A Comprehensive Guide to Industrial IoT Platforms in 2023

With dynamically evolving consumer trends and ever-increasing inflation causing big waves in the business world, industries need futuristic technology to sustain in today's competitive marketplace. 

Such technologies enable organisations to enhance the way they access data and connect with people. 

Industrial IoT platforms are among such technologies that are helping industries to go through transformative digital transformation to convert into intelligent factories and capture substantial market shares. 

The Global industrial Internet of Things market is predicted to reach 1.11 trillion U.S. dollars by 2028. The number of companies adopting industrial IoT platforms is accelerating daily to achieve cost-cutting and operational efficiencies. 

IIoT platforms are used for industrial purposes and help in asset management, monitoring, manufacturing, operations, and supply chain management.

But wait! What is industrial IoT? And is it similar to IoT? 

Well, we will answer all your questions in this blog! Then, we will introduce you to this sophisticated technology and walk you through the difference between IIoT and IoT. 

Without any further delay, let's get started!

Industrial IoT is a framework of intelligent devices enriched with inbuilt computing capabilities and connected to industry-level data monitoring & collection systems. 

They are solely dedicated to streamlining the workflow and achieving efficiency across industries. In a nutshell, industrial IoT platforms are a subset of IoT that is more focused on industries. 

The Industrial Internet of Things helps companies grow exponentially by making them understand business processes better to make informed decisions. 

IoT Vs IIoT - The Key Difference 

IIoT may be a subset of IoT, but it shouldn't be confused with it.

IoT is a wireless communication device used to connect and control services with a device within the home or office space. In comparison, industrial IoT is a collection of equipment and sensors used to perform analytics and monitoring within an industrial ecosystem. 

Here are a few underlying differences between IoT and Industrial IoT: 

Please note that while the above points typically hold true, the specifics can vary greatly depending on the individual IoT or IIoT application.

Here is a list of industrial IoT platforms that leading enterprises across industries leverage.  

• PTC ThingWorx

• AWS IoT Core

• Braincube

• Software AG Cumulocity IoT

• IBM Watson IoT

• SAP Leonardo IoT

The industrial Internet of Things thrives on real-time data collection. Industries generate unbelievable amounts of data daily, but usually, this data needs to be more synchronized or unstructured. 

Due to the poor management of data, it usually goes unnoticed by the decision-makers; therefore, it needs to be fully utilized to derive value for the business. 

IIoT devices have sensors, software, and other equipment that give an upper hand to the industrial leaders to leverage real-time data monitoring and total transparency of the manufacturing process. 

This Avant-grade technology promotes continuous improvement and opens the doors for actionable insights and proactive strategies through accurate predictive insights. 

Components Of IIoT 

Its derivatives miss the limelight due to the massive spotlight on industrial IoT platforms. However, here is a list of components that make up industrial IoT solutions. 

• Smart machines 

• Radios & Controllers 

• Software

• Sensors 

• The Cloud

In this fast-paced world, manufacturers must run at a breakneck speed to meet the ever-changing global trends and customer demands. Industrial IoT has various benefits to help businesses in fulfilling their requirements. 

Here are a few of them: 

Improved Operational Efficiency

IIoT platforms allow industries to automate their processes, leading to increased efficiency. With machines automating the process, human error can be avoided. Not to mention the resources we can save by optimizing the process with such platforms.   

Predictive Maintenance

IIot platforms can help predict the failure of equipment before it happens. They constantly monitor and analyze data to identify any discrepancies in the equipment. This allows industries to do proactive maintenance, reducing downtime and saving costs.  

Learn more about predictive maintenance. 

Enhanced Safety and Security 

IIoT platforms can monitor the working conditions in real time, ensuring the safety of the workers. Also, advanced encryption and secure data protocols can help protect sensitive information from breaches.  

Also, take a look at how cloud-based IoT enhances security. 

Data-driven Decision Making 

IIoT platforms collect vast amounts of data that can be used to gain insights and make data-driven decisions. This can lead to improved business strategies and more accurate forecasting.  

Cost Savings

By leveraging the power of IIoT, industries can reduce their costs in several ways. Following are some ways IIoT platforms help save costs 

• Automating processes leads to fewer labor costs 

• Predictive maintenance reduces downtime and repairs 

• Real-time monitoring helps identify issues quickly.  

• Improved safety and security increase overall efficiency while lowering insurance premiums. 

These are just some of the many benefits offered by IIoT platforms that can help industries increase their efficiency. As technology continues to evolve, it is expected that these benefits will continue to grow in the future. 

Now let’s see some of the applications of these IIoT platforms across industries. 

Industrial IoT platforms are gripping various industries and driving operational effectiveness across business ecosystems. The surge in IIoT adoption has geared the momentum for industries to gather real-time data and analytics. 

Now, let's have a look at IIoT platform's application among these market verticals: 

1. Manufacturing  

In the heart of Industry 4.0, you'll find IIoT stirring the pot. Manufacturing businesses are using IIoT platforms for things like real-time monitoring of equipment, predictive maintenance, and overall process automation. This smart manufacturing or "smart factory" concept boosts productivity while cutting down costs and reducing waste. 

See how Toobler helps their client in implementing a predictive maintenance system to prevent malfunctioning machines.

2. Logistics and Supply Chain

If there's one thing IIoT has mastered, it's giving a bird's-eye view of complex systems. In logistics and supply chain, IIoT platforms help track goods from the manufacturing unit to the customer's door. 

We're talking about real-time tracking of packages, managing warehouse operations, optimizing routes, and even predicting potential delays. Pretty cool, right? 

3. Energy

The energy sector has had a massive shake-up thanks to IIoT. IIoT Platforms can monitor and control grid systems, optimize energy use, and manage renewable energy sources. Also, it plays a big role in predicting equipment failure and maintaining them proactively. 

Result? Preventing any "lights out" situations. 

4. Healthcare

IIoT in healthcare, often known as the Internet of Medical Things (IoMT), is revolutionary. Imagine smart devices that track patient health in real-time, alert doctors if there's a problem, and even manage medicine dispensation. 

IIoT is also a game-changer in managing medical equipment and optimizing hospital processes. 

Suggested read: How is IoT helping the medical industry. 

5. Agriculture

Agriculture might seem old school, but it's getting a tech makeover with IIoT. From smart irrigation systems that water crops based on real-time weather and soil conditions to drones that monitor crop health, the applications are countless. IIoT platforms help farmers increase yield, save water, and reduce environmental impact.

6. Oil and Gas

IIoT platforms are a boon for the oil and gas industry. They're using them to monitor and control drilling operations, detect leaks, and manage pipeline integrity. With real-time data and predictive analytics, they can prevent accidents, reduce operational costs, and improve worker safety. 

And this is just the beginning! With the rapid pace of digital transformation, we'll see IIoT popping up in more and more sectors, making operations smoother, safer, and more efficient. 

Industrial IoT is one platform popular among industry experts but is unknown to the masses. The insights gathered from industrial IoT platforms enable companies to weave proactive and business-oriented strategies by lowering the cost of development and accelerating revenue. 

Toobler is a leading player in IoT application development and has carved its niche in Industrial IoT by delivering award-winning solutions that help industries to reduce their downtime and make inventory management hassle-free. 

Contact Toobler to see its expert developers in action and take your manufacturing business to the next level.