Incorporation of Artificial Intelligence Initiated the Growth Industrial of IoT Market
In the past decades, several industries have evolved and this evolution can be categorized into four stages. The evolution can be traced back to Industry 1.0, which started at the beginning of the 19th century with the introduction of steam-powered machines. This increased the production capability drastically, from a single unit production method to mass production of the same product with the use of steam-powered machines.
With the introduction of Industry 2.0 at the early 20th century, mass production became a common phenomenon. The revolution introduced the world with electrical equipment that were more portable and efficient. Industry 3.0 marked the era for the invention and manufacturing of electronic devices that helped the industries to achieve automation.
The revolution i.e. industry 3.0 was witnessed in the end of the 20th century with the integration of computers with machines. This helped the industries to get familiarized with the supply chain by planning, scheduling, and tracking products. Moreover, the demand from consumers increased with rapid advancements in technology.
The imperative efforts to meet the demands of the customer while providing the utmost quality have inspired manufacturers to equip their industries with the latest technologies, hence leading to the introduction of Industry 4.0.
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Industry 4.0 incorporates artificial intelligence into the industries to provide enhanced data management and superior analytics. Remote monitoring, Internet of Things (IoT), and predictive maintenance are some of the components of Industry 4.0. The era also provided the interaction between information technology and operational technology. With the help of IoT, numerous advantages and enhanced efficiencies, in addition to the exponential rise in production can now be achieved by industries
The Industrial IoT ecosystem revolves around the extraction and analyzation of digital data collected from the sensors and from the cyber-physical connected world. The introduction of numerous Industrial IoT applications, such as inventory management, supply chain management, and asset tracking have led to many advantages to the industrial growth and evolution.
According to the market intelligence study by BIS Research, “Global Industrial IoT Market — Analysis and Forecast, 2019–2024”, the industrial IoT market registered a revenue of $72.34 billion in 2018 and is anticipated to witness a CAGR of 8.67% during the forecast period from 2019 to 2024.
The components of industrial IoT include hardware level, communication level, software level, and security. Each of these levels is further bifurcated as sensors, communication hardware, and processors for hardware-level; session protocols, network protocols, and data link protocols for communication level; database, network management, and analytics for software level; and access control, device authentication, and firewall for security.
