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The Industrial Internet of Things (IIoT) is the application of IoT to industrial, manufacturing and energy management applications. IoT enables sensors, instruments and devices to be connected and exchange data.
The global IIoT market is growing at a rate of about 8 percent annually. It currently is about $146 billion and is expected to reach $232 billion by 2023, according to Zion Market Research.
The use of IIoT by businesses will enable them to increase their productivity by as much as 10 to 25 percent, according to a report by McKinsey. But productivity isn’t the only expected benefit. IIoT can also decentralize operations to improve the analysis of data and the ability to make faster decisions at the edge.
Paul Daugherty, chief technology officer at Accenture, wrote that “the Industrial Internet of Things has been heralded primarily as a way to improve operational efficiency. But in today’s environment, companies can also benefit greatly by seeing it as a tool for finding growth in unexpected opportunities. In the future, successful companies will use the Industrial Internet of Things to capture new growth through three approaches: boost revenues by increasing production and creating new hybrid business models, exploit intelligent technologies to fuel innovation, and transform their workforce.