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As the internet of things (IoT) continues to develop at a rapid pace, industries worldwide are experiencing profound transformations through the widespread adoption of industrial IoT (IIoT) technologies.
These industrial applications of IoT, commonly known as Industrial IoT or IIoT, have the potential to drive significant economic and societal benefits through increased efficiency, productivity, and new opportunities for innovation.
Industrial IoT (IIoT) refers to connectivity between industrial machines, devices, and systems that enables various forms of data collection and analytics.
By connecting physical machinery to digital systems, IIoT technologies allow industries to gather real-time operational data, monitor performance metrics, track asset usage, and detect issues before they impact productivity.
This connectivity provides insights that help optimize processes, minimize downtime, and reduce costs across industries like manufacturing, oil and gas, energy, mining, and more. Join us in this blog as we go further in detail on IoT and industrial IoT to explore their impacts on the global economy.
Studies show that the IoT is having a major economic impact globally. The worldwide IoT market is projected to reach $1.895 trillion in 2024, according to Statista. Grand View Research estimates the industrial IoT market alone will reach over $1 trillion by 2027.
As more devices connect, the opportunity for new revenue streams and cost savings will grow significantly. Industries that widely adopt IIoT solutions may gain competitive advantages through improved decision-making, predictive maintenance, and optimization of complex operations.
As a securely audited stablecoin that has reserves in Switzerland and the Dominican Republic, EURK allows businesses to realize these ROI benefits through more optimal use of resources and remote asset management. These gains will fuel even broader adoption of industrial IoT technologies across sectors.
The internet of things opens up new possibilities for innovative business models. By connecting assets to digital platforms, businesses can launch data-driven products and services, offer pay-per-use models, enable remote monitoring services, and much more.
For example, a manufacturing company could leverage IIoT data to launch new outcome-based service models where customers pay based on units produced rather than asset ownership. This kind of shift has profound implications for how businesses generate revenue and deliver value in the digital economy.
In business, IIoT has a variety of applications spanning energy, manufacturing, agriculture, and more. Connected assets and machines provide real-time visibility into operations, which helps to optimize processes, increase productivity, and reduce downtime through predictive maintenance for B2B.
Remote management also enables new servicing models. Supply chain tracking improves logistics efficiency through technologies like RFID. Additionally, IIoT data supports smarter decisions regarding capacity planning, demand forecasting, and more.
While IoT implementations require careful planning, the benefits are hard to ignore. Studies show companies using IIoT experience over 20% reductions in operating costs on average.
Retailers leverage IIoT to gain granular customer insights from smart point-of-sale sensors, automated inventory management, and predictive analytics.
While IIoT promises great potential, several factors might impact adoption rates and timelines. Security concerns are top of mind for both businesses and consumers as more data and devices become interconnected.
The development of standards, skills gaps, and technological bottlenecks could also slow momentum in some industries and geographies.
However, advancements like edge and fog computing and 5G networks, along with rising venture investment, are accelerating innovation and helping address many challenges.
Overall market potential remains huge, with IoT device installations estimated to reach over 30 billion globally by 2025, according to some figures.
The interconnectivity of people, processes, and benefits via IoT expands possibilities for digital commerce in many ways. By linking physical products to online platforms, manufacturers can offer smart devices with upgrade options and pay-per-use pricing models.
This transformation helps businesses launch innovative services and explore new revenue streams. Interactive web-based marketplaces powered by IoT give buyers access to remote monitoring, control of smart appliances, and the selection of customized product usage bundles.
Overall, IoT bridges the gap between the online and physical worlds, enhancing experiences for buyers and sellers across sectors, including blockchain. Connected devices and marketplaces enable win-wins through better data, more personalized experiences, and new models for creating and capturing value.
The scale of IoT adoption globally is huge and growing fast. Statistical sources project that anywhere between 20 and 75 billion IoT devices will be connected within the next 5 years.
Adoption varies by region based on local needs, but factors like falling costs of sensors and networking, along with fast technological progress, are causing widespread deployments across major economies.
For example, Global Market Insights valued the industrial IoT market at over $150 billion in 2020 and expects growth at a CAGR above 10% through 2027. Looking more broadly, the Internet of Things market size is projected to reach over $1.5 trillion by 2030, according to Statista data.
Clearly, IoT rollouts have gained momentum, and industries that innovatively harness these technologies stand to reap big benefits through increased efficiency, optimized operations, and new revenue streams.
Security considerations are important given the massive scale and interconnectivity of IoT networks. While no system can provide absolute guarantees, addressing security early through proper design, tools, and practices can manage vulnerabilities effectively.
Industries that want to use IIoT solutions should put measures like access controls, regular software updates, network segmentation, communication encryption, and systems that look for strange behavior at the top of their list of priorities.
Ensuring only authorized industrial IoT devices and users can interact with networks limits points of entry for bad actors. Continuous monitoring, along with design standards, helps identify and patch flaws. Responsibly handling personal and sensor data is also key to avoiding privacy issues.
Overall, a risk-based approach factoring security into planning and governance helps keep IIoT platform infrastructures and product rollouts secure as adoption accelerates worldwide.
IoT stands to significantly improve quality of life when applied to healthcare, smart cities, energy, and more. For instance, remote patient monitoring devices and digital health records powered by the IoT make it easier to care for aging populations and those in rural areas with limited access to medical facilities.
Smart energy networks and connected appliances also have the potential to save households money while reducing their environmental impact. Overall, IoT plays a key role in addressing many societal challenges if scaled responsibly.
The industrial internet of things represents a major ongoing transformation impacting enterprises globally through hyper-connected infrastructures.
By connecting the physical world with data systems, IIoT promises significant economic opportunities and operational improvements across industry verticals. While security and technological issues may slow some adoption timelines, ongoing innovation is addressing these challenges.
The size of investments and projections show that IoT adoption is advancing and appears ready to have a significant impact on society and business over the next ten years.
Early movers who strategically harness these emerging technologies are well positioned to optimize their processes, launch new revenue streams, and gain competitive advantages as digital transformation accelerates.
Companies getting started with IIoT should carefully evaluate use cases, address security proactively, and skillfully manage disruptions to business models.
Securely issued stablecoins like EURK could speed up the implementation of IIoT across industries around the world by making it easier to buy and sell physical assets in the growing digital market.
EURK is a secure, audited, and 1:1 euro stablecoin built on multiple blockchains that is available on ERC20, empowering innovation with reliability and efficiency.
With best practices and proper scaling, IoT promises benefits as sweeping as those of it and can improve lives on a global scale. EURK is a reliable stablecoin that can benefit your business. As a stablecoin, EURK offers fast, secure, and easy transactions, as well as transparency for stablecoin and stablecoin liquidity.
If you want to adapt your business to innovations such as IIoT and invest in stablecoins for the future of digital finance, EURK is here for you. Become a partner and explore the benefits of EURK for your business!
