Report: Global Industrial Internet of Things Market to Grow 27% Annually
According to new research, intelligent machines and network systems will increasingly automate industrial tasks at lower costs and achieve high quality outcomes.
According to a report by Infiniti Research Limited, the global Industrial Internet of Things (IIoT) market is forecast to increase at a 26.56% compound annual growth rate (CAGR) through 2019.
CHICAGO – The global Industrial Internet of Things (IIoT) market is forecast to increase at a 26.56% compound annual growth rate (CAGR) through 2019, according to a new research report. Published by Infiniti Research Limited, the report segments the IIoT market into four end-user segments including manufacturing, energy and utilities, automotive and transportation, and health care.
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According to the market research, a rising number of connected devices are now being used in industries to boost the quantum of generated data. Businesses have realized that they can use these data to optimize costs, deliver better services and boost revenues. They are also seeing opportunities for changes in business models. For example, aviation engine manufacturers are offering inclusive rental programs on their equipment and servicing contracts. The expectation is that feedback from engine users would help manufacturers enhance engine design and reduce manufacturing and maintenance costs, which may confer significant competitive advantages.
The growing adoption of IIoT in the market may lead to a shift in employment structures. A blended workforce is expected where both humans and machines work together to attain outcomes that neither humans nor machines could produce alone, according to the report. Technology will likely be designed and applied to empower people rather than replace them. The increased usage of smart devices, intelligent systems and robots will likely completely transform the skills and jobs required in the future.
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Companies will use intelligent machines and network systems to automate tasks at lower costs and achieve high quality outcomes, the report continues. This automation will help people to focus more on human-related job elements such as creative problem-solving and collaboration. The report suggests higher productivity can be expected with a dynamic and more engaging human work experience through the combination of humans and machines.
Countries have realized that sensor data could be used to avoid catastrophic failures in key infrastructure networks like water, power and transport, according to the report. All these factors drive revenues in the market. Further, the report states that the lack of interoperability hampers the adoption of IIoT.
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