Press "Enter" to skip to content

Industrial Internet of Things Market Expected To Be Worth US$ 176 Billion by 2022

The industrial internet of things, or IIoT, is the use of internet of things technologies to enhance manufacturing and industrial processes.

The driving philosophy behind IIoT is that smart machines are better than humans at accurately and consistently capturing and communicating real-time data. This data enables companies to pick up on inefficiencies and problems sooner, saving time and money and supporting business intelligence (BI) efforts.

The internet of things is the internetworking of bodily gadgets, cars, buildings, and other items. Embedded with electronics, software program, sensors, actuators, and network connectivity that enable these objects to collect and exchange data. The internet of things lets in objects to be sensed and/or controlled remotely across current community infrastructure. Creating possibilities for extra direct integration of the physical world into laptop-based systems, and ensuing in stepped forward performance, accuracy and monetary advantage.

Internet Of Things Market To Expand At A Significant CAGR Of Over 19% Between 2016 And 2023

The Global Industrial Internet Of Things Market is expected to exceed more than US$ 176 billion by 2022 and will grow at a CAGR of more than 8% in the given forecast period.

The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market. Key players profiled in the report include General Electric (U.S.), Cisco Inc. (U.S.), Intel Corporation (U.S.), Rockwell Automation (U.S.), ARM Holdings plc. (U.K.), ABB Ltd. (Switzerland), Siemens AG (Germany), Honeywell International Inc. (U.S.), DassaultSystemes SA (France), Huawei Technology Co., Ltd. (China), Zebra Technologies (U.S.), IBM Corporation (U.S.), and Robert Bosch GmbH (Germany) among others.Company profile includes assign such as company summary, financial summary,business strategy and planning, SWOT analysis and current developments.

The scope of the report includes a detailed study of global and regional markets for Global Industrial Internet of Things Market with the reasons given for variations in the growth of the industry in certain regions.

Benefits of IIoT

One of the top touted benefits the industrial internet of things affords businesses is predictive maintenance. This involves organizations using real-time data generated from IIoT systems to predict defects in machinery, for example, before they occur, enabling companies to take action to address those issues before a part fails or a machine goes down.

Another common benefit is improved field service. IIoT technologies help field service technicians identify potential issues in customer equipment before they become major issues, enabling techs to fix the problems before they inconvenience customers.

Asset tracking is another IIoT perk. Suppliers, manufacturers and customers can use asset management systems to track the location, status and condition of products throughout the supply chain. The system will send instant alerts to stakeholders if the goods are damaged or at risk of being damaged, giving them the chance to take immediate or preventive action to remedy the situation.

IIoT also permits enhanced customer satisfaction. When products are connected to the internet of things, the manufacturer can capture and analyze data about how customers use their products, enabling manufacturers and product designers to tailor future IoT devices and build more customer-centric product roadmaps.

IIoT also improves facility management. As manufacturing equipment is susceptible to wear and tear, as well as certain conditions within a factory, sensors can monitor vibrations, temperature and other factors that might lead to operating conditions that are less than optimal.

Read also:Internet of Things (IoT) Security Market is estimated to hit US$ 36.45 Bn by 2026

[Total: 1    Average: 5/5]

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *