What’s Industrial Internet of Things (IIoT) all about?
Industrial Internet of Things (IIOT) or industrial internet refers to the amalgamation of complex physical machinery with networked sensors and software. Industrial IoT brings together various fields such as machine learning, big data, IoT, and machine to machine communication to assimilate data from machines, so as to analyze it in real time and use it to manage operations.
Industrial Internet of Things (IIoT) is a scenario in which sensors, devices, and machines are connected with the Internet for enabling remote monitoring and control of industrial operations. This ability to control and manage assets remotely along with, increased cost savings through predictive maintenance is very valuable for industries. Its implementation can enhance decision making capabilities and also increase the collaboration within enterprises. Thus, Industrial IoT has the potential to transform industrial operations and provide greater competitive advantage for the companies.
The market associated with the Industrial Internet of Things is poised for tremendous growth. Sectors such as transportation and manufacturing have already begun adopting the same for their operations. Energy and power along with, oil and gas industries are deploying industrial IoT solutions primarily, for asset monitoring and predictive maintenance. Retail and healthcare sectors are expected to be the high growth sectors with regards to implementation of these solutions.
The Industrial IoT market size was worth $181.29 Billion in 2013 that is expected to reach $319.62 Billion at a CAGR of 8.15% from 2014 to 2020
Industrial IoT market is in the nascent stage and shows a great potential across different industry sectors. The market potential of Industrial Internet of Things is expected to grow with the global economy and contribute a significant share to the world’s GDP, in the coming years.
Cisco IBSG predicts there will be 25 billion devices connected to the Internet by 2015 and 50 billion by 2020