The global industrial internet of things generated a revenue of $57,215 million in 2017 and is expected to rise at a CAGR of 21% during 2018-2023. Among the various applications of industrial internet of things, healthcare sector generated a revenue of $731.6 million and will witness the highest CAGR of 59.8% during the forecast period 2018-2023. The global acceptance of technology innovation to improve operational efficiency, collaboration between humans and machines are some of the major drivers of the industrial internet of things market.
What is Internet of Things?
The Internet of Things is the concept of connecting any device to the Internet and to other connected devices. The IoT is a network that connects things and people which collects and shares data about the way they are used and about the environment around them. This technology connects the data using embedded sensors, processors and communication hardware. These devices, often called as smart devices which can sometimes talk to other related devices, a process called machine-to-machine (M2M) communication, and act on the information they get from one another. With the help of IoT platforms, organizations reduce cost through improved process efficiency, asset utilization and productivity. The Industrial internet of things uses machine to machine technology to support everything from remote monitoring and telemetry to predictive maintenance.
What are the applications of Industrial Internet of Things?
Industrial Internet of things has applications in various industries such as automotive, energy, healthcare, transportation, smart manufacturing, retail and medical sector. Through the IoT, the power grid’s devices can share information in real time to distribute and better manage energy more efficiently. The IoT is transforming healthcare through clinical wearables and sophisticated surgical equipment. The use of IoT in self-driving cars, intelligent transportation and logistics systems, the IoT can save lives, reduce traffic, and minimize vehicle impact on the environment. The Industrial IoT can provide real time access to supply chain information by tracking materials, equipment, and products as they move through the supply chain process.
Market Research and Market Trends of Industrial Internet of Things:
- Disease, and the ease of which disease spreads amongst crops, is a real cause for concern as this directly impacts crop yield. To resolve this issue, an easier and more realistic goal is implemented to immediately identify, isolate and remove affected crops. IoT is used in farming with the help of drones to improve crop health. The drones are housed at a base station on a farm from which they make automated, periodic patrols to capture imaging data on the crop. Further, with the help of computer vision recognition algorithms, one can identify which areas on a farm that are adversely affected and take related measures.
- The internet of things is particularly a useful technology when it comes to the medical industry, as many individuals have conditions they struggle with on a daily basis. For instance, Glucose monitoring systems allow the individuals can keep track of their glucose level by enabling the users to monitor their levels via a phone application. These innovations show how technology can be developed to improve the lives of those with medical conditions and thus IoT has a broad scope in healthcare technology.
- The logistics industry is clearly striving towards digital transformation, with IoT-based solutions, used along with robotics, automation and machine learning to transform the way that goods are manufactured, stored and delivered. Thus, the companies that proactively invest in these technologies will be able to operate more securely and profitably across their supply chain.
- The oil & gas industry is on the verge of using advanced embedded analytics along with internet of things to improve the operational state of plant assets and machines to improve maintenance to reduce unplanned downtime and extend service life. Incorporating IoT technology also provides opportunities to understand the complex problems and identify options for improving various processes such as upstream, midstream, and downstream. This supports predictive analytics for maintenance, prescriptive analytics for operational intelligence and augmented reality to improve maintenance time and effectiveness.
Who are the Major Players in Industrial Internet of Things Market?
The companies referred in the market research report Robert Bosch GmbH, Siemens AG, General Electric Company, Intel Corp, IBM Corporation, Tech Mahindra Ltd., Softweb Solutions Inc., and Sasken Technologies Ltd and 10 others
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