Tomorrow’s industrial Internet will integrate technologies that imitate human cognitive skills such as the ability to plan, to learn, and to perceive our surroundings. The Fraunhofer Cluster of Excellence Cognitive Internet Technologies CCIT is working to realize the vision of a Cognitive Internet of Things. Digitalization holds enormous potential for German industry, enabling companies to automate manufacturing processes, make them more efficient, adopt new business models, and offer customized products. “That calls for highly productive, cost-effective, flexible manufacturing processes, based on secure IoT technologies, trusted data infrastructures and reliable machine learning methods. We have all the expertise needed to do this at Fraunhofer CCIT and are researching specific application scenarios,” says Prof. Claudia Eckert, spokeswoman of the executive board.
IoT is still in its early stages but has already taken over different industries and growing gradually. A summary published by McKinsey Global Institute (MGI) describes the potential of IoT not only in developed countries but also in developing ones. Their analysis reports IoT will have an economic impact in different industries and areas, worth around $11.1 trillion per year until 2025.
Today, we are living in a world surrounded by sensors and devices that talk to each other. Internet, being the lifeblood of this communication, plays a key role in connecting one device to another. This interconnectivity is so much important that industries would be doomed without inter-device connection and smart cities would go dumb in a matter of seconds. To understand more about the gravity of this inseparable kinship, let us put both terms under the microscope to cognise their dependency on one another.
The Internet of Things (IoT) digitises physical objects, devices, machines, sensors, gateways and the network. IoT connects people to things and things to things in real-time. A usual IoT network can grow quickly, resulting in an exponential increase in the variety, velocity and the overall volume of data. This data opens opportunities for significant value creation and revenue generation. However, the challenge for the IoT environments is how to analyse the enormous volume of information from all sources and take action in real-time.