Transparency Market Research has gathered the latest data on the industries of semiconductors and electronics. One of the titles under this industry sector is “Industrial Internet of Things (IIoT) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2023.”
An industrial internet of things, commonly abbreviated as IIoT, is an integration system which connects machines of high complexity to the state of the art systems of sensors and software programs. An IIoT can be used to analyze the information that was used to enhance the rates of productivity of a work environment. It can also help cut down on the cost and time of operations.
There are several points of differentiation between the conventional IoT and the evolved IIoT. For one, the latter is based on the transmission and connection of data sets, while the former is concerned only with connecting objects. And IIoT is highly mission critical and is serviced by the vendor, the OEM and the user. It has a defined set of standards, while IoT comes with a set of proprietary solutions.
One of the greater factors responsible for the growth of the global industrial internet of things market is the increasing use of cloud computing platforms. Their usage will allow industries to reduce costs and time required to function considerably.
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Another major factor working to the benefit of the global industrial internet of things market is the fact that its standards are open and defined. Open standards always lead to the creation of better innovations and the formation of disruptive technologies. Eventually products and services end up becoming more cost effective, increasingly intuitive, and more user friendly. In contrast, most IoT solutions come as proprietary things, making the market a lot more stifled in terms of development opportunities and scope of innovations.
The Industrial Internet Consortium was formed by industry giants Intel Corp., International Business Machine Corp., Cisco Systems, Inc., and AT&T, Inc., in February 2016. The IIC was created to promote the development and adoption rates of the global industrial internet of things market, while enabling all its technologies. This can prove to be a major boon for the global industrial internet of things market, as it could help accelerate the rate at which this market is already progressing.
The global industrial internet of things market is, however, currently being restrained by issues such as low rate of interoperability, coupled with security and data integrity threats.
The future of the global industrial internet of things market can be enhanced by the growing use of improved sensors that are cost effective, light in weight, and robust. Sectors such as energy, defense, transportation, manufacturing, and healthcare often need high accuracy measurement tools and sensors. The global industrial internet of things market could be used in these sectors to a higher degree to enable the fulfillment of these requirements.