Published Date : Feb 21, 2018
Albany, New York, February 21, 2018- The buzz around IIoT is grabbing headlines for all the right reasons as IIoT promises to improve multiple aspects in a typical industrial set up at minimal expenses with maximum results. The crucial factors behind the adoption of IIoT among manufacturers and industries are discussed at length in a research report featured on Marketresaerchreports.biz. The report is titled “Global Industrial IoT Market: Size, Trends & Forecasts (2017-2021).”
Industrial Internet of Things (IIoT) applications have significantly influenced industrial processes and are considered instrumental in the ‘Industry 4.0 revolution’ which represents the fourth industrial revolution in the manufacturing industry. The idea driving IIoT is that smart machines are better than humans for accurate, consistent capturing, and communication of data. Companies can use this data to identify inefficiencies and process loopholes sooner, thereby saving time and money and support business intelligence efforts. Industrial Internet of Things (IIoT) especially for manufacturing helps in quality control, supply chain traceability, sustainable and green practices, and overall supply chain efficiency.
IIoT is much more advanced than commercial IoT, mainly because of connected sensors in an industrial setup. Hundreds and thousands of connected wired and wireless, level, pressure, temperature, flow, vibration, position, analytical, acoustic, and other sensors are installed and are operational in the industrial sector, and many more are added annually for betterment of reports, monitoring, and optimization capabilities.
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The report on industrial IoT market has been prepared after extensive research. The primary research phase primarily involved data collection, surveys, interviews, and observational pursuits, whereas the secondary research phase involved reaching out industry-best databases and reputable paid sources. This was followed by data scrutiny to present verifiable projections. The report includes a separate reports of micro and macro indicators and mandates that companies in the industrial IoT space need to adhere to.
According to the report, the global industrial IoT market is predicted to expand at a notable growth rate over the forecast period from 2017 to 2021. Surging demand for cobot, rise of LPWA network technology, rising application and security spending, rising IoT platform, and decreasing average prices of IC sensors, and booming economic growth are some of the key factors driving the global IoT market. On the other hand, factors challenging the market’s growth include complexity in implementation, concerns of data breach, lack of skills, and intricacy in data management, and intricacy in data management. Nevertheless, adoption of 5G New Radio, smart dust, technology, cloud robotics, intelligent factories, and virtual simulation of products are likely to open lucrative avenues for the industrial IoT market.
The report segments the industrial IoT market into manufacturing, automotive and transportation, energy and utilities, and healthcare based on application. In terms of geography, the industrial IoT market is segmented into EMEA, APAC, Germany, and China in this report.
Leading companies in the industrial IoT market include Intel Corporation, Cisco Systems Inc., General Electric, and Honeywell International Inc. Each of the companies is profiled for their business overview, financial standing, and business strategy.
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