The Industrial Internet of Things (IIoT) is set to make a sizeable contribution to the global economy by 2023, according to a new global study launched today by Inmarsat.
Organisations across the global supply chain expect IIoT to be increasing their annual revenues by 10% within five years.
The report said that the Industrial Internet of Things is set to revolutionise how businesses function in the next few years. There will be significantly increased automation and operational efficiency through the use of real time data and machine-to-machine communication right across the planet.
Access to reliable and resilient connectivity, particularly in remote regions or at sea, where terrestrial networks are not available but satellite communications are available, will be essential to the success of many IIoT deployments, it added.
Market research specialist Vanson Bourne surveyed 750 businesses with a combined turnover of $1.16trn from across the globe. Respondents were drawn from a wide range of industries, including the agriculture, energy, maritime, mining and transport sectors.
Commenting on the findings, Paul Gudonis, President, Inmarsat Enterprise, said: “IIoT is emerging as a major force in the modern enterprise and it’s clear that businesses are prioritising satellite technology to transform their operations and achieve competitive advantage.
“Data generated by IIoT infrastructure is expected particularly to bring greater transparency to the global supply chain, allowing businesses to automate processes, reduce operational waste and speed up rate of production, leading to higher revenues and lower costs.
“However, many businesses are struggling with security, skills and connectivity challenges in large scale IIoT deployments. Over half (56%) require additional cyber-security skills and 34% don’t yet have access to the connectivity they need.”