The IIoT retrofit route to Smart Manufacturing
Time marches on and what was once the pinnacle of manufacturing now looks like it belongs in a museum. It’s truly a shame, as these established machines, that are the backbone of businesses are built to last and every bit as reliable as the day they were purchased.
Now, we’re in a new age: the digital age and legacy machines of yesteryear lack vital services that businesses rely upon to stay competitive. Retrofitting new technologies may be the quickest and cost effective solution.
We’re talking about the Internet of Things (IoT). It’s a simple concept: objects connected to each other via gateways and to internet servers. Smart bulbs, smart homes, and smart fridges are some examples of IoT. It’s now commonplace in our lives and it’s growing every year.
The global Industrial Internet of Things (IIoT) market size is expected to grow from US$76.7 billion in 2021 to US$106.1 billion by 2025, at a CAGR of 6.7% during the forecast period*.
*Source: Markets and Markets, July 2021.