A Comprehensive Guide to Industrial IoT Platforms in 2024

Imagine a factory floor where machinery operates smoothly and every movement is precisely planned by an operator who is not visible. Instead of a human, this operator is an advanced and top Industrial IoT platform that connects devices effortlessly, tracks performance, and assures maximum efficiency. 

Industrial IoT devices will be more than simply tools in 2024. They will form the foundation of smart industries by empowering businesses to turn raw data into useful insights that promote growth and creativity.

The growth of Industrial IoT companies is a revolution. 

The industrial IoT market is forecast to develop at a compound annual growth rate (CAGR) of 8.1% from 2024 to 2029, from its estimated valuation of USD 194.4 billion in 2024 to USD 286.3 billion by that time, according to a recent analysis by MarketsandMarkets. 

However, what distinguishes enterprise industrial IoT platforms in particular? In order to optimize operations, how do these systems interface with Industrial IoT devices? Which platforms, in this ever changing industry, are at the forefront? You’ll get your answers here.

This all-inclusive guide will take you through the fundamentals and cover everything from the best IIoT platforms to the ways businesses are using these solutions to remain competitive.

The demand for improved productivity, predictive maintenance, and quick decision-making is driving the widespread adoption of industrial IoT solutions. This is fueling this accelerated growth across a variety of industries, including manufacturing and energy.

Industrial IoT is a framework of intelligent devices enriched with inbuilt computing capabilities and connected to industry-level data monitoring & collection systems. 

They are solely dedicated to streamlining the workflow and achieving efficiency across industries. In a nutshell, the industrial internet of things platform is a subset of IoT that is more focused on industries. 

The Industrial Internet of Things helps companies grow exponentially by making them understand business processes better to make informed decisions. 

IoT Vs IIoT - The Key Difference 

IIoT may be a subset of IoT, but it shouldn't be confused with it.

IoT is a wireless communication device used to connect and control services with a device within the home or office space. In comparison, industrial IoT is a collection of equipment and sensors used to perform analytics and monitoring within an industrial ecosystem. 

Here are a few underlying differences between IoT and Industrial IoT: 

Please note that while the above points typically hold true, the specifics can vary greatly depending on the individual IoT or IIoT application.

Here is a list of industrial IoT platforms that leading enterprises across industries leverage.  

• PTC ThingWorx

• AWS IoT Core

• Braincube

• Software AG Cumulocity IoT

• IBM Watson IoT

• SAP Leonardo IoT

The industrial Internet of Things platform thrives on real-time data collection. Industries generate unbelievable amounts of data daily, but usually, this data needs to be more synchronized or unstructured. 

Due to the poor management of data, it usually goes unnoticed by the decision-makers; therefore, it needs to be fully utilized to derive value for the business. 

IIoT devices have sensors, software, and other equipment that give an upper hand to the industrial leaders to leverage real-time data monitoring and total transparency of the manufacturing process. 

This Avant-grade technology promotes continuous improvement and opens the doors for actionable insights and proactive strategies through accurate predictive insights. 

Components Of IIoT 

Its derivatives miss the limelight due to the massive spotlight on industrial IoT platforms. However, here is a list of components that make up industrial IoT solutions. 

• Smart machines 

• Radios & Controllers 

• Software

• Sensors 

• The Cloud

Industrial IoT solution has various benefits to help businesses in fulfilling their requirements.

Here are a few of them: 

Improved Operational Efficiency

IIoT platform management allows industries to automate their processes, leading to increased efficiency. With machines automating the process, human error can be avoided. Not to mention the resources we can save by optimizing the process with such platforms.

Predictive Maintenance

Industrial IoT companies can help predict the failure of equipment before it happens. They constantly monitor and analyze data to identify any discrepancies in the equipment. This allows industries to do proactive maintenance, reducing downtime and saving costs.  

Learn more about predictive maintenance. 

Enhanced Safety and Security 

IIoT platforms can monitor the working conditions in real time, ensuring the safety of the workers. Also, advanced encryption and secure data protocols can help protect sensitive information from breaches.  

Also, take a look at how cloud-based IoT enhances security. 

Data-driven Decision Making 

IIoT platforms collect vast amounts of data that can be used to gain insights and make data-driven decisions. This can lead to improved business strategies and more accurate forecasting.  

Cost Savings

By leveraging the power of Industrial IoT platforms, industries can reduce their costs in several ways. Following are some ways IIoT platforms help save costs 

• Automating processes leads to fewer labor costs 

• Predictive maintenance reduces downtime and repairs 

• Real-time monitoring helps identify issues quickly.  

• Improved safety and security increase overall efficiency while lowering insurance premiums. 

These are just a few of the numerous advantages that simplifying IIoT platforms may provide to businesses looking to boost productivity. These benefits are anticipated to increase in the future as technology develops further.

Let's now examine a few of these IIoT platforms' industry-wide applications.  

Industrial IoT software is gripping various industries and driving operational effectiveness across business ecosystems. The surge in IIoT adoption has geared the momentum for industries to gather real-time data and analytics. 

Now, let's have a look at IIoT platform's application among these market verticals: 

1. Manufacturing  

In the heart of Industry 4.0, you'll find IIoT stirring the pot. Manufacturing businesses are using IIoT platforms for things like real-time monitoring of equipment, predictive maintenance, and overall process automation. This smart manufacturing or "smart factory" concept boosts productivity while cutting down costs and reducing waste. 

See how Toobler helps their client in implementing a predictive maintenance system to prevent malfunctioning machines.

2. Logistics and Supply Chain

If there's one thing IIoT has mastered, it's giving a bird's-eye view of complex systems. In logistics and supply chain, IIoT platforms help track goods from the manufacturing unit to the customer's door. 

We're talking about real-time tracking of packages, managing warehouse operations, optimizing routes, and even predicting potential delays. Pretty cool, right? 

3. Energy

The IIoT has caused a significant upheaval in the energy industry. IIoT platforms are able to handle renewable energy sources, maximize consumption of energy, and track and regulate grid systems.  Also, it plays a big role in predicting equipment failure and maintaining them proactively. 

Result? Preventing any "lights out" situations. 

4. Healthcare

IIoT in healthcare, often known as the Internet of Medical Things (IoMT), is revolutionary. Imagine smart devices that track patient health in real-time, alert doctors if there's a problem, and even manage medicine dispensation. 

IIoT is also a game-changer in managing medical equipment and optimizing hospital processes. 

Suggested read: How is IoT helping the medical industry. 

5. Agriculture

Agriculture might seem old school, but it's getting a tech makeover with IIoT. From smart irrigation systems that water crops based on real-time weather and soil conditions to drones that monitor crop health, the applications are countless. IIoT platforms help farmers increase yield, save water, and reduce environmental impact.

6. Oil and Gas

IIoT platforms are very beneficial to the oil and gas sector. They use them for pipeline integrity management, leak detection, and drilling operation monitoring and control. They can lower operating costs, increase employee security, and avoid injuries with real-time data and predictive analytics.

And this is only the start! IIoT will appear in an increasing number of industries due to the speed at which digital transformation is occurring, improving operational efficiency, safety, and smoothness.

We explore several real-world Industrial IoT examples and how it is changing various businesses, highlighting the observable advantages these platforms provide.

1. General Electric (GE)

General Electric (GE) provides customers with predictive maintenance solutions through its Predix platform. Using Industrial IoT devices, GE has helped Intel and other businesses reduce unscheduled interruptions, saving millions of dollars annually.

2. Siemens

Siemens' MindSphere platform allows businesses to adopt intelligent energy management strategies that lower energy usage. By combining industrial IoT software with their current energy systems, businesses can cut costs and lower their carbon footprint.

3. DHL 

DHL can track the whereabouts and state of items in real-time because it uses an Internet of Things-enabled supply chain management system. This technology helps DHL refine directions, cut fuel costs, and guarantee on-time delivery, boosting customer happiness. Industrial IoT devices drive it.

4. BMW

Automakers like BMW use IoT-enabled quality control solutions to track each step of the automobile production process. By integrating industrial IoT software with their production procedures, BMW can detect and address problems in real-time, lowering the frequency of faults and recalls.

5. BP 

BP's oil and gas employees employ wearables with Internet of Things capabilities. These gadgets monitor body temperature, heart rate, and gas exposure. An Industrial IoT platform analyzes the data to ensure prompt action in the event of safety hazards, lowering the likelihood of accidents.

Industrial IoT is one platform popular among industry experts but is unknown to the masses. The insights gathered from industrial IoT platforms enable companies to weave proactive and business-oriented strategies by lowering the cost of development and accelerating revenue. 

Toobler is a leading player in IoT application development and has carved its niche in Industrial IoT by delivering award-winning solutions that help industries to reduce their downtime and make inventory management hassle-free. 

Contact Toobler to see its expert developers in action and take your manufacturing business to the next level.