Following a recent spate of forecasts examining the growing adoption of Industrial Internet of Things (IIoT), a report by global market and business intelligence firm Infiniti Research, expects the IIoT industry to grow at a CAGR of 26.56% over the next 4 years.
The Global Industrial IoT Market Research report 2015-2019 segments the IIoT industry into four end-user segments including manufacturing, energy and utilities, automotive and transportation as well as healthcare.
The report states the rising number of connected devices, which are being used in industries to boost the amount of data generated. It adds that businesses are looking to use this data to effect changes in current business models.
A release by PR Newswire notes that the growth in the Industrial Internet of Things market may also cause a shift in employment structures, where both humans and machines work together to attain outcomes that neither humans nor machines could produce alone.
It goes onto say that “increased usage of smart devices, intelligent systems, and robots will likely completely transform the skills and jobs required in the future.
“Companies will use intelligent machines and network systems to automate tasks at lower costs and achieve high quality outcomes.”
IIoT hardware and software
According to another report by MarketsandMarkets forecasts, the Industrial Internet of Things market size is to reach US$319.62bn from 2014 to 2020.
The research report indicates that various technologies are expected to be IoT enablers. Key trends include IPV6, sensor proliferation; cloud computing, Big Data and faster communication standards such as 4G-LTE and beyond.
The MarketsandMarkets segments the Industrial Internet of Things market by technology type, component, industry vertical, application, and geography.
Different types of applications covered are power generation systems, security and access controls, temperature controls, pressure and leakage controls, and vibration controls.
The report also covers the major drivers, restraints, opportunities, and challenges is segmented by various economic regions such as Americas, Europe, APAC and the rest of the world.