Industrial Internet of Things market to reach $150bn by 2020
The Industrial Internet of Things (IIoT) market is expected to be worth $151.01 billion (£106.6bn) by 2020, according to a report from Research and Markets.
The IIoT is expected to create avenues for various sectors such as manufacturing, metals and mining, and healthcare. Production processes are slated to be transformed and this will facilitate optimum utilisation of resources, better decision-making, enhanced asset monitoring and improved collaboration while creating avenues to develop and test innovative technologies in the market.
The market is being backed by the development of supporting infrastructure that includes sensing technologies, cloud computing, standardisation of IPv6, and advancements in wireless networks.
The healthcare segment will witness the highest CAGR in the period 2015–2020 and IIoT solutions can transform the segment via real-time, remote monitoring of critical patients. Data obtained from such devices can improve patient care and diagnostics. To date, APAC has accounted for most of the market share and it is expected to witness the second-best CAGR in the mentioned period. Increasing demand for automation technologies from healthcare, manufacturing and metals and mining sectors are anticipated to drive growth.
The absence of common standards for interoperability between the numerous technologies operating in the IIoT ecosystem is one of the major factors holding back growth. IIoT benefits from the integration of sensor technologies, networking infrastructure, industrial equipment, data processing, and software solutions for data manipulation and reporting.
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