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Industrial Internet of Things (IIoT): Optimizing Resources and Making Decisions Better
The Internet of Things market is shaping up to be huge. So much so that analysts are divvying up the market into submarkets when doing analysis.
Research and Markets, for example, identifies a market that they’re calling the Industrial Internet of Things (IIoT). It is IoT as applied and used for manufacturing, metals & mining, and healthcare. For just that sector of the total IoT market, Research and Markets is forecasting a market size of $151 billion by 2020. Healthcare’s use of IoT, in particular, is singled out as growing at the quickest pace, for example, by enabling real-time monitoring of patients.
A report by McRock Capital suggests that “the Industrial Internet of Things (IIoT) is the next wave of innovation impacting the way the world connects and optimizes machines. The IIoT, through the use of sensors, advanced analytics and intelligent decisioning, will profoundly transform the way field assets connect and communicate with the enterprise.”
The R&M report identifies enablers of IIoT technologies as internet-enabled sensors, cloud computing, standardization of IPv6, and better wireless networks.
The R&M report also finds that industrial businesses can be better optimized in terms of better use of resources, better decision making, and improved monitoring of assets by using innovative technologies like IoT.
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[…] Industrial Internet of Things will hugely impact the way companies, manufacturers and even individual users interact with machines and has the […]