Immense Benefits of Process Efficiency, Reduction in Human Error, Cost Savings Underscores Growth in IIoT Market, Consistent Advancements Substantiate Projected Growth at Outstanding 24.3% CAGR from 2018 - 2026; TMR
- Replete with functionalities, including business analytics, enterprise mobility, and cloud technologies – ability to automate complicated processes accounts for impressive demand
- Wide expanse of IIoT with the agility to integrate at different nodes of operations attracts deployment.
ALBANY, N.Y., June 17, 2021 /PRNewswire/ --
Industrial Internet of Things Market – Overview
The last industrial revolution - the industrial internet of things (IIoT) or Industry 4.0 how it is commonly referred to that came into existence in the past few decades has taken the industrial sector by the storm. Leveraging already existing sensor data and automation technologies, combined with the power of machine learning, machine-to-machine communication, and big data, industry 4.0 takes industrial operations to a whole new level. Better said, Industry 4.0 offers a more interconnected, comprehensive, and holistic approach for manufacturing and industrial operations.
Today, while operations for every company and organization are different, they face a common challenge of lack of connectedness. Each organization is looking for access into processes, partners, products, and personnel in real-time.
This is where Industry 4.0 comes into play. The phenomenon is not about investing in new technology and tools to improve the efficiency of manufacturing processes – it's about revolutionizing how the entire business operates and grows. Elaborately, IIoT connects physical with digital, allows better collaboration and access across departments, decision makers, vendors, product, and personnel. Moreover, Industry 4.0 empowers business owners for improved control and understanding of every aspect of operations, and allows them to leverage instant data to improve processes, boost productivity, and drive growth.
This potential of industrial internet of things has made business stakeholders to brainstorm and find the area where the phenomenon can applied in the production process. Supply chain management and optimization, predictive maintenance, and asset tracking and optimization are some use cases of Industry 4.0 where it can be integrated in manufacturing operations. Meanwhile, for industrial operations, the expanse of IIoT extends beyond this, which, now plays an important and decisive role in the modeling of these operations. Serving this, the IIoT market is placed for enormous growth, which, in the near-term, from 2018 -2026 is projected to expand at an outstanding 24.3% CAGR.
Industrial Internet of Things Market –Key Findings of the Report
Growing Practice of Employing Advanced Analytical Tools in Industrial Processes Presents Immense Growth Opportunities
For industrial operations, primarily, IIoT is in place to improve operational efficiency and automate processes. For example, within IIoT frameworks, big data plays a role in predictive maintenance which can help with savings over scheduled repairs, leading to reduced maintenance costs and reduced downtime from equipment breakdowns.
Seeing such gains, industrial units are assessing their current data systems and evaluating how to transform their business processes leveraging Big Data analytics. This brings immense prospects in the IIoT market.
Consistent Advancements, Integration with Cloud Platforms to Expand Growth Vistas
The deployment of IIoT that comprises capabilities of IoT empowers industrialists and manufacturers to automate several complicated processes. For example, IIoT leverages humungous amount of data using business analytics tools to make it usable in the production cycle.
Enterprise mobility capabilities and business analytics that are some other elements of IIoT enable automation of industrial processes.
Beyond this, the integration of cloud computing platform with IIoT frameworks is allowing seamless monitoring of industrial processes, along with real-time insights into onsite operations. This is leading to vast deployment of IIoT for industrial operations, to translate into growth for the IIoT market.
Industrial Internet of Things Market – Growth Drivers
Immense benefits of automation of industrial processes, including efficiency, reduction of human errors, and cost savings creates exponential growth opportunities in IIoT market.
Initiatives undertaken by players in the IIoT market for consistent advancements, integration of next-gen technologies coupled with government support promising to expand growth vistas in the years ahead.
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