With the growth of Internet of Things technology, IIoT is expected to follow suit, according to a Million Insights report.
By Macy Bayern in Internet of Things on March 11, 2019, 6:53 AM PST
The global Industrial Internet of Things (IIoT) market is expected to reach a value of $922.62 billion by 2025, according to a Million Insights report released on Monday. This growth is due to the worldwide rise in IoT technology development and implementation in the past few years.
IIoT uses IoT technology to connect machines and devices in industries such as manufacturing, healthcare, transportation, and more. By connecting machines in these industries, time-consuming manual processes are eliminated and overall business operations are conducted more efficiently
Factors responsible for IIoT growth include cost-effectiveness, and ease of availability for devices like processors, sensors, and connected systems, the report said. The IIoT market is predicted to reach a CAGR of 27.8% in the next six years.
IIoT solutions are growing rapidly, presenting an entirely new era of technological innovation in manufacturing, called Industry 4.0. Also known as the fourth industrial revolution, Industry 4.0 refers to the new ways connected IoT, robotics, machine learning, artificial intelligence (AI), quantum computing, and more can be integrated into business and society.
IIoT provides more safety to workers and minimum operational costs, the report found, causing increased competition among industry players creating new services. By embedding connected systems, devices, and sensors into business processes, organizations are able to improve existing operations, as well as produce more effective business models, the report added.
Using IIoT information, employees are able to capture crucial information in real-time, expediting the decision making process and improving system performance, the report said.
The increase in IIoT services can also be credited to the development of the cloud computing market, increase in government initiatives to support smart factories, and the rise in connected systems that gather real-time data, the report noted.