{"id":9460,"date":"2015-12-02T09:16:32","date_gmt":"2015-12-02T09:16:32","guid":{"rendered":"https:\/\/ewnews.co.uk\/?p=9460"},"modified":"2015-12-02T09:16:32","modified_gmt":"2015-12-02T09:16:32","slug":"internet-of-industrial-things-ioit-to-trigger-global-manufacturing-renaissance-worth-e420-billion-by-2020","status":"publish","type":"post","link":"https:\/\/ewnews.co.uk\/index.php\/internet-of-industrial-things-ioit-to-trigger-global-manufacturing-renaissance-worth-e420-billion-by-2020\/","title":{"rendered":"Internet of Industrial Things (IoIT) to trigger global manufacturing renaissance worth \u20ac420 billion by 2020"},"content":{"rendered":"
\"The<\/a>

The Internet of Things (IoT) in the age of Industry 4.0. Zephre & BlogUTest<\/em><\/p><\/div>\n

The concept and actuality of the Internet of Things (IoT) is not restricted to consumer applications; it\u2019s having a big effect on industry too as the IoIT. Market research firm Frost & Sullivan finds that the IoIT will have a massive positive effect on manufacturing industries worldwide. By James Hunt:<\/p>\n

The future of manufacturing, says Frost & Sullivan, \u2018is defined by the Industry 4.0 paradigm, which will be singularly determined by the design, development and implementation of the IoT\u2019.<\/p>\n

This in turn, the organisation believes, will give rise to a new market called the Internet of Industrial Things (sometimes referred to as the Industrial Internet of Things (IIoT). This includes varying market participants, from traditional industrial automation to commercial vendors from the ICT space, which \u2013 says Frost & Sullivan – \u00a0\u2018hold a strong leverage on digital technologies\u2019. There will, of course, be effects on the electrical sectors, especially in manufacturing but with knock-on impacts further along the line.<\/p>\n

The company poses the question: \u2018What will be the roadmap of this ongoing transformation? How will suppliers from diverse market environments, collaborate, co-opt and compete in the future of manufacturing?\u2019<\/p>\n

This topic will be a key theme during Frost & Sullivan\u2019s GIL 2015: Germany, to be held at the Frankfurt Jumeirah Hotel on 17 November 2015 to discuss new business models, supplier ecosystems and technological advancements across various industrial sectors.<\/p>\n

The IoIT and Industry 4.0<\/h3>\n

The IoIT, defined by Accenture as \u2018a universe of intelligent industrial products, processes and services that communicate with each other and with people over a global network\u2019, is one fascinating result of the digital revolution that is changing the way we live and work in many industry sectors. However, getting the most from it demands a \u2018Big Data\u2019 approach, and this \u2013 in turn \u2013 demands the use of analytics because of the often vast datasets involved.<\/p>\n

Industry 4.0 (or the fourth industrial revolution) is a collective term embracing a number of contemporary automation, data exchange and manufacturing technologies. It facilitates the vision and execution of a modular \u2018smart factory\u2019 in which cyber-physical systems monitor physical processes, create a virtual copy of the physical world and make decentralised decisions. Over the IoT, cyber-physical systems communicate and cooperate with each other and with humans in real time, and via the Internet of Services (Wikipedia).<\/p>\n

The impact of the Industry 4.0 paradigm and the development of the IoIT will be one of the key focus areas during GIL 2015, which will \u2013 among other things – discuss new business models, supplier ecosystems and technological advancements across industries.<\/p>\n

A global renaissance<\/h3>\n

Commented Practice Director for Industrial Automation and Process Control, Muthukumar Viswanathan: \u201cFrost & Sullivan believes that in the journey towards realising Industry 4.0, the idea of the IoIT will form the technological basis for a global manufacturing renaissance.<\/p>\n

\u201cNew applications, solutions and services founded on IoIT redefine, reinvent and recreate the manufacturing setup that we see today. According to our research, the new IoIT supplier ecosystem could reach EUR 420 billion by 2020,\u201d he concluded.<\/p>\n

For more information on GIL 2015, email Julia Nikishkina at julia.nikishkina@frost.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The concept and actuality of the Internet of Things (IoT) is not restricted to consumer applications; it\u2019s having a big effect on industry too as the IoIT. Market research firm Frost & Sullivan finds that the IoIT will have a massive positive effect on manufacturing industries worldwide. By James Hunt: The future of manufacturing, says […]<\/p>\n","protected":false},"author":4,"featured_media":9461,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[668],"tags":[],"class_list":["post-9460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-from-voltimum","et-has-post-format-content","et_post_format-et-post-format-standard"],"jetpack_featured_media_url":"https:\/\/ewnews.co.uk\/wp-content\/uploads\/2015\/12\/iot.jpg","_links":{"self":[{"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=9460"}],"version-history":[{"count":1,"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9460\/revisions"}],"predecessor-version":[{"id":9462,"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/9460\/revisions\/9462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/media\/9461"}],"wp:attachment":[{"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=9460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=9460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ewnews.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=9460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}