Europe will dominate Industrial IoT market by 2021, IndustryARC research says

Internet of Things technology has long been talked about and has opened up new possibilities in terms of business models and strategies. The technology is not only applicable to smart homes and cities, wearables, connected healthcare or cars; it also creates economic opportunities for industries, such as energy, transportation, manufacturing and agriculture by incorporating components such as RFID, transmitters and processors.

In-depth research shows connected devices will automate tasks, increasing production and speeding up innovation. The Industrial Internet of Things (IIoT) market is forecast to grow at a CAGR of 21% through 2016 to 2021, to $123.8 billion, according to research and consulting firm IndustryARC, while Europe will be the region to dominate the market.

“This involves use of big data technology and machine learning by harnessing the data from sensors and adopting machine to machine communication and automation technologies in the manufacturing plants,” reads the report. “This data enables companies to identify problems that lead to inefficiencies; thus saving time and increasing the overall productivity.”

IoT is taking human-to-machine interaction and machine-to-machine interoperability to a whole new level, and is generating challenges that must be solved prior to deployment at macro level. We currently lack standards and a strong security protocol which set up vulnerabilities in IIoT infrastructures, leaving them exposed to cyberattacks.

We”ve already witnessed what smart home devices can do when infected with Mirai malware and exploited to launch massive DDoS attacks. So what would happen if traffic sensors start producing false data or if industrial devices are used for cyberterrorism? It”s not even a matter of if, but a matter of when, because manufacturers are too concerned with opportunities and business verticals that they leave software security behind.

Privacy is another issue as massive amounts of data will be collected every second. Yet this time it won”t be about what consumers like to eat or their health, but about industrial frameworks, patents and processes.