IIoT market: Key market research findings:
- Augmented application of IIoT among end-users
- Integration of big data analytics and IIoT
Technavio has added a new market research report on global IIoT market, to its Internet of things (IoT) portfolio. The industrial internet of things (IIoT) market is expected to exceed US$ 300 billion between 2015 and 2019. Much of this growth is due to increased applications of IIoT across sectors such as agriculture, healthcare, manufacturing, mining, oil and gas, and transportation, which collectively account for 60% of the global economy.
The new industry analysis from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
Americas leads the global IIoT market with the largest share of 50%, closely followed by EMEA and APAC. The US is a key market in the Americas mainly driven by the industrial internet revolution, resulting in Industrial Internet Consortium in 2014, and increased IIoT capital investments by key vendors such as Cisco, Qualcomm, and Intel.
“Integration of big data analytics and IIoT has enhanced business productivity through various predictive mechanisms and risk aversion simulations. Industrial organizations implementing big data have prioritized IIoT in their industrial framework to create continuous connectivity for uninterrupted communications among machines, systems and manpower. Big data solutions combined with IIoT, strategically evaluates the real-time information through advanced analytics, eventually boosting operational efficiency and revenues,” says Navin Rajendra, Lead Analyst, IT Hardware, Software, Services, Technavio Research.
The global IIoT market is led by vendors such as AT&T, Cisco, GE, IBM, Intel, and Qualcomm. The market is highly competitive with many vendors taking industrial internet initiatives to acquire more market presence. Many new vendors are expected to join the market and drive innovations and strategic alliances.
A more detailed analysis is available in the Technavio report, Global Industrial IoT Market: Research report 2015-2019.
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