Market Research Report
Industrial Internet of Things Market by IIoT Technologies, Solutions and Services 2021 - 2026
|Industrial Internet of Things Market by IIoT Technologies, Solutions and Services 2021 - 2026|
Published: April 12, 2021
Content info: 342 Pages
Delivery time: 1-2 business days
This report evaluates IIoT technologies, companies, applications, services, and solutions. Report forecasts include overall global and regional IIoT outlook as well as IIoT by industry vertical, software, hardware, and services for the period 2021 to 2026.
The USA has been in an industrial depression since the year 2000, due largely to offshoring significant portions of the industrial base to China. The industrial sector represents a smaller share of the economy than most other developed nations. Other countries in a similar status are France and the UK. Accordingly, there is an ever-pressing need within developed countries for improvements in productive efficiency and effectiveness.
Industrial Internet of Things (IIoT) solutions are poised to transform many industry verticals including healthcare, retail, automotive, and transport. For many industries, IIoT will significantly improve reliability, production, and customer satisfaction. While, IIoT will initially improve existing processes and augmented current infrastructure, the ultimate goal will be to realize entirely new, and dramatically improved products and services.
Successful companies will be those that understand how and where IoT technologies and solutions will drive opportunities for operational improvements, new and enhanced products and services, as well as completely new business models.
IIoT will significantly improve reliability, production, and customer satisfaction. Initially focusing on improving existing processes and augmented current infrastructure, IIoT will rely upon as well as integrate with certain key technologies, devices, software, and applications.
IIoT involves a substantial breadth and depth of technologies, many of which require careful integration and orchestration. Leading managed service providers are looking beyond core Machine-to-Machine (M2M) communications towards more advanced services that involve IoT platform and device mediation, data management, and application coordination.
M2M messaging itself is evolving to a flatter hierarchical structure with edge computing networks, which will require managed privacy and security services to ensure data integrity and asset protection. M2M communications for IIoT will become increasingly necessary for enterprise and industrial organizations that wish to fully leverage IoT technologies.
Data analytics solutions provide the means to process vast amounts of machine-generated, unstructured data captured by M2M systems. As IIoT progresses, there will be an increasingly large amount of unstructured machine data. The growing amount of machine generated industrial data will drive substantial opportunities for AI support of unstructured data analytics solutions.
The industrial sector is rapidly integrating IIoT solutions with many of the aforementioned technologies. This convergence will have a profound effect on industrial processes as well as create opportunities for product and service transformation.
In some cases, Mind Commerce sees entirely new business models resulting from integration with broadband wireless and cloud technologies as the "as a service" model transforms many existing products into services. Also, IIoT solutions are evolving from transparency into operations to proactive maintenance and correction.
One clear area of improvement for industrial businesses will be teleoperation and tele-robotics as various industries will leverage the ability to control real machines/equipment by virtual objects through master controlling interfaces. We see teleoperation being transformed by digital twin technologies, which refers to the mapping of the physical world to the digital world in which IoT platforms and software are leveraged to create a digital representation of physical objects or assets. The digital twin of a physical object can provide data about the asset such as its physical state and disposition.
The use of 5G for IIoT networks will be of great importance to certain industry verticals such as agriculture, logistics, and manufacturing. The combination of robotics, teleoperation, and cloud technologies is poised to transform enterprise operations, industrial processes, and consumer services across many industrial related industry verticals.
All of these industrial sectors will also require efficient and effective computing systems. There is a substantial opportunity for both a centralized cloud "as a service" model for software, platforms, and infrastructure as well as edge computing cloud solutions for industry. The combination of robotics, teleoperation, and cloud technologies is poised to transform industrial processes across many industry verticals.
The industrial sector is rapidly integrating IIoT solutions with many of the aforementioned technologies. This convergence will have a profound effect on industrial processes as well as create opportunities for product and service transformation. In some cases, entirely new business models will result from integration with broadband wireless and cloud technologies as the "as a service" model transforms many existing products into services. In addition, IIoT solutions are evolving from transparency into operations to proactive maintenance and correction.
Looking beyond command and control of machinery and processes, IoT data itself will become extremely valuable as an agent of change for product development as well as identification of supply gaps and realization of unmet demands. Direct purchase of this report includes time with an expert analyst who will help you link key findings in the report to the business issues you're addressing. This needs to be used within three months of purchasing the report.