The Future of the Industrial IoT (IIoT) Market

The Industrial Internet of Things (IIoT) may have begun in 2002 along with cloud computing, but it has progressed significantly since then. In reality, the industry as a whole is valued at around 264.22 billion dollars and is predicted to grow to 751.3 billion dollars by 2023. From 2017 to 2023, it is expected to increase at a CAGR of 17.62% to 23.88%. Infrastructure developments in wireless technologies, cloud computing, the latest IPv6 as well as sensor technologies all help to boost Industrial IoT capabilities and adoption ease.

Industry IoT encompasses a wide range of industries, including oil and gas, mining, manufacturing, durable physical goods such as hospitals and ports, as well as transportation, healthcare, and logistics services. The IIoT focuses on machine-to-machine (M2M) communication, machine learning, and big data, allowing all of these industries and organisations to improve their day-to-day operations’ dependability and efficiency. The IIoT then encompasses robotics, medical devices, and software-driven manufacturing processes within these organisations.

Market Reports:

Because the IIoT industry is made up of various vendors and businesses, it’s impossible to estimate how big it is. The Industrial Internet Consortium has developed a framework as well as an architecture to provide clarity and consistency to know the working of IIoT, allowing for greater granularity across the various IIoT components.

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Due to the sheer scale and complexity of the IIoT market, various reports have been published on how to determine its share and the firms that make up that portion. With the present global pandemic of COVID-19, the sector has been shaken up by new organisational needs and processes, driving greater demand for connectivity and speedier system administration.

The advantages of using a real-time as well as a data-driven platform to speed up processes, make better decisions, as well as detect live errors are now being recognised across the board, and with government initiatives at the forefront, it is becoming easier for various industries to implement these changes. With the developments in cloud computing, increased pushes for automation in manufacturing, and the development of government authorization and standardizations, businesses are eager to embrace these all-encompassing technologies.

IIoT Systems Make-up:

Reports have been divided up into the main elements of the IIoT architecture, and then further broken down into their constituent pieces, in order to analyse the Industrial IoT market share. Reports focus on how IIoT is deployed, how the ecosystem is connected, and who the end-users are, among other things.

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The IIoT market is divided into hardware, software, and services at the component level. Within the Industrial IoT network, the applications tend to collect data, integrate all the related or connected devices, provide real-time analytics, and adapt to application processes and expansions. Barcode scanners, camera systems, M2M communication modules, Embedded computers, as well as many more physical pieces that can make up an industrial environment are driving Industry 4.0.

Concerning the installation process of these massive systems, they are divided into three categories: on-cloud, where the entire system runs and is controlled entirely through the cloud, on-premise, and hybrid, which is a mix of both cloud and on-premise. Enterprises are wary of how much data they leave in the cloud depending on the type of data being uploaded, therefore the hybrid approach, in which companies may control certain parts of data management from their premises, meets their needs best.

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Connectivity:

Of course, networking is another important feature of the IIoT. A connected and stable connection may be more appropriate depending on the production environment. However, if devices and processes require a lot of mobility and portability, a wireless connection may be the best option. With the introduction of Industry 4.0 and 5G, internet connections are expected to become more reliable as well as stable, and wireless connectivity is predicted to expand even further to allow these high-powered, data-intensive devices to continue operating in the IIoT era.