Last fall, I had the opportunity to attend the IoT Tech Expo North America in Santa Clara, Calif. The event was co-located with sister events Blockchain Expo 2017 and AI Expo 2017. As a result of the three collocated events, the hallways and conference sessions were packed with a diverse set of attendees. The biggest buzz came from the blockchain and digital currency crowd as Bitcoin value soared past $10,000 in value that week.
With over 50 billion connected devices predicted to be in play by 2018, and 8 zettabytes of data produced today, the Industrial Internet of Things (IIoT) is predicted to be a $3 trillion market by 2020. IIoT is opening new business opportunities on the shop floor, including:
- Monitoring of shop-floor equipment
- Analytics for predicting machine failures and identifying potential scrap
- Integration with MES and supporting ERP solutions to provide real-time data