Article by: Asst. Prof. Suwan Juntiwasarakij, Ph.D., MEGA Tech Senior Editor
The internet has been on a steady development path and IoT is truly amongst the first few big evolutions of the internet. Three key developments in the internet are powering the transition of the manufacturing industry from a set of closed prioprietary silo systems to a new open architecture, where intelligence is distributed and actions can be take across the manufacturing ecosystem (involving a set of manufacturing plants), based on a standardized secure network and across interfaces and telecommunication protocols.
IoT is a leap into the future as it creates a potential for engineering a whole new set of business models that are sensory and predictive in nature. The internet is expected to become increasingly sensory due to IoT (e.g. sensing temperature, pressures, vibrations, moisture, stress, etc.) and increase its expanse by connecting previously unconnected devices to the internet. For example, connecting all the supplier machines and transportation vehicles via shared IoT platform, an automotive Original Equipment Manufacturer (OEM) can create an entirely new model for inbound traceability of parts and components, leading to greater predictability within their inbound supply chain.
THE EXPONENTIAL GROWTH GLOBALLY
Over the last decade, the concept of internet of things has gained significant traction. This is because collective efforts by industry players, associations as well as academia. Various consortiums of corporates as well as industry associate such as IPSO alliance, IIC (Industrial Internet Consortium), OIC (Open Interconnect Consortium), etc., have been working towards increasing worldwide IoT awareness and adoption. Increasing number of devices connect to the internet has played a significant role in driving IoT adoption. Academia in collaboration with other industry stakeholders has further supported development and deployment of IoT solutions. According to Deloitte’s analysis, IoT poised for exponential growth globally, with the number of connected devices expected to grow 5.5X to $20.8 billion and revenue expected to grow over 3X to $3 trillion by 2020.
Accounting for the market exponential growth, technological, economic and behavioral factors are driving the uptake of IoT global. Low cost sensors, declining cost of connectivity and reduced cost and time of processing will play a key role in rise of adoption IoT. In addition, The popularity of big data analytics and cloud computing will enable processing and analysis of unstructured data to move from insights to foresights. More importantly, consumers are interested in IoT technologies is also rising due to increased reliance on mobile devices.
It is essential that emerging technologies every organization should keep an eye on since these eight are creating unprecedented impacts toward businesses globally. The so-called disruptive technologies are internet of things, artificial intelligence, robotics, 3D printing, augmented reality, virtual reality, drones, and blockchain. Among these disruptives, IoT is considered the most disruptive for industries. This is translated into strategic business plan as a promised investment.
TAKE-HOME MESSAGE
In a broader perspective, the power of IoT is mostly derived from AI when used in conjunction, rather than in silos. In near future we will see the two ground-braking emerging technologies converge with each other to form an undisputed winning combination. The AI-IoT combination can transform supply chain management in warehouse, speed up date collection and processing to accurately predict yield and anticipate the demand in agriculture, enhance predictive maintenance in manufacturing, and make smart homes even smarter by giving control in the hands of the consumer. Perhaps, industries need to address certain risks and issues that might impede an adoption.
