Everyone is now familiar with the term “Internet of Things (IoT)”, which is revolutionizing a wide number of sectors. Over the past few years, the concept has been making its way into the industrial domain, giving rise to its variant – the Industrial Internet of Things (IIoT) or Industry 4.0. IIoT is currently gaining traction in several industries such as manufacturing, energy, agriculture, transportation, packaging, shipping, and others, owing to its capability of enhancing the productivity of businesses and giving better and more predictable business outcomes while ensuring greater safety of workers and the community.Many organizations are ramping up deployments and incorporating the technology into their products,processes, and workflows, and helping them make informed and proactive decisions that are based on concrete data.
Given the large adoption of industrial internet of things in industries, the market is growing vigorously. As per the report by Allied Market Research, the IIoT market is likely to accrue a sum of $197 billion by 2023, growing at a CAGR of 7.5% from 2017 to 2023.This large adoption is driven by factors such as high penetration of Wi-Fi connectivity, impressive technological enhancements in wireless network technologies, rise in adoption of cloud platform, and development of smart transportation and smart cities.
A slew of developments took place in the IIoT space recently. One of them is the partnership between Rajant Corporation, a pioneer of kinetic wireless mesh,and OSIsoft, a U.S.-based software company to bring improved IIoT offerings to industries such as mining, transportation, energy, and oil & gas sectors.Another is the acquisition by HSB Group, Inc. (HSB), an insurance company based in the U.S., of relayr, Inc., a global Industrial Internet of Things (IIoT) technology company. The deal aims to integrate the insurance and financial strength with the technology expertise of the companies.
Rajant Corporation and OSIsoft Collaboration
Rajant Corporation entered into a partnership with OSIsoft in October 2018 with the aim of bringing new Industrial Internet of Things (IIoT) capabilities to the organizations they serve. With this, the companies take advantages of a digital transformation and build improvement processes using data as well as allow customers to shift from complexity to simplicity. OSIsoft offers its asset maintenance, management, and analytical solutions to cater to the issues that businesses usually face, while Rajant gathers data points from all the different communication systems and run it through a single pipe.
Acquisition of relayr by HSB
In October ‘18, HSB Group, Inc. acquired 100 percent of relayr’s shares for $251.7 million in cash. With the purchase, HSB intends to develop new insurance and other financial products that provide assurance for industrial and commercial organizations who seek major investments in IoT. The deal also helps strengthen the relationship between the two companies and expand digitalization in commercial and industrial markets. Josef Brunner, the chief executive officer of relayr, said, “The unique combination of the companies demonstrates the importance to deliver business outcomes to customers and the need to combine first-class technology and its delivery with powerful financial and insurance offerings.”
Sharmistha Sarkar has always had a keen interest in reading and writing. Though an engineering graduate, she forayed into the field of writing due to her love for words and the urge to do something different. Allied Market Research has given her the chance to gain knowledge about different subjects as a senior content writer.