10 Charts to Challenge Your Perspective of IoT's Growth in Food & Bev Manufacturing
If you think the IoT movement is constrained to a few areas of advancement in the tech world, the infographics in "10 Charts That Will Challenge Your Perspective Of IoT's Growth," in Forbes Magazine just might convince you otherwise. They show the breadth with which IoT is impacting all areas of world industries, healthcare and cities. Not only do the charts and their sources show how connected and networked industries are becoming, but they also show how interrelated they are. Food and beverage manufacturing technology, monitoring, and IIoT are part of this landscape.
Of particular interest from the article by Louis Columbus are two charts on the Industrial Internet of Things (IIoT.)
Food manufacturing technology + IIoT = Digital industrial transformation
Columbus quotes findings buy GE, which state that the, "Industrial Internet of Things (IIoT) applications are relied on by 64% power and energy (utilities) companies to succeed with their digital transformation initiatives. When food and beverage factories advance via monitoring, IIoT and other smart factory practices, they will contribute to the ecosystem GE illustrates in the infographic below.
Source: GE Digital Industrial Evolution Index Executive Summary, October 2017 (PDF, 67 pp., no opt-in).
Monitoring + IIoT = Market impact
According to one source, "The Industrial Internet of Things (IIoT) market is predicted to reach $123B in 2021, attaining a CAGR of 7.3% through 2020. Accenture forecasts IIoT can add as much as $14.2T to the global economy by 2030. Source: The Industrial Internet of Things (IIoT): the business guide to Industrial IoT." Columbus writes about meeting the demand from this prediction and adds, "Realizing the Internet of Thing’s (IoT) potential to reduce costs and enable new business models needs to start with a platform perspective that includes app development and integration."
Source: The Industrial Internet of Things (IIoT): The Business Guide to Industrial IoT.