Global IIoT Market to Reach $123 billion by 2021

Global IIoT Market to Reach $123 billion by 2021

According to research from IndustryArc, the Industrial Internet of Things (IIoT) market will grow year on year for the foreseeable future. 

The IIoT refers to any process in which connected devices and Internet of Things technologies are combined to improve processes in industrial sectors from manufacturing to energy, transport, and distribution. Typically IIoT applications will involve the use of big data analytics and machine learning, using connected devices to capture and share information. This sector also includes automation technologies, which can revolutionise processes in manufacturing plants.

The huge quantities of data gathered can help companies identify and rectify issues that lead to inefficiencies, saving time and increasing productivity in the long run.

According to a recent study by IndustryARC, the manufacturing industry will be the highest revenue generating segment for IIoT market in the forecast period. However, the healthcare and medical devices segment will have the highest growth rate through 2016 to 2021, estimated to grow at approximately 60% year on year.

Read more – Germany trumps America in IIoT Investment

IIoT-enabled devices include a range of electronic components, from transmitters to sensors, data storage, processors, RFID and more. All, when used effectively in conjunction, have vast potential for quality control and improved supply chain efficiency.

The Industrial Internet of Things is seen by many as a new phase of global industrial transformation. IIoT technology is expected to generate economic opportunities and reshape industries, as well as transform companies and countries with an era of renewed economic growth and competitiveness.

IIoT is the intersection of people, data, and intelligent machines

IIoT works at the intersection of people, data and intelligent machines. According to a report from Accenture, “executives across the industrial and healthcare sectors see the enormous opportunities of the Industrial Internet and in many cases are deploying the first generation of solutions.”

“The vast majority believe that Big Data analytics has the power to dramatically alter the competitive landscape of industries within just the next year and are investing accordingly. Yet challenges around security, data silos and systems integration issues between organisations threaten to delay Industrial Internet solutions that could offer distinctive operational, strategic and competitive advantages. Spurred on by board level direction, surveyed executives feel a sense of urgency in moving more briskly toward the Industrial Internet future.”

Major companies already implementing IIoT include Intel Corporation, ARM Holding Plc, Atmel Corporation, Synopsys Inc and Siemens.