Expert predictions and Xerafy’s business outlook survey indicate strong growth for RFID, IIoT applications in 2018.
While the first few weeks of any new year are often marked by individuals making New Year’s resolutions, companies likewise make their own resolutions and lists of strategic priorities. They also look ahead to what new market dynamics and industry trends might affect their businesses. With that in mind, we’ve closely followed the expert predictions around the Industrial Internet of Things (IIoT) recently published over at RFID Journal. In addition, we’ve sifted through the data from our own business outlook survey results.
In the RFID Journal piece, Sastry Malladi (CTO of edge analytics specialist FogHorn Systems) covers a number of key IIoT topics, including standards and security. Of particular interest to Xerafy’s customers is the notion that momentum for edge analytics and edge intelligence in the IIoT will accelerate.
Manufacturers will embrace the IIoT in an effort to differentiate themselves from competitors. As more assets are digitized, companies can use this data to realize new efficiencies and optimizations that can only be achieved through high-level analytics.
For those who are new to edge analytics: it is an enhancement to the classic approach to data collection and analysis in which an automated analytical computation is performed on data at a sensor, network switch or another device instead of waiting for the data to be sent back to a centralized data store and have the analytics run in the backend.
Malladi also points out that companies in the oil and gas, mining, fleet, and other industrial verticals are well positioned to benefit from this type of edge intelligence. According to the article: “Due to the current pain points in the IIoT space and the edge technology availability to address them, we expect to see increased interest in edge analytics and machine learning from oil and gas, energy, utilities, transportation and other sectors interested in revamping their IIoT value.”
In addition, Malladi predicts that making a strong return on investment (ROI) case will be critical for IIoT pilots and adoption. Thus far, most IIoT projects have been experiments or pilots. A lot of data has been collected, but not much has been successfully converted to useful business intelligence. A clear business case is going to be important for these projects to move forward.
These predictions line up well with what we have learned from the results of Xerafy 2018 Business Outlook Survey. According to the survey, 75 percent of respondents think the 2018 market will be better than last year, and that our new Trak Series and Rugged Metal tags are in high demand. These tags are designed specifically for enabling edge visibility and data collection in the heavy industries listed in the RFID Journal article.
Join the conversation – What are the new year’s resolutions for your business? How do you expect Xerfay’s products and services to help your business accelerate in the IIoT space?