Industrial Internet of Things (IIoT) is a system that integrates
complex machines with high-end software programs and sensors for
analyzing data to increase productivity and reduce operational time
and costs. IIoT systems differs from Internet of Things (IoT)
systems. Failure in IIoT systems would lead to disastrous situations
where as in IoT systems the failure would barely lead to emergency
situations. IoT systems are designed at consumer level device such as
smart home appliances, automatic pet feeders and wearable fitness
devices. IIoT systems comprises of industrial machines such as health
monitors and manufacturing machines deployed at industrial and
manufacturing sites.
IIoT incorporates machine learning, big data technology and Machine
to Machine Communication (M2M). Machine learning is a type of
artificial intelligence that enables computers with self-learning
without being programmed. Big data technology is an emerging
technology that incorporates any volume of data which can be
converted into useful information. M2M Communication can be defined
as direct communication between machines using any communication
channel such as wired and wireless. The industrial machines in IIoT
are connected through a communication software to collect, analyze,
monitor and exchange information amongst themselves without any human
intervention.
The major factor that would drive
the growth of IIoT market would be advancements in cloud technology.
The growth in cloud technology would enable easy accessibility,
unlimited storage and low-priced efficient processing for IIoT
systems. Furthermore, formation of Industrial Internet Consortium
(IIC) by key players such as AT&T Inc., Cisco Systems Inc.,
International Business Machine (IBM) Corporation, Intel Corporation
and General Electric Company would also accelerate the development
and adoption rate for IIoT systems.
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Availability of low cost and highly
efficient sensors would also drive the growth of market. The
increasing need for optimum accuracy in industries such as aerospace,
defense, energy, healthcare, manufacturing and transportation is
likely to provide immense opportunities for IIoT market. Furthermore,
Innovation in big data analytics could create immense opportunities
for the IIoT market. However, the major challenge that IIoT markets
likely to face is the interoperability issues and lack of
standardization in IIoT products. The security and privacy issues
with usage of cloud technology is likely to hinder the anticipated
growth of IIoT market.
IIoT market could be segmented on
the basis of technology, industry vertical and geography. On the
basis of type, the IIoT market could further be segmented into Radio
Frequency Identification (RFID), sensors, 3D printed sensors,
automated haulage systems, yield monitors, GPS, smart meter and
robotics. On the basis of industry vertical, the global IIoT market
could be segmented in manufacturing, aviation, oil and gas,
healthcare, mining, power, agriculture and transportation.
The key players in the Industrial
Internet of Things (IIoT) market include General Electric Company,
Cisco Systems Inc., Intel Corporation, International Business Machine
(IBM) Corporation, AT&T Inc., Huawei Technology Co. Ltd., Siemens
AG, Rockwell Automation Inc., Robert Bosch GmbH, Accenture PLC and
Schneider Electric SE.
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