The global industrial internet of things (IIoT) market is foreseen to see expansion as the need for developing manufacturing processes increases. IIoT could improve its demand by reducing complexity in operational processes, increasing productivity, and enhancing operational efficiency and visibility. It adopts automation technologies and sensor data already existing in end-use industries. It incorporates M2M communication, big data technology, and machine learning. It helps reduce downtime due to equipment breakdown and also maintenance costs by generating savings over scheduled repairs with the help of extensive data collected that plays an important part in predictive maintenance. As a result, there could be an increase in the deployment of IIoT.
Transparency Market Research (TMR) envisages the global IIoT market to rise at a 24.3% CAGR between 2018 and 2026 to be valued at a US$991.5 bn by the final forecast year. China is expected to gain new momentum in the growth of its IIoT market after the recent release of a set of standards that will evaluate IIoT platforms’ performances. Five capabilities of IIoT platforms, viz. building cross-industry platforms, specific region platforms, specific domain platforms, specific industry platforms, and common infrastructures will be the basis of the evaluation of their performances as per the newly released criteria.
Companies Deploy IIoT to Create New Hybrid Business Models to Seize New Prospects
Leading to loss of data security and physical systems, concerns over data privacy could hamper the demand in the global industrial internet of things (IIoT) market. However, the market is predicted to gather pace with increase in adoption observed in the transportation industry. Use of big data analytics to construct ways to improve business processes and assess existing data systems in companies could push the growth of the market in the coming years.
- One of the primary objectives of using IIoT in various industries could be automating processes and enhancing operational efficiency.
- With a view to understand growth prospects available in different sectors, there has been a large adoption of IIoT in industries that underline the significance of employing sophisticated analysis tools.
- IIoT services and software used in companies help create new hybrid business models and increase production to secure new growth opportunities.
- Companies could improve operational efficiency with the use of data analytics in IIoT that can appropriately direct optimal utilization and allocation of resources.
IIoT Gains Larger Adoption in Manufacturing and Quicker Rise in Demand in Healthcare
Services, software, and hardware are the three main components of IIoT. IIoT services could include support and maintenance, consulting, and system integration. The hardware component could relate to connectivity devices and sensors. Some of the leading end-use industries of the global IIoT market are:
- Medical devices
- Power generation and utility
- Oil and gas
Among the above industries, healthcare is foretold to exhibit greater CAGR during the aforementioned forecast tenure as IIoT helps to develop healthcare diagnostics and other facilities. Nevertheless, manufacturing could secure a lion’s share of the global IIoT market because of increasing deployment observed in the industry.