Technavio has published a new report on the global industrial IoT market, which is expected to grow at a CAGR of more than 26% from 2015-2019.
About the Report
According to the new report by Technavio, companies are introducing automation and flexible production techniques in manufacturing to enhance productivity and improve business efficiency. Additionally, predictive asset maintenance should help companies to reduce costs on scheduled repairs, maintenance, and eliminate breakdowns.
“Big data analytics, when combined with industrial internet of things, leads to greater business productivity through several predictive mechanisms and risk aversion models,” says Faisal Ghaus, Vice President of Technavio.
The latest report by Technavio also illustrates the growing adoption of industrial IoT, which may lead to a shift in employment structures. A blended workforce where both humans and machines work together to attain outcomes that neither humans nor machines could produce alone is soon expected.
“Companies will use intelligent machines and network systems to automate tasks at lower costs and achieve high quality outcomes,” adds Ghaus.
Market Scope and Calculation of Market Size
The new Technavio report covers the present scenario and growth prospects of the global industrial IoT market from 2015-2019. To calculate the market size, the report considers global industrial IoT spending on software and services, while the market size estimates exclude the devices and hardware spend.
Key Information Covered in the Report:
Key Vendors:
- AT&T
- Cisco
- GE
- IBM
- Intel
- Qualcomm
Market Growth Drivers:
Need to improve business efficiency
For a full detailed list, view our report.
Market Challenges:
Interoperability issues among existing systems
For a full detailed list, view our report.
Market Trends:
Growing demand for Big Data analytics
For a full detailed list, view our report.
