A market research report on the Industrial Internet of Things (IIoT) has forecast a compound annual growth rate (CAGR) of 26.56 per cent to 2019.
The “Global Industrial IoT Market Research report 2015-2019”, brought out by ReportsnReports.com, segments the IIoT industry into four end-user segments including manufacturing, energy and utilities, automotive and transportation and healthcare and analyses six key companies.
It indicates that the growing adoption of the IIoT in the market may lead to a shift in employment structures. A blended workforce is expected where both humans and machines work together to attain outcomes that neither humans nor machines could produce alone. Technology will likely be designed and applied to empower people rather than replace them.
The increased usage of smart devices, intelligent systems, and robots will likely completely transform the skills and jobs required in the future and companies will use intelligent machines and network systems to automate tasks at lower costs and achieve high quality outcomes.
This automation will help people to focus more on human-related job elements such as creative problem-solving and collaboration. So, there will be higher productivity with a dynamic and more engaging human work experience through the combination of humans and machines.
According to this research, a rising number of connected devices are now being used in industries to boost the quantum of generated data. Businesses have realised that they can use these data to optimise costs, deliver better services, and boost revenues. They are also seeing opportunities for changes in business models. For example, aviation engine manufacturers are offering inclusive rental programmes on their equipment and servicing contracts. The expectation is that feedback from engine users would help manufacturers enhance engine design and reduce manufacturing and maintenance costs, which may confer significant competitive advantages. Countries have realised that sensor data could be used to avoid catastrophic failures in key infrastructure networks like water, power, and transport. All these factors drive revenues in the market. Further, the report states that the lack of interoperability hampers the adoption of IIoT.
AT&T, Cisco, GE, IBM, Intel and Qualcomm are the major companies discussed in this industrial IoT market report.
The market research gives detailed profiles of various companies currently, active in this market. In addition to the company profiles, the report provides a competitive landscape (CL) of the key players in the market.
The second research on this topic titled “Industrial IoT Market by Technology (Wired, Wireless), Components (Sensors, Memory & Processors, Networking Components, RFID & others), Industry Verticals (Manufacturing, Transportation, Retail, Healthcare & others), & Geography – Global Forecast to 2020” forecasts the IIoT market size to reach $319.62 billion at a CAGR of 8.15 per cent from 2014 to 2020.
