The very dynamic IIoT digital solution platform market – an opening snapshot
Companies have this essential need to build an IoT platform today, or be at least very active partner in one, or even many, to fit their business goals. A platform connects, it connects your world with the rest of the world. Often when we talk about IIoT, it can get easily confused with IoT. Actually, IIoT, grew out of the other, IOT. IoT is mostly about making the human interaction with the object(ives). IIoT is about connecting devices, sensors, building and improving manufacturing execution systems then applying intelligence and analytics to understand or improve the performance of the existing devices. The aim is to monitor, build parameters, sophisticated controls and search for solutions that will lessen the downtime and improve the productivity of the asset.
McKinsey estimates that the Industrial Internet of Things will create $7.5T in added-value by 2025. IIoT has been valued at around $255b as a market in 2025 (a past GE estimate). These two seem to offer very different estimates. In many ways, we are all confused and still guessing or predicting, because of so much uncertainty and not honestly knowing what comes next in technology invention that changes the position. We have learned, in our engagement and growing reliance just on the smartphone. We have all learned to adapt and adopt so differently, as we connect more and more. In the IIoT world, there is predicted value across all of the connections (McKinsey view) and as we see more solutions emerging, as ways to serve that “connected” need market growth will more than likely simply accelerate away. Speed, scale, scope are all accelerating away, and as companies, we need to find our positioning in this evolution and industrial internet.
Let me provide a snapshot, my view, of where IIoT platforms-as-a-service sit today. There is a lot more behind this brief overview if interesting to you to explore.
This article was written by Paul Hobcraft, Advisor on Innovation Transformation. Paul is valued for his consistency to champion and inform on innovation, increasingly focusing on technologies impact on this. A trusted “go to” resource that adds greater understanding around the management of innovation and its impact for others. He is a frequent writer, striving to be informative, creative and knowledgeable in piecing together the broader understanding of innovation.