The Internet of Things (IoT), which enables connectivity and data exchange between objects, machines and production plants, is one of the most significant trends in industry. To facilitate the use of IoT in multiple fields, developers are creating platforms that allow companies to design their own applications. For example, manufacturers will be able to remotely monitor their facilities and equipment, in order to increase operational efficiency.
Last year, one in three industrial companies invested between five to ten per cent of annual revenue in IoT apps. Worldwide spending on IoT is estimated to reach some €650bn this year. And by 2025, McKinsey say, IoT tech will add as much as €3 trillion in value to networked factories.