6 Promising Applications for the Industrial IoT

Global Industrial Internet Of Things (IIot) Market – OverviewThe global Industrial IoT Market is estimated to accrue USD 750 Billion during the forecast period (2018-2023), affirms Market Research Future (MRFR).

IIoT is based on the idea of broad-spectrum internet connectivity to specific business processes that make physical products for business sectors.Leading Players:The prominent players in the market of industrial IoT are General Electric (U.S.), Siemens AG (Germany), Accenture PLC (Ireland), Huawei Technologies CO. Ltd. (Japan), Robert Bosch GmbH (Germany), Intel Corporation (U.S.), and others.Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/2135Industry HighlightsIIoT is used across several industries such as energy/utilities, mining and metals, aviation, manufacturing, logistics, oil and gas, transportation, and various other industries.

The IIOT opens abundant opportunities in automation, optimization, intelligent manufacturing and smart industry, industrial control, innovative ways of servicing customers, and creation of new revenue models as well.Leading organizations across the globe are indulging in the development of new operating models to create a connected enterprise for merging operational and information departments, which will trigger the growth of industrial internet of things (IIoT) market.

Apart from this, growing investments by various industries in smart technologies to improve operational efficiency also boost the market growth.According to the report, the global industrial IoT market has been segmented on the basis of component, deployment, connectivity, and end-user.

The types of hardware are sensors and radio-frequency identification (RFID), industrial robotics, camera systems, smart meters, 3D printing, flow and application control device, distributed control systems and others.

The market segment of hardware component is projected to account for the largest market share owing to accelerated number of connected devices, increasing application areas of hardware components, and utmost utilization of available resources.

But in recent years that slope has transmuted into a free fall.

Everything is or is being connected to the internet, hence IoT!

One such sector to benefit from this revolution is the healthcare industry touted to be a $117 Billion market by 2020.

Enterprises are going through a global digital transformation with IoT being at the center of it.

With smart devices recording various patterns of consumer behavior such as their interaction with AI, the conversion rate, consumer decision processes etc, this information coupled with machine learning, design thinking, the blockchain, and data intelligence, will be continuously churning out insights previously inconceivable.

Smart Homes: IoT at home

The global industrial IoT market is expected to reach USD 933.62 billion by 2025, according to a new report by Radiant Insights, Inc.

Businesses, across the globe, are seeking new operating models to create a connected enterprise for merging operational and information departments of the industry.

Download Free Sample Report @ https://www.radiantinsights.com/research/industrial-internet-of-things-iiot-market/request-sample The ability of IoT to reduce costs has been the prime factor for its adoption in the industrial sector.

An emerging trend among enterprises worldwide is the transformation of technical focus to improving connectivity in order to undertake data collection with the right security measures in place and with improved connections to the cloud.

The emergence of low-power hardware devices, cloud integration, big data analytics, robotics & automation, and smart sensors are also driving IIoT market growth.

The major factors challenging the market growth are the lack of a defined protocol or standardization and use of old equipment.

Every year, around 30 percent of the perishable produce left from farms fails to make it to the dinner table.

They are not just responsible for moving goods from point A to B anymore.

At present, IoT applications are helping in supply chain analysis, inventory management, vehicle tracking, fleet maintenance, and automation of various processes.

Predictive Analysis To Get The Best Out Of Business Opportunities

Transport part of the logistics sector involves a lot of risks that are linked to the country’s infrastructure, climatic conditions, and political situation as well.

At present, some companies are using algorithm-based systems to analyze weather and events data for predicting possible issues.

The kitchen has always been a natural home for gadgets, and it's the room which is most likely to be transformed by the Internet of Things. Here’s a summary of how the IoT world could play out when it comes to your kitchen.

The Internet of Things refers to the network of physical objects that attribute an IP address for Internet connectivity. Internet of Things is defined as an invisible and intelligent network of things that communicate indirectly or directly with each other. Internets of Things enable communication between the physical objects and other internet-enabled systems and devices. In addition, Internet of Things also makes the life of consumers much more comfortable and easier by controlling the electronic devices from one place. Furthermore, technological advancement in the field of healthcare, government initiatives for expansion of the Internet of Things and need to increase efficiency and cost reduction are the major factors that are driving the Internet of Things market globally.

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Among all the application segments, industrial holds the largest market share at present in the Internet of Things market. The potential for cyber physical systems to improve productivity in the supply chain and production process are increasing the demand of industrial sector in Internet of Things market. Healthcare and consumer electronics sectors are expected to be the fastest growing applications in the Internet of Things market globally. In 2014, automotive sector is the second largest application segment in the Internet of Things market globally.

This market research study analyzes the Internet of Things market on a global level, and provides estimates in terms of revenue (USD billion) from 2015 to 2021. The report also identifies the restraints and drivers affecting the industry and analyzes their impact over the forecast period. In addition, it identifies the significant opportunities for market growth in the coming years. 

The report segments the Internet of Things market on geography as Rest of the World (RoW), Asia Pacific (APAC), Europe and North America, and these geographies have been estimated in terms of revenue (USD billion). In addition, the report segments the market based on technology as ZigBee, Bluetooth low energy (BLE), near field communication (NFC), Wi-Fi and radio frequency identification (RFID). Furthermore, the Internet of Things market is segmented on the basis of application which includes industrial, automotive, consumer electronics, retail, healthcare and others (including energy and utilities, and entertainment). The above mentioned segments have been anticipated on the basis of geography in requisites of revenue (USD billion).

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North America represents the largest market share of the Internet of Things market. In 2014, North America accounted for largest revenue share in the global Internet of Things market. The rapid growth of industrial, automotive and healthcare industries is the major factors driving the growth of Internet of Things in North America. Europe holds the second largest share in the Internet of Things market followed by Asia Pacific and RoW respectively. The market in Europe is primarily driven by government regulation supporting the growth of Internet of Things. The strong regulations in place will ensure the effective operability of the Internet of Things concept in various application areas. The automotive industry is likely to contribute a large share to market revenues in Europe.

For better understanding of the Internet of Things market, the study also includes market attractiveness analysis and competitive landscape, wherein applications are benchmarked based on their market scope, growth rate, and market attractiveness.

The report provides company market share analysis of various industry participants. The key players have also been profiled on the basis of company details, product type, financial overview, historical roadmap, business strategies and the recent developments in the field of Internet of Things market. Major market participants in the Internet of Things market include Google Inc. (United States), Cisco Systems Inc. (United States), Apple Inc. (United States), Microsoft Corp. (United States), Intel Corp. (United States) and IBM Corp. (United States) among others.

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Market segmentation

The Internet of Things market is segmented as below:
Global Internet of Things market: by Technology
• ZigBee
• Bluetooth Low Energy (BLE
• Near Field Communication (NFC)
• Wi-FI
• Radio Frequency Identification (RFID)
Global Internet of Things market: by Application
• Industrial
• Automotive
• Consumer Electronics
• Retail
• Healthcare 
• Others

Research Nester released a report titled “Industrial IoT Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global industrial IoT market in terms of market segmentation by component, by end user and by region.Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.According to statistics by the Organisation for Economic Co-operation and Development (OECD), labour productivity and utilization in the European Union decreased significantly from 3.06% in the year 2010 to 0.73% in the year 2018.

Another statistics by the Federal Statistical Office of Germany stated that unit labour costs in Germany increased from (-)1.60% in the year 2014 to 2.40% in the year 2018.The global industrial Internet of Things (IoT) market has been growing at a significantly high rate on account of growing concern for decreasing labour productivity and utilization along with increasing unit labour costs, which is raising the demand for automation of industrial processes.

The industrial IoT market is projected to observe a healthy CAGR of around 9% over the forecast period, i.e., 2019-2026.

Moreover, the market held a market value of about USD 280 billion in 2018.

The market is estimated to grow at a significantly high rate on account of increased applications of Internet of Things in the manufacturing and industrial sector.

Increasing applications of IoT for the operation of various processes at factories is a major growth driving factor for the manufacturing segment in the market.Download Sample of This Strategic Report @https://www.researchnester.com/sample-request-2145On the basis of region, the industrial IoT (IIoT) market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa.