According to the report “Industrial Internet of Things (IIoT) Market Analysis - By Components (Sensors, Memory, Processors, RFID); By End Use Industry (Manufacturing, Transportation, Energy, Retail, Healthcare, Agriculture) - Forecast (2016-2021)”, published by IndustryARC, the market to reach $123.89 billion by 2021.

Browse 51 Market Tables, 73 figures spread through 160 Pages and an in-depth TOC on “Industrial Internet of Things Market”

http://industryarc.com/Report/7385/industrial-internet-of-things-(IIoT)-market-report.html

The Industrial Internet of Things (IIoT) is a new phase for global transformation powered by technology innovation to improve operational efficiency. This technology has aided in generating economic opportunities and reshaping several industries. This technology will transform companies and countries opening up a new era of economic growth and competitiveness. With this technology, the intersection of people, data and intelligent machines is expected to have a positive impact on productivity, efficiency and operations of industries. IIoT will enable companies to boost revenues by increasing production through creating new business models and will exploit intelligent technologies driving innovation.

According to a recent study by IndustryARC the global market for Industrial Internet of Things is estimated to reach $123.89 billion by 2021. The manufacturing industry will be the highest revenue generating segment for IIoT market in the forecast period. However, healthcare segment will have the highest growth rate through 2016 to 2021; this is estimated to grow at approximately 60% year on year.

Europe region was the market leader in Industrial Internet of Things market in 2015 with approximately 28% of the total market and is estimated to grow at a CAGR of 22.2%. This market will see a high demand from the IIoT revolution in manufacturing, transport and energy sectors.

The Manufacturing sector enabled by Industry 4.0 will lead the Industrial IoT market in the forecast period while Healthcare segment will witness the highest CAGR of 59.8%. This is followed by Energy sector complimented by Smart Grid penetration will observe the second highest CAGR of 39.7% in the forecast period.

The Major Companies implementing IIoT in their business include:
Intel Corporation
ARM Holding Plc.
Atmel Corporation
Synopsys Inc.
Siemens AG

The major manufacturers in this market have utilized product launches, product developments, acquisitions, agreements and joint ventures to expand entry into interconnected markets and enhance core competencies through additions to product portfolio as well as improving the existing product line. The acquisitions help them to reduce competition and enter into new markets.

The report on IIoT market provides detailed analysis of different types of components used in IIoT market and its end user industries.

The Industrial Internet of Things Market incorporates the various end user industries in the report-
Manufacturing
Advanced Manufacturing
Transportation
Energy Production
Oil & Gas
Digital Oilfield
Agriculture
Health care
Others

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.

To discover further, take advantage of our upcoming webinar on IIoT and indulge in some more excitement. Click here to register.

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Growing technologies and expediting innovations are constantly changing the makeover of the world in some form or the other. One such technology is IoT (Internet of Things). This blog/article discusses the growth of IoT in the automation industry.

It is quite obvious that IoT is responsible for bigger changes in the life which we hardly imagined. It also plays a key role in the automation industry as it helps in creating and streamlining productive, responsive, and affordable system architecture.

IoT

Simply putting the definition, IoT connects different devices via the internet and therefore we can share data which automates the business processes comprehensively. Automation industries especially the distribution and manufacturing industries have to use a huge amount of sensors into devices, so connecting them with the internet helps in reducing the production cost, time, efforts, and enhancing lean manufacturing. IoT framework lets the conversation happen directly between interfaces of machine-to-machine which eases the process of data transfer. Quality checking has become easier than before because equipment and processors can monitor faults in the devices.

IoT is the Key Player of Smart Device Manufacturers

The supreme factors in the IoT industry are actuators and sensors. These work on the measurement of physical variables which are following the commands from magnetic, thermal, or physical detectors and these are the major components. The impact of IoT rose because of its ability to use devices to their fullest capacity at an exceptional level. The goal of leveraging IoT is to make devices communicate effortlessly and without friction. Some examples can be smart lights, smoke detectors, and thermostats.

This is the era of smart manufacturing. Standard optimization and seamless harnessing of data are essential things to manufacture smart devices. The business practices are becoming error-proof and yielding maximum results due to the IoT revolution. Since IoT got applied in manufacturing industries, it became IIOT meaning, Industrial Internet of Things or Industry. As per a report of Business Insider, when 2020 ends, you will find that the number of IoT devices got humongous increase up to 923 million! This figure was 237 million in 2015. Many big players are in the race of manufacturing smart devices with IoT.

The manufacturers have a lot of benefit from IIoT even they aren’t aware of. Those benefits are –

• Handling any factory is not easy and several factors are essential for smooth functioning. The journey from the precise functioning of machines to completing the goal of quality standards, everything needs to be analyzed. With the help of IoT, the makers can process the sensor signals after capturing more effectively. If any fault appears in the machine, then this can be easily predicted without hiring any special team to check for machine impairment.

• Business runs on assets, whether they be tangible, intangible, or current, they are most essential. Real-time tracking of assets is a big issue as enterprises work from remote locations, therefore, several factors affect the connectivity. Due to IoT, it becomes easy to track devices, stocks, and many other resources. The IoT powered solutions like ERP system is able to remotely trace the devices and machines. This feature helps in reducing costs and risks and also creating lots of revenue channels.

• Any business can run great if their product quality is superior and hence owners focus on the same. A high quality of products results in high sales, less wastage, and an increase in the productivity of employees. But, you cannot achieve this if your manufacturing machines are faulty. IoT is here to help, you can calibrate and sustain your machines through IoT and ensure that your production and product quality doesn’t go on the degradation road. Any fault or change in the device, equipment, or machinery can be sensed and alerts can be sent by which you can take immediate and appropriate actions.

• Extremely low downtime is what every business owner desires and that you can achieve with IoT. As mentioned above, the capability of IoT to detect the issues through sensors can help in resolving them. Internet-connected devices can improve the performance and reduce the losses caused by downtime.

How Can You Stay at the Top of the Market Graph?

Every company in the manufacturing arena wants to stay ahead of the competitor in the market along with retaining the old customer base. Though, the technology is evolving and so the demands of the customers are also changing. This change can reflect on the production process flow and the complete business. The organizations can stay ahead than the rivals when they adopt IoT in their manufacturing techniques and products. The organizations can strategize better with effective and enhanced strength. If you stay at the top, you can market your products in more quantity and in a faster way.

The Combination of IoT and ERP

Yes, that’s an important thing you can do to ease out your workload on the next level. If you get confused on while maintaining the stocks, purchases, sales or if you worry about keeping up with the technology, then you should choose an ERP software for automating the industrial process. ERP software integrated with the IoT devices can make your life easier.

Concluding, IoT enables businesses to gain more visibility, collaboration, ease of work, and streamlines it; thus helping the business to grow.