Industrial Internet of Things in the Lifting Industry

Lifting machinery can consist even of thousands of components vulnerable to breakdowns and malfunctions. A potential method for smarter industry is Internet of Things (IoT). IoT refers to a concept where previously isolated “things” are connected to internet for smart data collecting and analysis. IoT has the potential to help lifting industry actors to prevent failures, optimize processes, and discover new business opportunities. This literature review examines the application of industrial internet in the context of lifting industry with the aim of providing comprehensive view on the state of IoT architecture, communication models, previous use cases in the industry as well as business opportunities and security concerns. The objective is not to determine the optimal technologies and approaches but to shed light on Industry 4.0 and give examples for further research. The results of the thesis show that IoT has massive potential in the lifting industry providing not only safer machinery and lower maintenance cost but also optimize operations with big data analytics, automation, and asset tracking. However, IoT has several security concerns in the industry, as breaches can result in massive losses and leakage of valuable data