Evaluation Engineering - 32

TECHNOLOGY INSIGHTS

IIOT 2019:
THE INDUSTRIAL
REVOLUTION
KEEPS ON TICKING
By Ken Cormier, Managing Editor
iStock.com/sompong_tom

As digitation navigates greater inroads into industry, the
Industrial Internet of Things (IIot) is the future-now-synthesizing brilliant machines, advanced analytics, and people
in the workplace. Enlisting a plethora of industrial devices with
communications technologies enables systems that can monitor, measure, collect, exchange, analyze, and manifest new
insights, which ends up delivering faster and smarter business
decisions. Adding big data analytics into the mix nurtures a
milieu for higher production efficiency, safety, and financial
performance.

2025 IIoT global market estimate: $933.62 billion
According to a recent report by Million Insights, the global
Industrial Internet of Things (IIoT) market is predicted to mushroom to a valuation of $933.62 billion by the year 2025. The market is estimated to grow at ta CAGR of 27.8% during the forecast
period. An increasing number of governmental initiatives and
support of IIoT technology is driving the market, according to
the report. "Industrie 4.0" from the European region is cited as
"a multilayered strategic initiative that incorporates the major
players including private bodies and local businesses, as well
as from academics in order to formulate an action plan, thus
complementing implementation of advanced digital techniques
for industries across the European region." The Million insights
report predicts "massive" growth in the Asia Pacific market, with
India, China, Japan, and Taiwan leading the charge.1
Market Research Engine also recently released a report that
predicts the global IIoT market to top $205 billion by the year
2024, with growth at a CAGR of more than 8% during from
2018 to 2024.2

Auto Industry uses technology to deliver technology
As consumers clamor for the latest technology in their vehicles,
the $1 trillion auto industry is meeting consumer demand-as
well as its own manufacturing and financial needs-with the
help of IIoT. A recent article by Forbes details how new technology allows automakers to improve productivity, moves toward
predictive maintenance and quality assessments, energy monitoring and conservation, health and safety monitoring, and part
failure traceability through the supply chain. Increasing the
industry's ability to predict events through the manufacturing

EVALUATION ENGINEERING MAY 2019

process-and thus act proactively-sounds like a recipe to add
to automakers' bottom lines and to consumer satisfaction. 3

Power Plex 2019 IIoT conference set for June 24-25
Plex Systems, a Troy, MI-based developer of manufacturing
management software, will be a key sponsor and presenter at
Power Plex 2019, a conference devoted to advancements in cloud
enterprise software, ERP, MES, and the IIoT. This year's event
will take place May 13-May 16 at the Cobo Center in Detroit, and
will host more than 115 sessions led by nearly 120 presenters,
while facilitating peer exchange and networking events. The
featured guest speaker on May 14 will be Dean Kamen, founder
of FIRST Robotics and president of Deka Research, and inventor
with more than 440 U.S. and foreign patents.

Report: IoT, "shadow devices" pose
significant cyberthreat
According to a 2018 report, "What is lurking on your network:
Exposing the threat of shadow devices," released by Infoblox,
more than a one-third of companies in the U.S., United Kingdom,
and Germany found that there were more than 5,000 personal
"shadow devices such as laptops, kindles and mobile phones, as
well as IoT devices such as digital assistants and smart appliances connecting to the corporate network every day. Twelve
percent of UK organizations reported having more than 10,000
shadow devices on their network on a typical day. Those devices
are easily detectable by criminals online via easily procurable
search engines. The report also says that employees admitted
that they connected to the enterprise network for reasons including social media, and to download apps and games. Although
88% of the polled IT leaders said they had an IT policy that was
"very effective," 24% of employees said they were unaware of a
company security policy.4
REFERENCES

1. Million Insights, "Industrial Internet of Things (IIoT) Market Size &
Forecast Report, 2014-2025," April 2017.
2. Market Research Engine, "Industrial Internet of Things Market By End
User Analysis-Global Forecast by 2018-2024," November 2018.
3. Forbes, "Auto Makers Are Improving Operations With Help From
Industrial IoT," March 19, 2019.
4. Infoblox, "What is Lurking on Your Network: Exposing the threat of
shadow devices," May 2018.

http://www.iStock.com/sompong_tom https://www.plex.com/about-plex/events/powerplex.html https://www.millioninsights.com/industry-reports/industrial-internet-of-things-iiot-market?utm_source=prnewswire&utm_medium=referral&utm_campaign=prn_11Mar2019_iiot_rd2 https://www.marketresearchengine.com/Industrial-internet-of-things-market https://www.forbes.com/sites/vinaynathan/2019/03/29/the-iiot-is-driving-results-for-the-automotive-industry/#17f1697034ad https://insights.infoblox.com/c/infoblox-report-what?x=wYiq1X

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