Why the Industrial Internet Revolution will be the next economic revolution that changes the world

Over a century ago, the Industrial Revolution (physical) changed our economy for the better as it led to the growth of towns and cities with consequent mass production and movement of population. More recently, we have seen the Internet (digital) Revolution transform society, marking a major turning point for the economy too as most companies could apply digital technology with greater efficiencies and successes.

 

The Industrial Internet Revolution is the next frontier, but what does this mean for our future?

 

The Industrial Internet Revolution merges the physical with the digital giving the world a platform to exchange large amounts of data leading to huge economic developments and social advantages, such as:

 

·      GE predicts that by 2030, the Industrial Internet Revolution will add between 10-15 trillion dollars to the global economy

·      Business energy costs can be reduced by 70/80 per cent

·      Arguably this will be the biggest driver of productivity and growth in the next decade.

 

The technology that has made this possible is long range wireless technology (LoRa) and low cost sensors. LoRa targets tracking and monitoring applications with low data rates and a low-duty cycle for a variety of markets such as energy, location, utility infrastructure, environment, agriculture and public safety. The technology will allow greater automation of previously human-intensive meaning that there is greater productivity output per man-hour that is invested.

 

The arrival of low-cost sensors and LoRa will make the following a reality:

 

·      Smart farming using mapping and moisture sensors to keep track of changes in the soil

·      Smart energy grids and meters allowing energy distribution to be managed in real time based on immediate data rather than historic patterns of energy use reducing overall costs

·      Smart manufacturing that will transform traditional factories into profit centres

·      Smart cities that will use technology to improve the efficiency of services such as transport and street lighting to transform the quality of life of residents.

 

There is little doubt that we are moving towards the Industrial Internet Revolution and it has the potential to change the world.  

 

For more information on the Industrial Internet Revolution, you can visit

RS Components and take a look at this infographic below: