Our newest useful abbreviation: IIoT

If you are in an industry-specific meeting and feel like a total stranger to the issues being discussed, you will notice some of the acronyms being tossed across the hallways or around the table. Since you haven't brought along with you a glossary of technical terms or haven't downloaded the mobile apps on your smartphone, the only option you would resort to is to make an effort towards getting closer to someone "familiar" with the topic.

If the acronym in question is IoT, internet of things – according to some of everything – you probably have heard about it. But it is not limited to this. At first, we were acquainted with M2M (Machine to Machine), and now it's all about billions even trillions of objects, surrounding us - even though we are not aware of its involvement in our daily lives.

These technologies, including many others like the IoT, bring with them new acronyms. For example, in inter-vehicle communication for the automotive sector, this concept is defined as V2V (Vehicle to Vehicle), though in its subdivisions, it is defined as V2x. On the other hand, when we shift our focus to the Industrial IoT, similar to the case of the inter-vehicle communication, we stumble upon another acronym, the IIoT.

Smart Factories, Industry 4.0 and more; the Industry is changing its size

The Industrial IIoT, as we have previously mentioned in our blog pages, is indispensable in the effort to reaching the Smart Factory stage. At the heart of the increasing number of digitized factories with the advent of Industry 4.0, lie machines and sensors that are in constant communication with each other. While each sensor or machine creates uninterrupted data traffic for its predefined tasks, it also allows engineers to proactively intervene to manage and maintain the system by anticipating faults and breakdowns that may otherwise be encountered. The end-result; elimination of failure times and uninterrupted production processes. This, in turn, contributes positively to the profitability of the company while increasing the efficiency of the plant in which it is used.

How massive is the Internet market of industrial objects?

Able to realize a quantum leap for all enterprises independent of their business lines, the IIoT market is expanding day by day. For example, a study released by IndustryArc in June 2016, predicts that this market will grow by 21 percent between 2016 and 2021. According to the same research, the global market size expected is expected to reach 123.8 billion dollars at the end of 2021.

Which industries will be affected?

With a simple definition, we can clearly say that every industry that has a production line can benefit from IIoT products and applications. Energy, transportation, agriculture and health are among the primary markets that are expected to come forward. Of course, it is possible to talk about other markets as well. But which market will benefit from what? An analysis of the automotive sector by Morgan Stanley is an important source for revealing the sort of benefits that this change will bring along. According to this analysis, the highest benefit is the “increase in operational efficiency” with 47 percent. Followed by “productivity growth” and “new business opportunities to be created” which were mentioned by 37 percent and 29 percent of the interviewees respectively. Other key benefits are provided below in the graphic:

Among these benefits; "contribution to becoming an environmentally friendly company' with increased productivity and less resource use can also be added. Although the magnitudes of these benefits vary depending on the industry, the contribution list is basically composed of the above-mentioned ten main headings.

Acronyms should not puzzle you, the platform is ready to go: SkywaveIoT

We should probably tell you that you should be at ease living through the digital transformation period, whichever market you may be in. The basic component next generation digital media requires is an advanced platform they will work on. As Innova, we offer SkywaveIoT, an IoT platform with multiple talents that received "the Best Cloud Computing Service for Horizontal Markets in Europe" while offering the most suitable environment whether there is a need for the industrial internet of things or whether a smart city of a different industry-specific solution is required.

The SkywaveIoT platform, which has proven its success in the EuroCloud Awards in EuroCloud in October 2016, is able to offer superior data communication, analysis and management with a secure cloud design for internet of things solutions requested by different industries; such as, Industry 4.0, for retail and banking sectors. The platform, which comes with a structure that can be scaled easily based on need, adds to its many upsides with its device-independent structure. SkywaveIoT, in this regard, helps you add value and productivity to your business, no matter the acronym you might encounter in relation to the Internet of Things.