Global Industrial IoT Market Trends 2019-2024 - IMARCGroup.com

Industrial Internet of Things (IIoT) refers to the integration of technologies, such as industrial machine sensors and actuators, with the internet for improving industrial performance. This concept was first articulated by General Electric, a multinational conglomerate company. Nowadays, a large number of companies are implementing industrial IoT as it helps in monitoring and controlling business operations from a remote location, improving operational efficiencies, enhancing employee productivity, integrating and adapting business models as well as saving time and money. According to IMARC Group, the global industrial IoT market size reached US$ 113.4 Billion in 2018. 

In this article, we will look at the key trends being witnessed in the global IIoT industry in 2019.

Investments in IoT Shaping Numerous Industries 

Industrial IoT is a rapidly evolving field of technology that provides vast opportunities to industries ranging from manufacturing and retail to oil and gas, transport and healthcare. With the development of Artificial Intelligence (AI) and devices that can monitor patients remotely and notify healthcare providers sooner, IIoT has enabled processes in the healthcare industry to become more precise and responsive. On the other hand, retail outlets implementing IIoT technology have gained a significant advantage over their competitors as this technology has the potential to make quick and intelligent marketing decisions for individual stores. Moreover, IIoT has enabled energy companies to deploy new oil and gas pipelines with sensors that detect leaks and alert repair teams, so that issues are fixed before they can cause problems. 

Leading companies around the world are also investing in mergers and acquisitions (M&A) to develop innovative and advanced IIoT technologies that aid manufacturers in reducing maintenance costs and preventing downtime. For instance, Huawei Technology and General Electric have launched the Predictive Maintenance Solution, which prepares maintenance schedules using flexible networking, IIoT, and cloud platforms. 

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Advancements in IIoT Technology

Industrial IoT harnesses machine learning algorithms, electronic logging device (ELD), predictive maintenance, radio-frequency identification (RFID), sensor data and automation technologies. For instance, leading companies, such as General Electric, Cisco, Intel and IBM, have established the Industrial Internet Consortium to accelerate the development, adoption, and widespread use of interconnected machines and devices, and intelligent analytics. In addition, various organizations are executing customized software, which helps them in analyzing the data collected from extensive sensor networks and machines. The detailed analysis and understanding of this data provide a better overview of process improvement strategies for product optimization.

Government Initiatives in the Field of Industrial Internet

Industrial internet offers various advantages including resource optimization, production integration, smart or real-time monitoring, remote diagnosis, intelligent decision making and most importantly, predictive and proactive maintenance. Owing to this, several initiatives have been undertaken by the regulatory bodies which work in favor of the IIoT evolution. For instance, the Government of China has launched ‘Internet Plus Action Plan,’ which aims to integrate big data, cloud computing, mobile internet and IoT into its existing manufacturing network to automate and modernize manufacturing processes.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the industrial IoT industry, which has enabled the clients to set up and expand their businesses successfully. Some of the company’s offerings include:

• Market Research
• Plant setup
• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation and Product Development

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