The Industrial Internet of Things (IIoT) is expected to contribute an average 10 percent increase in revenues to companies participating in the global supply chain, according to new research from Inmarsat.
The global study shows that organisation expect an increase of 10 percent in revenue by 2023 thanks to automation and efficiency from the IIoT, but skills shortages and security issues will also need to be addressed as part of the roll out.
The survey of 750 businesses with a combined turnover of $1.16 trillion, showed that organisations expect to make significant gains from increased automation and operational efficiency through the use of real time data and machine-to-machine communication.
Global supply chains are expected to see some of the greatest benefit from IIoT, through optimisation, acceleration and transparency of supply chains, the report said. Across supply chain organisations, 21 percent of companies surveyed have already deployed IIoT solutions, with 25 percent currently trialling IIoT, and a further 41 percent expecting to roll out within 18 months or less.