Industrial Internet Of Things (IoT) Market – Growth, Trends And Forecast (2019 – 2024)
The Industrial Internet of Things (IIoT) is referred to an industrial framework whereby a large number of devices or machines are connected and synchronized through the use of software tools and third-party platform technologies in a machine-to-machine and internet of things context. Nowadays, this can is termed as Industry 4.0. Various types of IoT services can be offered across industries.
The industrial internet of things (IIoT) market was valued at USD 357.77 billion in 2018 and is expected to reach USD 921.09 billion by 2024, witnessing a CAGR of 17.62% during the forecast period, 2019 to 2024.
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Top Companies in the Australia Industrial Internet Of Things (IoT) Market:
General Electric Company, Broadcom Corporation, CGI Group Inc., Oracle Corporation, IBM Corporation, Honeywell Automation, Siemens AG, SAP SE, PTC Inc., Omron Corporation, Emerson Electric Co.
– Industrial Internet of Things (IIoT) is a digital revolution, which is changing the way we live and work. Many companies have already started exploiting the opportunities it unfolds by extracting maximum value required for a big data approach. It is expected that the number of internet-connected devices will multiply to tens of billions in the near future. One reason for this growth is the combination of IIoT and big data analytics, which promises to further drive operational efficiencies, along with more innovation and, ultimately, new sources of revenue.
– Data-driven companies are already using IoT generated data, feeding them into their existing analytical pipeline and improving operational management and efficiencies, as well as reducing costs.
– The major challenges in implementing a big data solution primarily dependent on IoT devices are the storage of the colossal amounts of data being produced, running of analytical queries from such huge amount of data stored using highly complex storage technologies, and to perform advanced data analysis involving data mining and machine learning technologies to gain insights.
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Key Market Trends:
Transportation Industry to Accelerate the Market Growth
– The market for industrial internet in the transportation industry remains positive, as investments in rail, road, and urban transport projects are poised to stay stable over the forecast period.
– The industrial fleet management services market is expected to experience significant traction during the forecast period. The value can be created by a large amount of data available in the space and by outlining comprehensive information that can help the reduction of fuel cost to a significant extent.
– Considering the number of vehicles on the road and the data coming out of those every single moment the route, on the driver and the vehicle itself – industrial internet in this segment is expected to unlock huge potential during the forecast period.
– Moreover, the increasing number of the connected car in subsequent year will drive the transportation industry to next level by sharing data among themselves which can help in many ways such as reducing the traffic, fleet management, safety, public transit management, and optimal asset utilization.
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