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Industrial IoT set to lead to major financial returns

(Image credit: Image Credit: MNBB Studio / Shutterstock)

Organisations across the global supply chain expect the Industrial Internet of Things (IIoT) to boost their revenues by $154m within five years according to a new study from Inmarsat.

The IIoT is set to revolutionise the way businesses function in the next few years. Automation and operational efficiency will see a significant boost as result of the increased use of real time data and machine-to-machine communications. The success of many IIoT deployments will depend on access to reliable and resilient connectivity especially in remote regions or at sea.

Inmarsat's research programme exploring IIoT trends, IIoT on Land and at Sea, employed market research specialist Vanson Bourne to survey 750 businesses from a wide range of industries including agriculture, energy, maritime, mining and transportation.

Respondents saw the biggest opportunities for IIoT in improving resource efficiency, monitoring environmental changes and improving health and safety across their organisations.

However, Inmarsat's research also found that connectivity was the most significant challenge faced in deploying IIoT technology with 24% or respondents struggling to secure the communication networks needed for reliable and resilient deployment.

Paul Gudonis, President of Inmarsat Enterprise offered further insight on the results of its IIoT research, saying:

“IIoT is emerging as a major force in the modern enterprise and it’s clear that businesses are prioritising satellite technology to transform their operations and achieve competitive advantage. Data generated by IIoT infrastructure is expected particularly to bring greater transparency to the global supply chain, allowing businesses to automate processes, reduce operational waste and speed up rate of production, leading to higher revenues and lower costs”. 

Image Credit: MNBB Studio / Shutterstock

Anthony Spadafora
After living and working in South Korea for seven years, Anthony now resides in Houston, Texas where he writes about a variety of technology topics for ITProPortal.