IoT news and trends in the industrial sector

The IoT market is constantly evolving and growing. With investments expected to reach $37 billion by 2025 in this sector, progress and changes in IoT trends are constant. We take a look at these IoT developments and the impact they will have on the industry.

Barbara
Written by:
Miren Zabaleta

2021, the year of the Industrial IoT market take-off

IoT technologies are no longer a niche technology but have become embedded in a variety of sectors. At the user level, IoT trends are increasingly common in sectors such as healthcare and consumer electronics, and the global market for user-focused Internet of Things (IoT) is estimated to grow by USD 1.6 trillion by 2025.

A paradigm shift is thus afoot, where it is no longer just users interacting with each other, but the increasingly intelligent devices themselves exchanging useful information to generate more efficient processes.

The implementation of Industrial IoT, or Industrial Internet of Things (IIoT), has been gradual in recent years, held back in part by a lack of awareness of the true value of this technology.

However, IoT 2021 trends indicate that this is a pivotal year in the deployment of IoT environments in the industrial sector. On the one hand, a growing number of cases proving the return on investment in industrial digitisation are demonstrating the benefits of IIoT in key sectors such as power distribution, renewable energy, water and other sectors.

In addition, the roll-out of 5G networks starting this year will boost the connectivity needed for the development of the IoT market.

Moreover, according to McKinsey's analysis, it is in the industrial sector where the potential for improvement of IoT environments, attracting Business Intelligence processes, is most evident.

IoT trends that will shape the industrial sector this year

1. Industrial IoT

By 2021, the industrial sector will definitely wake up to IoT deployment. The interconnection of devices through networks for the creation of useful information is already a reality for many companies, which are managing to differentiate themselves from the competition thanks to the competitive advantage of the early adopter.

2. Predictive maintenance

System maintenance is linked to IoT trends, as it is only possible on the basis of these systems. Predictive maintenance, through the analysis of certain parameters, is able to infer the probability of equipment failure, scheduling maintenance before failure occurs.

It is a key investment in industrial environments, as it is estimated that predictive maintenance leads to savings of between 30 to 40%. in maintenance costs.

3. Application of Artificial Intelligence

Among the trends of the Internet of Things, the nexus that is taking place between IoT and Big Data, linked in the concept of Artificial Intelligence for Things, stands out.

It is about generating synergies between technologies to strengthen real-time decision-making processes that move a company towards efficiency.

Thus, on the one hand, IoT involves data collection and interaction between devices. On the other hand, through AI and disciplines such as Data Science or Data Analysis, it brings into play the ability to analyse this data in search of trends that help companies to better understand and optimise their production processes.

Thus, among the most important IoT trends in this and the coming years, investment in data analytics will be a major focus.

4. Edge Computing

Edge computing involves storing and processing data close to the IoT devices that use it. This generates faster decentralised processes and optimises resources, as it is not necessary to send this data to a distant server, as is the case with cloud computing systems.

Edge computing is part of the IoT 2021 trends due to its ability to streamline processes, especially if 5G deployment accelerates, which is expected to arrive this year, and will bring significant benefits to artificial intelligence on the edge or cloud alternatives.

According to a Gartner report, by 2025 75% of data will be computed and processed at the edge which "will allow data to be analysed where it is actually created, giving rise to new opportunities for services and applications".

You may be interested to read:
IoT Edge Computing, Edge Nodes and use cases in the Industrial Sector

Industrial IoT trends: challenges facing the industrial sector

While the IoT market is advancing at an unstoppable pace, it is true that the industrial sector still faces certain challenges that slow down the implementation of these technologies and access to their benefits:

  • Reservations to change: business culture. The industrial sector is resistant to change and tends to favour conservative, business-as-usual policies.
  • 5G adoption: So far, IoT has been hampered by weak connectivity, which has led to latency and other problems. However, from 2021, 5G deployment is expected to double from 11.8% to 27.3% of networks, reaching 51.4% by 2023.
  • Cybersecurity: the interconnection of devices creates vulnerable environments that require secure platforms by design.

In the face of these challenges, IoT trends indicate that the availability of increasingly simple to use and powerful platforms is now a reality. Using software such as Barbara IoT, secure IoT environments that manage the flow of data and devices can be implemented. This gives industrial companies access to all the benefits of IoT with end-to-end solutions that are easy to operate.

All in all, 2021 is the year for industrial companies to make a move towards IoT technologies. This will give them multiple competitive advantages over more conservative competitors, who risk becoming obsolete.
Find out more about Barbara OS, the secure operating system for industrial IoT, and contact us to request a demo and see first-hand how implementing an IoT environment can help your business.

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