Call it the Industrial Internet of Things (IIoT).
Technology research company Gartner predicts there will be 20.8 billion internet-enabled “things” by 2020, and 7.2 billion of those will serve businesses. Not only that, IIoT spending is expected to grow from 2014’s $93.99 billion to $151 billion by 2020, according to research firm MarketsandMarkets.
Here are three use cases with the potential to make waves.
1. Smart sensors
Small, easy-to-install sensors, about the size of a deck of cards, could have an impact far greater than their size. Helium sensors run for three years without power and measure temperature, humidity, barometric pressure, light, and motion. They’re being used in hospitals and restaurants to help ensure both medication and food are being kept at the proper temperature. “What it boils down to is this: How do you detect information from the physical world, and bring it into your business?” Rob Chandhok, president of Helium, told Fast Company. GV, née Google Ventures, recently lead a $20 million investment round in the company.
Cargosense sensors keep tabs on products on the move. In addition to tracking temperature, humidity, pressure, and light, the sensors monitor shock and tilt and provide a historical record of how goods are handled in each pallet or container shipped. Thanks to new FDA regulations that set standards for the conditions of food during transport, Cargosense has many in the food industry interested in their services.
2. GE’s Predix
Focusing on IIoT is a big part of GE’s plan to boost sales and bring the company back to its industrial roots. GE CEO Jeff Immelt even introduced the term “Industrial Internet.” The company has built a software platform called Predix, which it hopes “will do for factories what Apple’s iOS did for cell phones,” according to The Street.