Business View Magazine | January 2020

29 BUSINESS VIEW MAGAZINE JANUARY 2020 ASSOC I AT ION FOR PACKAGING AND PROCESS ING TECHNOLOGI ES (PMMI ) The collector of Big Data is what industry now commonly refers to as the Industrial Internet of Things (IIoT). The machines and equipment on a factory floor filled with sensors and automation, sharing and gathering data over wireless networks. While the traditional Internet of Things (IoT) involves connections like those between smartphones and smart home devices like lightbulbs and alarm systems, the IIoT collects data and uses the information to makes business processes and production more efficient, sustainable and profitable. By the end of 2019 forecasts predict that worldwide spending on the IoT will reach $745 billion, a 15 percent increase from the $646 billion spent in 2018, according to “How to Utilize Big Data to Enhance Manufacturing Processes” a white paper from PMMI, The Association for Packaging and Processing Technologies. Looking ahead, it is likely to hit $1 trillion sometime in 2022.