The IIoT market will enter a new stage out of the exploratory stage

Chris Nelson, vice president of engineering at OSIsoft, said that the strength of industrial Internet of Things (IIoT) growth varies from market to market. Oil companies and mining companies are looking for ways to reduce costs and reduce the impact of commodity price fluctuations; power companies want to incorporate renewable energy; pharmaceutical and food manufacturers are building smarter supply chains and reducing the risk of recalls.

According to reports, as this growth continues, the IIoT market is gradually moving out of the exploration stage and entering a new stage. Many companies will introduce technologies such as data analysis, the Internet of Things, and predictive maintenance into multiple facilities. The market expansion may not seem explosive growth, but there will be strong and stable double-digit growth.

The IIoT market will enter a new stage out of the exploratory stage

Nelson pointed out that equally important is the architecture of the IIoT. Customers should construct complete solutions instead of looking for magical algorithms to solve all problems. Customers combine online and data management from one company with online and analysis from other companies to develop a platform that suits them.

Regarding the challenges of IIoT, Nelson said that the biggest challenge is to allow IIoT users to quickly grasp a large amount of data. In IIoT, in terms of speed, variety, and quantity, machine and operational data far exceed the data that companies see in IT. Companies want to track 10 to 20 million data streams at the same time, and they need to figure out how to analyze and process these data in real time.

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