The Future of Industrial Internet of Things (IIoT) after COVID19 Pandemic

Abstract

Industrial IoT (IIoT) devices obtain, analyse, and use data from connected equipment, Operational Technology (OT), locations, and people. IIoT helps to regulate and monitor industrial systems. Also, the same implementation can be carried out for automated record updates of asset placement in industrial storage units. IIoT can realize the seamless integration of various manufacturing devices equipped with sensing, identification, processing, communication, actuation, and networking capabilities. Based on such a highly integrated smart cyber-physical space, it opens the door to create whole new business and market opportunities for manufacturing. Network control and management of manufacturing equipment, asset and situation management, or manufacturing process control bring the IIoT within the realm of industrial applications and smart manufacturing as well. IIoT in manufacturing could generate so much business value that it will eventually lead to the Fifth Industrial Revolution, also referred to as Industry 5.0. Though IIoT is getting widely explored and used by many global organizations, especially with the current COVID19 Pandemic situation. The global industry moves to address these concerns have begun including the development of international standards. This study examines the prospects of Industrial IoT and its application in the global business sectors for doing their businesses more effectively and efficiently. This study would assess the most suitable IIoT models of various IIoT services offerings industries will likely use. The study will also analyse risks and challenges for the global business entities, while adopting IIoT technologies and service offerings along with their actual needs, wants, desires, suitability, requirements, and expectations.