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The Industrial Internet of Things (IIoT) targets the use of IoT for industrial and manufacturing applications. It is expected to be able it help businesses improve their supply chain and logistics management. McKinsey estimates that IIoT will have a $6.2 trillion impact on the economy by 2025. The World Economic Forum estimated that in the electric utility sector that IIoT stimulated $1.3 trillion of activity.
Eddie Amos, VP of industrial applications and CTO at GE Digital, said that “the Industrial IoT is already transforming industry. Digital industrial leaders like Exelon, Hess, and Qantas that got on board early have been rewarded with improvements to their top and bottom lines. Estimates show productivity gains from the Industrial IoT adding a sizable $10 trillion to $15 trillion to global GDP – in coming years.”
But a Manufacturing Report in 2017 found though that many manufacturing businesses aren’t yet on board. As many as 77 percent of manufacturers and distributors don’t see a need for IIoT. Many businesses, especially small and mid-sized, think that they don’t have the time or resources to make changes.