and transportation costs. Autonomous fleet solutions improve business efficiency.

Logistics managers use the IoT for repairs and fuel costs. They optimize their tasks in terms of fuel costs, smart deliveries, diagnostics, and driver monitoring.

In addition, real-time visibility of driver and vehicle performance helps increase technician safety, reduce inventory damage, and lower insurance premiums.

5| Digital Twins

With an IoT approach known as Digital Twins, companies can create and operate powerful digital replicas of the physical objects a company manufactures. With IoT, building a POC (Proof of Concept), MVP (Minimum Viable Product), or prototype is so accurate that you can easily test and predict functionality and initial and final capabilities.

Such an IoT application domain can be used to simulate machine life, test upgrades, and predict potential problems and bottlenecks. IoT tools enable manufacturers to monitor replicas of devices and goods in a virtual environment before they are released.

It also improves product quality, creates efficient supply chains, opens up new opportunities for businesses, and takes customer service to a new level.

Learn how digital twins can help optimize the production process and eliminate bottlenecks in production lines.

But integrating IoT solutions into your business processes requires solid expertise in the field. This makes ByteAnt the ideal choice for companies looking to leverage the competitive advantages of IoT. If you are looking for an IoT developer there are many software outsourcing companies in India that help in building IoT applications for your business.