Wednesday, 25 July 2018 18:37

Industrial IOT revenues to grow by average US$154 million

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The Industrial Internet of Things is set to make a sizeable contribution to the global economy, with a newly published report estimating IIoT companies will boost their revenues by an average US$154 million by 2023.

But despite the growth predictions for IIoT, over a third of business struggle with connectivity issues to fully deploy industrial IoT across the global supply chain, according to the report by mobile satellite communications company Inmarsat.

Businesses surveyed had a combined turnover of US$1.16 trillion from a wide range of industries, including the agriculture, energy, maritime, mining and transport sectors.

According to Inmarsat, the IIoT is set to revolutionise how businesses function in the next few years, and 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.

And the satellite company says that 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.

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."

Gudonis says that 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.

“For global businesses that require a global communications network, satellite connectivity will play a key role, guaranteeing constant secure data transmission wherever their IIoT infrastructure is located.”

To download Inmarsat’s full report, click here.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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