The new report, Building Industrial IoT Systems in 2024, shares valuable insights into the current state of Industrial IoT (IIoT) and explores the factors both driving or hindering its business impact.
In partnership with HiveMQ, IIoT World surveyed 350 IIoT professionals across multiple industries to shed light on challenges, technology preferences, and emerging trends. Note: The report is sponsored by HiveMQ. To maintain the integrity of the survey results, HiveMQ was not identified as the sponsor during the survey.
The results emphasize the transformative power of IIoT across various sectors such as manufacturing, transportation, automotive, and energy. As organizations increasingly adopt IIoT initiatives to enhance productivity and efficiency, the need for strategic alignment, ownership, and support becomes critical.
Key Findings for IIoT Implementations
Here are a few highlights from the survey results:
Common Challenges: The top challenges include securing stakeholder buy-in, addressing budget concerns, uncertain Return on Investment (ROI), and ensuring cybersecurity.
Top Protocols: MQTT, HTTP, and emerging protocols like MQTT Sparkplug are essential for successful IIoT strategies.
IIoT Adoption: 74% of surveyed companies have deployed or are developing an IIoT strategy.
Integration with AI/ML: Almost half of respondents are integrating Machine Learning and AI applications into their IIoT strategies.
Protocol of Choice: 60% consider MQTT as their protocol of choice for IIoT systems.
Business Impact: IIoT is acknowledged for its significant positive impact on productivity, Overall Equipment Effectiveness (OEE), and cost reduction.
Implementation Challenges Are Common Across Industries
Survey respondents were asked which key challenges they face in implementing a new IIoT system and the results were telling. Thirty-eight percent said leadership vision and management support, 35% cited cybersecurity, and another 31% said lack of budget or uncertain ROI was a major challenge.
The report offers some tips on how to achieve alignment by basing who owns IIoT strategy on business goals and objectives, while focusing on collaboration between both OT and IT teams to make it happen successfully. It also shares some tips on showing ROI by identifying and tracking key performance indicators (KPIs) such as OEE, downtime reduction, asset utilization, energy efficiency, quality improvement, supply chain visibility, cycle time reduction, and customer satisfaction.
At HiveMQ, we see customers aiming to show ROI from their IIoT projects to share the value of these systems with the wider organization. We dive into this topic in detail in an upcoming webinar on January 30th, “How to Build an IIoT System that Shows ROI in 2024.” Join us to learn how to build use cases that will save costs or increase revenue this year. Register now.
Technology Innovations Propel IIoT Success
Technology choices play a crucial role in IIoT success, with MQTT emerging as a preferred protocol. Survey respondents were also keen on MQTT Sparkplug, which is rising in popularity. As for cloud services for IIoT, Microsoft Azure remains the preferred provider.
Looking ahead to trends in 2024, we’re seeing the resurgence of Generative AI (GenAI), the continued implementation of digital twins, and the importance of Unified Namespace shaping the IIoT market. Scalability, reliability, and security continue to be the key tenets for long-term IIoT success.
To download this comprehensive overview of the current state of IIoT systems with valuable insights and recommendations, click the button below.
Ashley Lozito is a corporate marketing professional with 15 years of experience amplifying brand stories and helping B2B buyers convert. Her work for high-growth tech organizations has been featured in Forbes, Wall Street Journal, TechCrunch, VentureBeat and more. She's helping to build HiveMQ’s brand story and thus helping enterprises leverage IoT, IIoT and MQTT to transform their businesses.