Did you know that the Industrial IoT (IIoT) market is projected to reach a staggering US$516.6 billion by 2028? This figure is more than just a number—it’s a testament to the relentless innovation and strategic maneuvering within the IIoT sector. As we delve into the latest developments, it’s clear that companies and business leaders must pay close attention to the trends and shifts that are shaping the future of industrial connectivity and automation. From the latest industry events to important partnerships in the field, this industrial IoT news brief for February 2024 provides a comprehensive snapshot of what is happening in the global industrial IoT industry today.
Key Takeaways
- Emerson’s IIoT Leadership: Emerson’s continuous recognition as ‘Industrial IoT Company of the Year’ underscores its commitment to IIoT innovation.
- Advancements in Connectivity: Wi-Fi 7 and 5G are becoming pivotal in IIoT, with Ceva’s RivieraWaves Wi-Fi 7 IP platform targeting both consumer and industrial markets.
- Strategic Acquisitions and Leadership: ABB’s acquisition of Meshmind and Keystone Technologies’ new COO appointment reflect strategic moves to strengthen IIoT capabilities.
- Collaborative Innovations: Siemens and Voltaiq’s partnership for battery manufacturing and TeamViewer’s investment in Industry 4.0 technologies show the sector’s collaborative innovation.
- Cybersecurity Focus: Upcoming IIoT & ICS Cybersecurity Events emphasize the critical importance of cybersecurity in interconnected IIoT networks.
- Short to Long-Term Industry Outlook: Short-term focus on integrating Wi-Fi and 5G, mid-term implementation challenges, and long-term growth dependent on innovation, partnerships, and cybersecurity.
- Business Strategy Recommendations: Embrace connectivity advancements, form strategic partnerships for IIoT solutions, and prioritize cybersecurity in IIoT infrastructure.
How We Researched and Where this Data is from
This article is fueled by insights from the StartUs Insights Discovery Platform, a comprehensive resource tracking more than 3.7 million startups and scaleups globally. Our platform monitors over 20,000 technology trends, covering 100K feeds across various industries.
For this piece, we’ve leveraged the platform to analyze 1000 of the most recent and impactful news evolving around industrial IoT. Further, our platform allows you to dig deeper into industrial IoT and investigate other topics based on your preferences. Interested in exploring the latest news, developments, innovations, and breakthroughs relevant to your business? Book a demo with us today and discover the full potential of our platform for your strategic needs.
What’s Currently Happening in Industrial IoT?
Emerson: A Beacon of Consistency in IIoT Innovation
Emerson has earned the title of ‘Industrial IoT Company of the Year’ by IoT Breakthrough. This is a result of Emerson’s persistent drive for innovation and excellence in IIoT solutions. Such recognition points to a broader pattern of industry leaders continually pushing the boundaries of what’s possible in the realm of connected industries.
Connectivity at the Forefront: Wi-Fi 7 and 5G Take Center Stage
The recent Innovation Talk at the Industrial IoT Industry Summit put the spotlight on top industry leaders who are steering the conversation on connectivity. Ceva, for instance, has thrown its hat into the ring with its RivieraWaves Wi-Fi 7 IP platform, targeting both the high-end consumer and industrial IoT markets. This move is a clear signal that the race for superior connectivity is heating up, with Wi-Fi 7 and 5G technologies leading the charge.
The 5G Alliance for Connected Industries and Automation (5G-ACIA) held its General Assembly in Taiwan, further underscoring the global interest in harnessing 5G for industrial applications. As companies like Gestamp tap into EU R&D funds for private 5G and IoT projects, it becomes evident that the fusion of these technologies could revolutionize industrial operations.
Strategic Acquisitions and Appointments: Shaping the Future of IIoT
ABB’s strategic acquisition of Meshmind is a move that promises to bolster AI and software capabilities in automation. It is signaling a trend where companies are not shying away from big plays to secure their position in the IIoT landscape. Similarly, Keystone Technologies’ appointment of Regina Guarracino as Chief Operations Officer reflects the industry’s focus on leadership that can navigate the complexities of an evolving market.
Collaborations and Innovations: The Path to Enhanced Capabilities
The synergy between Siemens and Voltaiq is a prime example of collaboration aimed at optimizing battery manufacturing—a critical component of the IIoT ecosystem. TeamViewer’s investment in Industry 4.0 technologies to enhance its AI/AR IoT offerings and BrainChip’s patent for event-based pattern detection are further evidence of the innovative strides being made in the sector.
The Cybersecurity Imperative
Despite the positive sentiment surrounding IIoT advancements, the upcoming February 2024 Industrial IoT & ICS Cybersecurity Events serve as a stark reminder of the critical challenge that cybersecurity poses. As IIoT networks become more interconnected, the importance of robust cybersecurity measures cannot be overstated.
Looking Ahead: Impacts and Recommendations
In the short term, businesses in manufacturing, energy, utilities, and transportation must adapt to the integration of advanced Wi-Fi and 5G technologies. Mid-term, the focus will likely shift to overcoming implementation challenges and ensuring compatibility with existing systems. Long-term, the IIoT market’s growth will hinge on sustained innovation, strategic partnerships, and a relentless focus on cybersecurity.
Key Takeaways for Business Leaders
- Leverage advancements in connectivity to gain a competitive edge in industrial settings.
- Forge partnerships to pool expertise and resources in pursuit of groundbreaking IIoT solutions.
- Prioritize cybersecurity to safeguard the increasingly connected IIoT infrastructure.
In conclusion, the latest developments in the industrial IoT sector are painting a picture of a rapidly evolving landscape where connectivity, collaboration, and cybersecurity are at the forefront. As we continue our monthly series on the latest happenings in this field, it’s clear that understanding and capitalizing on these trends will lead to a more connected and efficient industrial future.
Staying informed is key to navigating its complexities and capitalizing on opportunities in the industrial IoT sector. To keep your business ahead of the curve, use our platform to find recent developments and technologies in the industrial IoT. Discovery Platform provides a condensed yet thorough overview of the latest trends and advancements for guiding your investment decisions and identifying effective collaboration opportunities.
