Leading Trends in Industrial IoT Market

The Internet of Things (IoT) refers to connecting a device to the Internet and to other connected devices. The IoT is a network that connects things and people which collects and shares data about the way they are used and about the environment around them. This technology connects the data using embedded sensors, processors and communication hardware. These devices, often called as smart devices which can sometimes talk to other related devices, a process called machine-to-machine (M2M) communication, and act on the information they get from one another. 

Industrial Internet of things has applications in various industries such as automotive, energy, healthcare, transportation, smart manufacturing, retail and medical sector. Through the IoT, the power grid’s devices can share information in real time to distribute and better manage energy more efficiently. The IoT is transforming healthcare through clinical wearables and sophisticated surgical equipment. The Industrial IoT can provide real time access to supply chain information by tracking materials, equipment, and products as they move through the supply chain process.

Some of the key trends that are expected to positively impact the global industrial IoT market, according to analysts from Transparency Market Research (TMR), are as follows: 

Adoption of IoT in Several Verticals 

Several large-scale industries such as logistics, manufacturing are clearly striving towards digital transformation, with IoT-based solutions, used along with robotics, automation and machine learning to transform the way that goods are manufactured, stored and delivered. Thus, the companies that proactively invest in these technologies will be able to operate more securely and profitably across their supply chain. On similar lines, the oil & gas industry is on the verge of using advanced embedded analytics along with internet of things to improve the operational state of plant assets and machines to improve maintenance to reduce unplanned downtime and extend service life. Incorporating IoT technology also provides opportunities to understand the complex problems and identify options for improving various processes such as upstream, midstream, and downstream.

Low Operational Costs

Smart and connected products have become crucial parts of the connected supply chain and smart manufacturing processes. Additionally, the emergence of low cost connected devices has promoted manufacturers to adopt IoT technologies to reduce resource consumption and increase the overall productivity. Moreover, on account of its low operational cost, several manufacturers prefer to implement IoT applications in machines to maximize the efficiency with reduced cost.

Utilization of Cloud-Based Deployment Models

A new trend among enterprises across the world is the transformation of technical focus to enhance connectivity in order to undertake data collection with the right security measures in place and with improved connections to the cloud. 

A high demand of low cost data storage, backup, and data protection could prove to be novel opportunities for small & medium enterprises (SMEs). Implementation of cloud helps enterprises to provide better IoT services to various industry verticals.According to TMR’s report, some of the prominent players in the global industrial internet of things market are General Electric Company, Tech Mahindra Ltd., Schneider Electric SE, IBM Corporation, and Accenture PLC. 


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