As the second decade of the fourth industrial revolution continues, businesses are witnessing a fascinating, fast-moving development that began within the consumer market and is now rapidly progressing into the manufacturing and industrial automation sectors.
This technological growth, commonly referred to as the Internet of Things (IIoT), is a meeting of smart device technology and data generation, processing and accessibility.
Within the consumer sector, this has resulted in the rapid creation of the smart home, where users benefit from the ability to remotely control a multitude of household appliances – from lighting and heating to kitchen appliances, security devices and entertainment systems – via computers, smartphones and tablets.
There is no sign of this boom slowing any time soon, as Statistica estimates that the worldwide installed base of internet-connected devices will increase from 10 billion today to more than 25 billion by the end of the decade.1
Growing importance of IIoT
Outside of the consumer sector, a branch of IoT has emerged within industries including manufacturing and water...
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