Industrial IoT Increases Efficiencies, Value Chain with Better Analytics
The industrial/B2B market is rapidly expanding its IoT proficiency – mostly within the automotive and manufacturing sectors, followed by transportation and logistics. The market leaders in these segments are paving the way to a brighter business future and using IoT to connect their products to a more effective and efficient value chain. The global industrial internet of things market size is expected to reach almost $1 trillion within the next six years, according to a report by Grand View Research, Inc. And is projected to expand at a CAGR of 29.4% during that timeframe.
IIoT brings a full list of advantages, but perhaps most noteworthy is new data management systems and platforms along with access to an unprecedented amount of data that can be stored, analyzed and processed to help enhance business function overall. According to some experts, the data coming from this new digital economy is providing significant and valuable insights companies were never before able to capture. Data once viewed as crude or irrelevant can now be finessed and analyzed and turned into valuable business insights.
While much progress and change is proliferating the realm of IIoT and analytics, there are some key trends to make note of: