The recent research report, titled “Global Industrial Internet-Of-Things Market Professional Survey Report 2016” provides a comprehensive overview of the various factors shaping the market’s trajectory over the last few years. Recent developments that have proven crucial to the market’s expansion are analyzed in detail. Additionally, the report presents insights into the policies impacting on the growth prospects of the global industrial Internet-of-Things (IIoT) market.
Already multi-billion dollar in its worth, the global IIoT market is poised to grow at a robust pace between 2016 and 2021. IIoT entails the integration of complex industrial equipment with networks and data analytics solutions enabling utilities improve efficiency and reduce production costs. It also comprises machine-to-machine communication, advanced sensor technologies, machine learning algorithms, and real-time data analytics to facilitate decision-making capabilities within industries.
Industries around the world are making efforts in identifying potential machine failures early to avoid unplanned outages with the use of predictive maintenance techniques. This is a key factor influencing the adoption of IIoT solutions across industries. The market is also gaining from the advancements in sensor technologies and improved reliability, bandwidth of cellular technologies, and coverage area enabling IIoT across energy and power, healthcare, and manufacturing sectors. The implementation of IIoT is likely to pave way for the advent of newer business models, thereby bolstering opportunities for new and established enterprises alike.
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According to the report, the healthcare industry is projected to exhibit high adoption of IIoT over the course of the forecast period. IIoT solutions are capable of revolutionizing the healthcare sector through facilitating remote monitoring of critical patients in real-time. The data obtained through the technology can be thus utilized for precise diagnosis and more effective patient-care.
An intelligent and comprehensive monitoring system enabling myriad treatments and services is considered indispensable in any healthcare organization. Several companies have stepped forward to capitalize on the opportunity and have been providing advanced informatics solutions to the industry. Driven by such factors, healthcare industry is expected to offer lucrative sales opportunities to enterprises operating in the global industrial Internet-of-Things market.
However, the manufacturing sector is currently enjoying lead in the market. Besides generating large-scale employment opportunities, the sector also contributes substantially to a country’s GDP. Hence, governments around countries such as the U.S., China, and European countries have announced initiatives to encourage automation across the manufacturing sector. This has provided the global IIoT market with immense scope for expansion.
This trend of development is likely to continue over the forecast period, however vulnerability to data theft and privacy issues could hamper the market’s growth. Additionally, the absence of common interoperability standards between technologies in IIoT ecosystem could create restraints for the market as well.
Nevertheless, with leading companies such as Accenture, Intel, GE, Cisco, IBM, and other innovating solutions to make cloud connectivity more reliable and safe, the market is likely to witness positive growth in the near future.
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