iiot report business internet industry connected industrial

techsuch May 9, 2021 0 Comments

Industrial IoT market will hit $922B by 2025, driven by cost savings andavailabilityWith the growth of Internet of Things technology, IIoT is expected to followsuit, according to a Million Insights report.The global Industrial Internet of Things (IIoT) market is expected to reach avalue of $922.62 billion by 2025, according to a Million Insights reportreleased on Monday. This growth is due to the worldwide rise in IoT technologydevelopment and implementation in the past few years.IIoT uses IoT technology to connect machines and devices in industries such asmanufacturing, healthcare, transportation, and more. By connecting machines inthese industries, time-consuming manual processes are eliminated and overallbusiness operations are conducted more efficientlySEE: Internet of Things policy (Tech Pro Research)Factors responsible for IIoT growth include cost-effectiveness, and ease ofavailability for devices like processors, sensors, and connected systems, thereport said. The IIoT market is predicted to reach a CAGR of 27.8% in the nextsix years.IIoT solutions are growing rapidly, presenting an entirely new era oftechnological innovation in manufacturing, called Industry 4.0. Also known asthe fourth industrial revolution, Industry 4.0 refers to the new waysconnected IoT, robotics, machine learning, artificial intelligence (AI),quantum computing, and more can be integrated into business and society.IIoT provides more safety to workers and minimum operational costs, the reportfound, causing increased competition among industry players creating newservices. By embedding connected systems, devices, and sensors into businessprocesses, organizations are able to improve existing operations, as well asproduce more effective business models, the report added.Using IIoT information, employees are able to capture crucial information inreal-time, expediting the decision making process and improving systemperformance, the report said.The increase in IIoT services can also be credited to the development of thecloud computing market, increase in government initiatives to support smartfactories, and the rise in connected systems that gather real-time data, thereport noted.To learn more about the rise of IIoT and the journey to Industry 4.0, checkout TechRepublic’s special feature on our sister site ZDNet.### Innovation NewsletterBe in the know about smart cities, AI, Internet of Things, VR, AR, robotics,drones, autonomous driving, and more of the coolest tech innovations.Delivered Wednesdays and FridaysSign up today## Also seeImage: iStockphoto/JIRAROJ PRADITCHAROENKUL

Leave a Reply

Your email address will not be published.