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

• By: marketsandmarkets.com
• Publishing Date: November 2014
• Report Code: SE 2909

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.

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.

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Continuation:

Cisco IBSG predicts there will be 25 billion devices connected to the Internet by 2015 and 50 billion by 2020

Executive Summary:

• The Internet of Everything (IoE) creates $14.4 trillion in Value at Stake - the combination of increased revenues and lower costs that is created or will migrate among companies and industries from 2013 to 2022.
• The five main factors that fuel IoE Value at Stake are: 1) asset utilization (reduced costs) of $2.5 trillion; 2) employee productivity (greater labor efficiencies) of $2.5 trillion; 3) supply chain and logistics (eliminating waste) of $2.7 trillion; 4) customer experience (addition of more customers) of $3.7 trillion; and 5) innovation (reducing time to market) of $3.0 trillion.
• Technology trends (including cloud and mobile computing, Big Data, increased processing power, and many others) and business economics (such as Metcalfe’s law) are driving the IoE economy.
• These technology and business trends are ushering in the age of IoE, creating an unprecedented opportunity to connect the unconnected: people, process, data, and things. Currently, 99.4 percent of physical objects that may one day be part of the Internet of Everything are still unconnected.
• To get the most value from IoE, business leaders should begin transforming their organizations based on key learnings from use cases that make up the majority of IoE’s Value at Stake. These use cases include smart grid, smart buildings, connected healthcare and patient monitoring, smart factories, connected private education, connected commercial (ground) vehicles, connected marketing and advertising, and connected gaming and entertainment, among others.

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Continuation:

The Industrial Internet of Things (IIoT) is the next generation of the Internet based on the Internet Protocol (IP). It facilitates end-point devices by allowing the automatized use of data generated by sensors or devices that are connected to wired and wireless communication networks. The Internet of Things and AIS has already been making a significant impact on the transportation industry, providers, cities and consumers.

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